Neal, when your president tells on TV to international audience that his country is the greatest, I think it's BS. Who is he to decide that, and what has the US done overall that warrants it such a term? Patriotism blind leads in the end to nazionalism hardcore. BUt i know I'm asking for the impossible, i.e. being realistic, hence I accept that each country thinks it's the greatest - just that I find it sad when 1000 iraqies die in one week it's a report in the news in the morning, but when 1000 americans perish in the flood, it is 'served' as a much greater tragedy - all in all which are quite equal. Hard to say it exactly, but I think you understand what I mean. All nations are equal, but some are more equal than others. Which is absurd.
Europe is affected by the US because Europe finances the US national debt along with Asia. So it's obvious that the creditors are worried when the US is going into any sort of crisis. US in the past in time of crisis have told the world to stuff it. That's why it's important to watch what happens when the country goes through crisis - and in turn how it affects europe.
The US abandoned BrettonWoods treaty when it came to return of post WW2 aid (France almost collapsed the dollar when asked for gold instead of borrowed dollars, that lead to france later quitting Nato once the US said 'no', and on came the Oil crisis 3-4 years later). Actually, it's fascinating story one on which i did my Business school bachelor thesis, which covered the inflation export by the US via the Marshall plan. When I say fascinating it's not only to those who have finance degrees, it's just general politics and how clever the US played the post war inflation that it HAD to face after printing money for 4 years. BrettonWood treaty was about 1dollar carrying a value of gold backed by the national reserve. IN other words if you had a greenbak you can just ask for gold in return. Needless to say that when the US lent money, it never wanted them back. in the 90s, and perhaps still, like 2/3rds of american currency was outside of the US. Anyway, tht's off topic.
sorry.