Every country uses inflated GDP numbers which means Europe’s problems are a lot worse then they are stating. Even if you believe the US is the only one fudging numbers, there is a big difference between 4% and 50%. If you say the US is overestimating the GDP by 1/3, then that is still only 6% - chump change.
Regardless of what you think about our long term prospects, America is the tallest midget in the room right now. As bad as the meltdown has been, the deleveraging has been calm compared to the emerging markets. And we’ve only just begun…