[Chgogal]

Well it's not consumer confidence since it is low in Europe with the two largest economies suffering double digit unemployment. Europe's GDP growth barely hits 1%. The two largest economies have a slightly greater than 3% deficit. The EU has no military to speak of, therefore, only can only bark when negotiating foreign policy. I am saying all the above because of the statements that were released by Japan and South Korea regarding their Central Banks positions vis a vie the U.S. dollar. I am saying those things because of words that escape Buffet's mouth.

High oil prices just hurts the US since Europe pays in well, Euros.

[Alex Marko]

Europe suffers more from high oil prices from the middle east because it imports nearly 90% of its oil from the region. The US gas prices are a result of refining capacity limits compounded with oil prices.

[dervish]

Their military spending goes into social programs instead.

Until Europe reforms their labor practices, gets rid of the morass of EU legislation governing businesses, and lowers their taxes, their economies will keep sinking.

Germany has a trade surplus. Everywhere I turn in the US, high end, wonderfully engineered German products are sold, Yet they have at least 12% unemployment.

Studies show that productivity is inversely proportionate to tax rates.