afew

Anglo Disease idea echoes what was called Dutch Disease, when the predominance of the high-export natural gas industry in the Netherlands, among other damaging effects, drove up the exchange rate, penalising the exports of other sectors of the economy

The Anglo Disease as experienced in the USA seems qualitatively different due to the dollar's role as a reserve currency.  While the disease is likely to lead to an eventual change in the de facto nature of reserve currencies, the dollar's current and past status has enabled and continues to enable the USA to export many of the consequences of its own bad behavior.  It, in effect, is an even bigger cuckoo sitting in the nest not just of the US economy and society, but of that of the whole world.  I do not see how Wolf's goal for the U.K to "make global regulation work....(and to) discourage regulatory arbitrage" without close coordination with the US Government, and that seems problematic at best just now.

I am struck by how the thesis advanced by NBBooks in his current diary, Debunking the Myth of the Financial Markets, should fit into this discussion.  
As he notes:

Wall Street simply is not doing what most people think it's doing. Nor what most people think it should be doing. Wall Street is not even doing what it says it is doing. Wall Street is pushing a big myth that its services are essential to the functioning of the rest of the economy. But the truth as, as this graph shows, Wall Street does not -- and has not for a very long time -- serve the function of allocating credit in the economy.

The arguments and graphs from Ozgur Orhangazi's Financialization and the US Economy seem cogent.  I realize that selling this idea to Serious PeopleTM is an even bigger challenge than selling the recommendations Wolf has made, but the concepts are mutually reinforcing and the solutions would seem to be similar.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."