Unintended Consequences

Daniel Gross writes in today's Moneybox that the US isn't as indispensible to the global economy as many of the minds and movers think so. Much of this stems from our new "bad habits" of "erecting barriers, denigrating old allies, and wallowing in our unipolar arrogance."

Our financial markets have long been the envy of the world, despite their many flaws. But foreign companies now want out of them. The [Financial Times] has run a series of stories hinting that European companies are really cheesed off by the requirements imposed upon them by Sarbanes-Oxley. Apparently, "the majority of German companies with U.S. stock market listings would like to get out of New York to avoid the cost and hassle of complying with the U.S. regulatory regime."