Europe is in a deeper pickle than the U.S.They will have a prolonged recession, political fragmentation, protectionism and a tortured lowering of their fabled life style.

• 欧洲相比美国面临更大的困境，他们将有更长的衰退，政治分离，贸易保护主义和对虚构的生活方式的降低所带来的痛苦。