They can protect themselves against the risks inherent in financial globalization.

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Indeed, until the globalization of the financial crisis, American manufacturing exports were reaching record levels.

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As with Katrina, there is a back story for government's dysfunction: It's a long saga involving the fervent renunciation of the idea of financial regulation, bought-and-paid-for tax favors, confusion about how globalization affects money markets, a general ignorance about the modern financial world and a stunning lack of common sense.

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In the age of technological globalization, business services, health, financial services and transport all rank high in the geographic aspect.

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In the aftermath of the Asian financial crisis, Coca Cola (NYSE:KO) switched from a globalization to a localization strategy that localized the wrong product characteristics like branding.

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Another finding is that in in the current recession failure and risk are characterized not by discussions of financial risk but by discussions of appropriate product and service development, and the risks inherent in globalization, as well as the drift in the global economy that sees Western enterprises losing market share as part of a global redivision of labor.

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The ultimate impact of the battle of QEs would be a currency war that may end into an open trade war that will slow-down or even reverse globalization, as major economies try to export their way out of stagnation a nightmare scenario for financial markets.

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