As the NYT reports, the S.&P. 500 has dropped all non-US companies. This is pretty much a vote of non-confidence in globalisation and, since 5 of the companies are Canadian, in NAFTA as well.

There’s a nasty sting at the end of the article:

“One change that was not made by the index was to drop the 10 companies with tax headquarters outside the United States, like Tyco International, based in Bermuda, and Carnival, based in Panama. S.& P. said those companies maintained the United States as their operating headquarters and as the principal market for their stocks.”