The flags are flying half-staff in Cambridge, Ann Arbor and Berkeley. Capitalism is supposedly in ruins but socialism, "the answer of the last century," cannot gain traction. The New York Times spins urging that much of the welfare state's platform has been absorbed by the likes of Sarkozy and Merkel. This is wishful thinking. Globalization will continue to slosh capital away from high tax, low productivity sovereigns.
The Europeans have lived high off the U.S. security umbrella. With problems at home, the U.S. should fold the umbrella and tell the always-there-for-them Europeans to fend for themselves. Then we can see how successful the socialist paradigm will operate.