That said, I’m not one of those who, in recent days, have seemed inclined to indulge their inner curmudgeon, apparently convinced that it’s more or less game-over for America and we’re doomed to Euro-serfdom. Why? One reason is that, in some very important ways, America is still not Europe. Here are a few of the more pertinent differences.
For one thing, we’re not involved in the grand political experiment of the euro: the altar at which Europe’s political class is apparently willing to sacrifice almost anything in the name of a unified-from-the-top-down Eurotopia. Granted, we have our own problems with a Federal Reserve that’s surely looking forward to a fourth round of quantitative easing as its way of helping the administration avoid the macro and micro reforms that are the only real way to restore American competitiveness — reforms that will upset key administration constituencies (such as those living in 1974).
There are serious problems right now – and looming disaster which will be Obama’s fault. The democrats should be afraid of what is coming. In four years, Obama leaves office – and they will be left holding the bag.
America can still correct it’s course. But this will not be – at all – easy.