Wednesday, May 12, 2010  Now it's Europe's turn, but there's no
joy in the US  Business Times - 13 May 2010  Now it's Europe's
turn, but there's no joy in the US   IN THE aftermath of the
collapse of Lehman Brothers and the ensuing meltdown on Wall
Street, some Europeans took a certain pleasure over the economic
mess across the Atlantic.  French commentators suggested that
the US financial crisis highlighted once again the structural
flaws and the moral failings of the Anglo-Saxon economic system
(as opposed to the more statist version practised in France).
The Germans contrasted their more conservative social market
model with the free market principles guiding policymakers in
Washington.  And the European Union's technocrats were more than
willing to dispense constructive advice to their colleagues in
Washington while expressing initial (and very brief) sense of
confidence that the growing troubles facing the US economy were
not going to spill over into Europe.  In fact, some analysts
predicted that the US