Europe: America's Crystal Ball?Submitted by emalvini on Tue, 01/22/2013 - 14:16
Europe: America's Crystal Ball?
A new book warns that the United States is adopting a European economic culture.
Matthew Feeney | January 22, 2013
Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future, by Samuel Gregg, Encounter Books, 384 pages, $25.99
Since the financial crisis of 2008, a cross-Atlantic historical irony has been playing out. In the United States, the federal government’s response to the possibility of financial Armageddon was a massive bailout signed into law by a self-described conservative, who said at the time that he had "abandoned free-market principles to save the free-market system." In Europe, meanwhile, many governments have been at least ostensibly engaged in austerity.