POSTED COMMENT TO A COLUMN BY GIDEON RACHMAN IN THE FINANCIAL TIMES
Some perspective, please, Gideon Rachman.
Europe has great problems, but does the United States have less?
Indeed, I would argue that the United States is pretty close to not being able to govern itself.
Whether you consider insane, pointless wars destroying trillions of dollars or regulatory agencies that overlook a colossal criminal like Bernie Madoff (having received warnings many times) or a regulatory agency that approved BP's drilling when the company had not included basic preparations in its plans or a state like California that cannot control its budget or a nation that cannot pay for what it imports - these and many other matters challenge the very idea that Americans can govern themselves.
America is much like one of those giant American corporations of the 1970s who failed utterly to keep up with change, living off the avails and momentum of huge declining operations despite utterly failed management.
Americans are as big whiners as the Greeks, insisting on their right to live beyond their means.
The euro in trouble? Good God, no currency on earth has been more poorly managed than the dollar. Only its position as world reserve currency - an artifact of the post WWII settlements - saves it, but I think it is absolutely the case we are seeing the fist days of the end of that role for the dollar.
