The International Monetary Fund doesn't want to say it outright, but its latest World Economic Outlook shows more stagnation of the European and Japanese economies, and the possibility of a third EU recession since 2008.
Renting a house, snagging a ride on your smartphone, and de-leveraging your balance sheets would truly be a new American way, with tremendous implications for policymakers including the Fed if a geopolitical or natural disaster hit and it was stuck at an already low interest rate.
The Treaty on Stability, Coordination and Governance, which imposes austerity policies as the only possible standard, is doomed to failure and inevitably worsens the economic crisis in a Europe that is already in recession.
Probably the most convincing evidence that Quantitative Easing works is the revival of housing sector. Economists agree that the collapse of housing values is a major deterrent to consumer spending. Housing could finally begin to recover this year.
The continual gatherings of heads of state, such as the one just concluded in Rome of Germany, France, Greece and Italy, reassure us that the euro will be saved. But the means to do so seem to be as elusive as ever.