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I hate to read posts that ignore how socialist the US is, Khazadman. In practice, you won't find a qualitative difference between the US Democracy and the Democratic Socialisms found in Europe. It's only a Quantitative difference. A government that controls 20% of the property is part socialist, a government that controls 50% of the property is also part socialist, only moreso. The government (on various levels) is the largest property owner, the largest polluter, the largest spender, and the 5 largest employers in each and every US state. If that ain't socilism, I don't know what is. Abre los ojos, man.
That said, I agree with you that the *degree* of socialism in Europe is beginning to hurt it. And, I think it will adapt (as democracies can do) or fail -- but adapt is more likley.
As for the value of the dollar vs. the euro, it means nothing. In the short run, the falling dollar increases US tourism, increases US exports, and helps our economy recover. In the extremes, a falling currency amount can be devastating. But, even the Economist notes that for quite some time the US can happily "let the dollar drop" and stand only to benefit from it.
Greenspan's worry that he discussed last week is the deficit, not the value of the dollar.
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