Will Europe Ever Catch Up?

Europe, as it turns out, lags behind the US in all key indicators by an average of 24 years. That means that the U.S reached current EU levels of performance way back in the 1980s. Not good. At today's pace of growth, it would be 2047 before the EU catches up with the U.S.

Maybe that's why the euro is an also-ran, too. It's amazing that almost as soon as the dollar-driven financial crisis began, there was a flight to -- you guessed it -- dollars. Not euros. And while everyone from China to the IMF is calling for a revamp of the dollar-denominated global reserve system (probably into something involving a basket of different currencies), nobody is putting their reserve money anywhere else but in dollars at the moment. It's simply clear that there is no single-currency alternative to the dollar. And given Europe's dismal demographics and growth projections, its likely that there never will be.