Gloat at Your Peril

PHILIPPE WOJAZER / REUTERS

STILL SEARCHING: Europe looks for a way out of the banking crisis

Europe's schadenfreude about the self-immolation of American capitalism did not last very long, and those who crowed about the humbling of the "hyperpower" should have known better. For it is an iron law of global economics that America goes first, and Europe follows; that has been true at least since the Great Crash of 1929.

The moral of this tale is that you can try to hide, but you can't run; there is no "decoupling," as the Europeans had hoped when the global crash was still a stumble back in January. Just look at the stock markets since...

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