If it weren’t for Europe the stock markets in North Amer- ica would be moving higher. The economic numbers in North America have been gradually improving, not by much, but there has been improvement. The problem is that Europe has been trying to calibrate a solution to their problems. They have been trying to do just what is neces- sary to solve the problem, and no more. This compares to the U.S. method of “shock and awe,” providing an over- whelming solution that no one can doubt that it will work, at least in the short-term. This is not to say that the U.S. method actually solves the problems, it just delays them into the future and gives the economy a chance to grow its way out of the situation.

The problem with trying to calibrate a solution