British historian and author Paul Johnson's on Europe’s softness and difficulties of its economy (cheering me up after this morning’s Capitalism post, not that I'm happy about Europe but happy about our system):
The omens for continental Europe, however, are sinister. The entire plan for perpetual improvement upon which the EU depends is based on continuous economic expansion. There is no provision for stagnation. As we see in Japan, once stagnation sets in, it can last many years. Americans should count their blessings, above all the supreme blessing of having an economy that is run by businessmen not bureaucrats, or that —— under wise governance —— runs itself.
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