Rafael Román Martel

As has become the norm, the Obama Administration stroked the ire of all but its most fervent supporters this month as, in the midst of some dramatic news regarding health care reform and the current war in Afghanistan, leaders made a talking point out of the success of the economy. Yes, the success! The unemployment rate plummeted dramatically from the 10.2% national peak in October to a rock bottom 10% in November. The report, President Obama commented, was met with hugs all around the White House. The rest of America, however, still had to deal with double-digit unemployment and the mockery of the White House’s favorite problem-solving mechanism, the “summit.” At least during the “job summit,” the President knew better than to bring along a six-pack (or Joe Biden), but that didn’t dilute the outrage at hosting such an event exclusively with leaders favorable to the administration, like New York Times columnist Paul Krugman and SEIU president Andy Stern. His attempt to calm the opposition in a jobs-oriented speech last week was also met with skepticism, not least because he outlined a plan to spend even more money on a job creation program while simultaneously lowering taxes, a plan rendered impossible to the point of absurdity given the size of the national debt.

While no comment is less useful in times of turmoil than “it could be so much worse,” taking a look across the pond could provide some perspective for how strong, even through adversity, the American economy remains, and how even the most apparently powerful financial coalition could be hanging its stability by a thread. Even more importantly, taking a look at the flaws of fellow Western nations could help shape the policies of our future. Hidden among the avalanche of negative economic news last week came some unfortunate revelations for a currency the post-dollar world has taken to worship: the Euro.