When private debt, which has driven the economy since 1982, falls, government debt must rise to maintain the economy in balance and enable it to continue growing.
American hostility to European social models has been on full view in the media. But comparing U.S. with German and French economy and social welfare ought to be instructive for the U.S..
The Itaian center-left coalition, lead by Democratic Party, is expected to win next general elections, but its mission will be hard, and only new alliances could challenge the German hegemony in order to find a way out from the eurozone's crisis.
The U.S. producers want to become one of the large exporters of hydrocarbons, wile, the price of oil is getting more and more detached from reality, and is not sustained by the level of demand.
