April 16, 2012

America vs. Europe

Irwin Stelzer, Weekly Standard

AP Photo

We're all in this together. The globalized economy, that is. We Americans worry that the eurozone crisis has returned, and will abort our fragile recovery, while Europeans worry that America's none-too-robust economy and its weak dollar will make it difficult for EU export industries.America's policymakers think their European counterparts are mad to believe austerity will restore economic growth, and Europe’s policymakers sniff that no country ever became prosperous by printing money, borrow-and-spend, and depreciating its currency. Europeans find the falling dollar especially galling: Other things being equal, the cheaper dollar makes it about 10 percent cheaper than it was a year ago for Europeans to buy and visit America, and more expensive for Americans to tour...

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TAGGED: United States, Europe, Eurozone

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