Europe in Reverse
Amid this worst crisis since 1929, America has opted for a truly new beginning with the election of Barack Obama, and is now in the process of reinventing itself. By contrast, Europe, under the pressure of the crisis and its own internal contradictions, threatens to revert to the national egoism and protectionism of the past.
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BERLIN – The legendary American investor Warren Buffet once said, “It’s when the tide goes out that you find out who has been swimming naked.” That particular piece of wisdom referred to the situation of companies in an economic crisis. But it can also be applied to countries and economies.