UK - "Britain should emulate America"

So says the Observer! And that's saying something.

Read the whole thing but here's the conclusion.

American businesspeople are held to account for their actions, and it makes their businesses stronger. Accountability is good, not bad, for business. The US has a long history of taming business, which springs from republican institutions ... imposing competition, imprisoning fraudsters and breaking up monopolies. Arguably, its economic dynamism comes from this tension between markets and democracy - rather than the usual story that it is a free-market paradise.

One of the worst aspects of last week was the crude anti-Americanism. Where the US gets it wrong - over climate change or Iraq - the criticism should be tough. But over this the US is in the right, as is becoming obvious.

Cold American legal steel going after crime in the City because Britain is too limp-wristed is good news. There is a collective shiver going down the spine of every London financier. It is long overdue.

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