Correction
Meant to say world recession.

On the anti-US feelings undercurrent.
Just been directed to an article in The Independent 13 august 2012.
www.independent.co.uk/op...ne-US-interfering-abroad
Makes interesting reading.
For were read we're.

Quite so.

There are decent Americans but by and large not in Congress and not in the Republican Party.

What baffles me is why British politicians obey orders from Uncle Sam. Cameron has not let us be dragged into a war yet. But he is collaborating with the Swedes, who used to know better, to have Julian Assange sent to America to be punished for exposing US crimes. There will be a show trial to make Stalin proud.

Jeremy
Indeed there are many decent Americans, and I have had the pleasure of meeting quite a number of them, both in the States and elsewhere including UK.
However they do not appear to have much of a say as to how they are governed.
Consider issues like-
Their role in the recession
The war in Iraq, and costs associated.
Their calls for respecting the wishes of the UN when it suits them, and ignoring them when it suits them
The Facebook loss of value, just at a time when investment should be encouraged.
Not much of an advertisement for capitalism.

Jeremy
I take your point on Facebook. However I do not fully agree with what you have said.I question whether the people who have got the money will in fact use it better, better than whom or what? Secondly a lot of first and newer investors, as opposed to professional ones were taken in by the hype, and having burnt their fingers will not return to the markets.
I have read stories of first time investors investing lifetime savings in Facebook, and now facing a huge loss.
The net effect of Facebook can only be negative for the markets.
Turning now to Germany and the Euro, I have read with interest the suggested reading. However a rational discussion on matters like living standards, is not how the bankrupt and unemployed will view matters. It is one thing to stand still on growth, and quite another to be forced into the negative, where arguments like who was more to blame abound - foreign banks or the people of Greece who enjoyed their loans for example.
It must be clear that on unemployment and order books Germany are the winners.
That is how they are viewed. With recession biting deeper and deeper the winners will be viewed with anger, as after the war Germany viewed the winners in similar light. And as we well know Keynes predicted the reaction, which was the 3rd Reich. Similarly we are now seeing a reaction to the German growing might and influence. I have on more than one occasion seen references to the 4th Reich.
The movement is gathering momentum, even in less likely places like Italy, the 3rd largest economy, which is 0.7% down in the 2nd quarter, where compared with a year earlier growth slumped by 2.5%, where people are reacting to enforced austerity. BBC Business News 7 august 2012 Italian Economy contracts 0.7% in second quarter, http at 19162772.
I wonder what Keynes would be predicting about the reaction to Germany?