“It once was comforting to believe that the international financial system was a just and fair god. Countries that ran big budget deficits and borrowed from overseas to finance consumption, rather than investment, would be punished by capital flight and depreciating currencies. Nations pursuing prudent policies would be rewarded by strong growth and a steady stream of money from global investors.”

“There is little argument that today’s global financial system needs to be rebuilt. The goals are obvious: Reducing the likelihood of future financial crises, preventing today’s problems from spinning out of control, and restarting battered economies. At the same time, any fix needs to preserve and even strengthen the global flows of trade and foreign direct investment. These flows, which helped fuel the Asian miracle of the past 20 years, are the foundation for restoring growth in the future.”—Business Week, 10.12.98

Over a decade ago, we were asking questions about how to better manage the global economy. Yet here we are in 2009 dealing with some of the same issues. Now isn’t the first time that we’ve watched debates rage about improving and stabilizing the global financial system. Odds are high that it won’t be the last time.

This reality is something you must acknowledge as you make your financial plans. You can’t control what  happens in the world around you, but you can control how you react.