The End Of Europe

Its economic union is unraveling, London is ablaze, and the continent's once dependable trading partner the U.S. is too feeble to save the day or the euro. Say goodbye to the old order

Ralph Orlowski / Reuters

Traders work on the floor of the Frankfurt stock exchange August 05, 2011. REUTERS/Ralph Orlowski (GERMANY-BUSINESS)

Britain is burning. Strange that it should be so. After all, the catastrophic economic news of recent days, including the highly controversial downgrading of U.S. debt by Standard & Poor's, the burgeoning euro crisis in continental Europe and the market turmoil that followed both, has been made in New York City, Brussels and Berlin, not in the streets of North London. But if you look closer, it all makes sense. Britain, like the U.S., has been a center of both great wealth creation and a widening wealth divide over the past 20 years, thanks to the rise and, more recently, fall...

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