Quote from StarDust9182:
I do believe the American people are different from Europeans. That is why in my view there is hope in America and Europe is in for a lot of trouble. I am not saying there are no serious issues to be resolved or that the solution will be painless and quick.
Look at the recent subprime issues. America spent a lot of money, has been resolving bad banks, created one (more honest) stress test, is discussing the real issues.
Europe blamed the whole thing on America ignoring their debacle in Iceland, did a fake stress test, did another fake stress test, continues to ask for handouts from the rest of the world, tells world leaders to mind their own business (unless they are willing to send money into the black pit), all the while displaying arrogance and not having a plan. They tell China please fund our pensions in return for us closing our markets to you.
As a trader I will bet a lot more on America coming out on top that Europe and their kick the can mentality. America's true issue is political deadlock more than inability to fix it all.
Just my two cents worth. Time will tell if my view is correct or not and I hope the Europeans prove me wrong and "suck it up princess".
The psyche of Americans are different from Europeans as the USA did not undergo the widespread destruction that Europe did during WW2.
WW2 was the catalyst for the construction of the modern European welfare state, that the social security net is not merely a safety net for the needy but as a means of livelihood. It not only served materially as a defense mechanism but psychologically it also sought to ameliorate the memories of war. It leapt from one extreme to the other. Thus, universal healthcare, free university education, 2 months of paid leave, etc all became "human rights." I.e. to say there was consumption without recompense.
In time to come, the younger generations in Europe forgot why this came to be so and took the present state of affairs as normal and "right", which is why competency and work ethic in Europe has been severely depleted with little to no understanding of the interplay between production, consumption and compensation. There has been utter dis-incentivization of the economic cycle in Europe. In fact, Many Europeans can tell you that they will only do the minimum possible in their occupations as there is "no point."
This has been a crisis long in the making and this kind of mentality is not prevalent in the American psyche.