The "race from the bottom," so sayeth The Economist, as the Old Core economies see who can recover with the least awkwardness.
Everybody we know seems to be enjoying better GDP growth and lower unemployment. So what gives?
The main theories are unsurprising: differences in fiscal policies, exchange rates and debt levels.
So Germany and the Brits are praised for being stingier with public money, but the mag says that doesn't explain sudden spurts in growth.
Did the euro's dive limit our exports while helping Germany's? You bet. Japan's rising yen a problem? It would seem so. But the mag says that theory with plenty of holes too. Our exports rose with strength too, despite all our issues.
And the UK has high debt but not the same unemployment as we do, so the debt explanation doesn't seem to cut across.
And our unemployment, says The Economist, is making the rest of the world pessimistic about the future, figuring if old standby America isn't up for the strong recovery, then how can anyone else be?
After all that exploration, the mag says the real reason is that America's recovery is the most mature, meaning we restocked our shelves faster than anyone else, so I guess we're quasi-double-dipping earliest.
Oh well . . ..