I agree with you, except from small Iceland, it does not seem like as a joke at all, but as a horrific looming threat coming over the horizon. Of course it does not work economically, but it stamps around and can be dangerous for democracy and independence of the individual, for the USA, for Christianity, and for what is good and right in the world.
Hell, when the EU has a big budget shortfall, it will just pick a USA company to sue claiming monopolistic practices like Microsoft or Wall-mart and try to nail them for a couple billion.
Their typical MO. Destroy anything that resembles an economy and then tax and sue the hell out of everyone to try to keep the house of cards up.