In New York, the world's top dogs are currently plotting our global economic future. The plan to boost growth and stability is three-pronged:

"Under the G-20's proposal [...] the Chinese would boost domestic demand, the U.S. would trim its borrowing from overseas, and the Europeans would encourage investment, said a number of G-20 officials involved in these talks" (WSJ)

In other words, curb U.S. gluttony, open Chinese wallets (put something in there, too), and get Europe off its duff.

That last bit may not be as hard as we Yankees (that's what they call us across the pond--sorry Boston, all of us) are wont to think. Europe has a lot of entrepreneurial talent. Last week at TC 50, I spoke to a slough of strapping young go-getters from Italy, Spain, Austria, Germany, all who came to the Valley to launch their companies.  These guys and gals are the tips of so many ice-bergs.

I also spoke with a team of young entrepreneurs from the University of Toronto (for all intents and purposes, Canada is in Europe), who said there's a dearth of local investors and a surplus of smart technology talent at the university.

Meanwhile, the venture capital industry in the U.S. is shrinking to half its current size.

So what's going to happen to all the VCs that aren't invited back to manage the next round of funds on Sandhill Road and Route 128?

I propose the VC Corp: like the Peace Corps, but with more money. Let's export our well-connected saavy venture investors to Western Europe. VCs, it may mean packing up the fam and moving to Germany, but you'll be doing the good thing. Given increased globalization, we either export VC-backed entrepreneurship or drown in socialism.

Germany, Spain, France have incredible talent and, yes, some of the worst laws in the world for entrepreneurship. But if the G-20 has its way, that regulatory policy might loosen up. Bit by bit, they may take what Joe Schoendorff told Germany's Merkel and finance minister two years back in Davos: asked what the secret to the Valley's success was, the Accel partner replied "We'll take a risk, and if it doesn't work out, we cut it fast." The finance minister was shocked "You can't do that to people." In Germany, when you hire someone, you hire for life. "You don't get it," Schoendorff said, "In Silicon Valley, you can change jobs without necessarily changing carpools."

The U.S. screwed up big time with the sub-prime lending mess. But there's still plenty of good business practice sense that the rest of the world needs, and the time is right to export our VC wisdom in earnest to our Old-World brethren.