CAMBRIDGE, Mass. — As the United States' epic financial crisis continues to unfold, one can only wish that U.S. policymakers were half as good at listening to advice from developing countries as they are at giving it.

Americans don't seem to realize that their "subprime" mortgage meltdown has all too much in common with many previous post-1945 banking crises throughout the world.

The silver lining is that there are many highly distinguished current and former policymakers out there, particularly from emerging market countries, who have seen this movie before.