Europe and the US are in the same sinking boat according to Gideon Rachman in the Financial Times.
Out of control public finances, and political systems too dysfunctional to fix them, are problems on both sides of the Atlantic.
In the past leaders stressed the differences between ‘flexible labour markets’ in the US and a European social model. However, mounting debt, a weak economy and an increasingly expensive and unreformable welfare state mean the similarities are more striking.
Gideon concludes that while much of Asia has been immune to the financial downturn, its prosperity is predicated upon western health. If the illness worsens, radical cures such as protectionism or capital controls could trigger an economic and political crisis in high-growth markets.
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