The French finance minister Francois Fillon has called it "a crisis of unregulated capitalism". The word "unregulated" there is code for "American". Since the various regulated European economies seem to be going down the crapper right alongside ours, Fillon needn't have bothered with the phony distinction. It is a crisis of world capitalism.
Now that the world has rid itself of communism, wouldn't it be nice if we could have done with capitalism as well? I don't know what would replace it, but it would be nice to have a more stable and equitable system.