"What is thought to be a 'system' is after all, just conventional, and I do not see how one is supposed to divide up the world objectively so that one can make statements about parts."
The financial crisis has stimulated a lot of discussion about the interconnected world. The world that Tom Friedman describes as a "flat world". Some have presented theories that we're approaching a "one world order" and the potential of one world currency.
To date, all countries appear to be participants and very well synchronized in this crisis. Peter Schiff in his book, "Crash Proof", believes that not all countries will fair the same. While all currencies could sustain damage, some will do better than others. He believes that China will surface after the crisis as the most powerful economy in the world. He's not a strong believer in the future of the U.S. dollar.
Time will tell.