"It is gratifying to see that good work has been done here," Obama began. "Ten, 20, 30 years ago, it was not a matter of course that countries which were traditionally enemies solved problems together. After the Great Depression, a similar group did not convene until 1944. Also in 1982, following the Mexico Crisis, it took seven years before the problems were tackled together." Now he spoke with urgency: "It is important that we do not sell short the results of this summit. The press would like us to have conflicts. Instead we have attained great achievements. And it is important that we exude confidence."

He then lowered his voice: "It is true, as my Italian friend has said, that the crisis began in the US. I take responsibility, even if I wasn't even president at the time." And he underscored how important it is for him "that we now genuinely make progress. Thank you." Applause.

The others couldn't believe their ears. Was that really a confession of guilt from the US? Was it a translation error, or at least an inaccuracy? Afterwards, this sentence fueled long discussions among the members of the German delegation. German Chancellor Angela Merkel was so impressed by Obama's statement that she rushed to tell her finance minister, Peer Steinbrück. Japanese Prime Minister Taro Aso reacted immediately: The proposal to hold the next summit not in Japan, but rather in the US, is something that he no longer rejects, he says, "now that the US has shouldered responsibility."

Obama's confession may go down in world history as one of the greatest statements ever made. The US president is accepting responsibility for the beginning of one of the worst economic crises of the last century. By doing so, he has admitted that one of the excesses of the American way of life -- the insatiable craving for huge profits -- has brought the world to the brink of disaster. The others may have played their part, but the origins lie in the US. The fact that Obama has now admitted this sends a strong signal of hope to the world, perhaps the strongest to emerge from the G-20 summit in London last Wednesday and Thursday. Such an admission could begin to pave the way towards rectifying the situation...."