The policies put in place to address these two events – first the dramatic accumulation of foreign exchange reserves by Asian economies to bolster themselves against future crises, and then the monetary easing applied by the Federal Reserve to deal with the aftermath of the dotcom boom – were to lead directly to today's banking meltdown and accompanying, rolling series of debt crises.
Yet these events were only the beginning. What really set the future in stone was the policy response to 9/11, the shocking series of terrorist attacks which have their 10th anniversary this weekend. Not in his wildest dreams could Osama bin Laden have imagined the long-term damage his atrocities would unleash on Western economies.
Before the horrendous events of 10 years ago, the Independent's Robert Fisk, one of the few Western journalists to have interviewed Bin Laden, had managed to elicit the following extraordinary claim from the world's most notorious terrorist – that he would turn America into "a shadow of itself" in much the same way as the insurgency he had helped ferment in Afghanistan had helped destroy the Soviet Union.
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