As our country tries to emerge from the muck and mire of the current economic crisis, it is perhaps time for a reassessment of our position on the world stage. The economic downturn is sweeping across the globe, affecting rich, middle class and poor people alike. The root causes of these problems are not so easily understood, but they are perceived internationally as having originated in our country. These perceptions reflect two essential points. First, the extremely high regard most of the rest of the world has for our country. Second, the awesome responsibility that this regard lays on us.

The existence of a shadow financial market operating alongside the existing, and publicly scrutinized, market system cannot be allowed to continue. America’s standing in the world, and the hard-earned respect she has so justly earned are now threatened. Honesty and integrity are two of the most important qualities of leadership. The absence of those qualities could imperil American leadership in business, foreign affairs and the environment. During the economic boom that preceded our current problems, it was little understood how much of the money being made was based on so little. The financial derivatives market allowed money to be made out of thin air. Speculation run rampant met venality and greed to create a toxic stew whose foul odor is now affecting the economic health of millions.

Our country’s leadership has been trying to solve these problems by throwing vast amounts of borrowed money at them, all the while building up a massive debt that will have to be repaid by future generations of Americans. Legislation to prevent this mess from happening again seems to be slow in coming. The banks, insurance companies and other financial institutions who are the recipients of this largesse must be made to understand that there is a moral standard that comes with the bailout money. The financial markets must understand that the freewheeling, and often unscrupulous, practices of recent years must end once and for all.

The best of American businesses have always conducted themselves with the highest morals and principles, and it paid off with the development of the most successful business community the world has ever seen. But certain things were always understood by these people. They knew they could not lie to their business partners, the buying public or the government agencies designed to regulate them. Winners never cheat and cheaters never win. That old saw may seem hackneyed in our fast-moving, high-tech world, but it’s value has never been more apparent.

People around the world are watching us now, as they have since the end of World War II. They have watched us defend the weak and confront aggression. They have watched us do the research that started the Green Revolution and helped feed millions. They have admired and imitated our culture, our institutions and our ideals.

They are watching still.

The problem-solving skills of our greatest leaders, of the past, and more importantly of today must be brought to the forefront of our activities as we face these daunting challenges. The moral compass which has guided our nation so successfully in the past is our best and brightest hope for restoring the world’s faith in American leadership.

Steve Block is an intern at the Albert Lea Tribune and a communications student at Minnesota State University, Mankato.