Babaoriley:
Part of Europe is much like the US but I stress the Part. ( I'm no expert either but have spent a fair amount of time lately in Holland, Germany and Poland, being a European and Canadian citizen.)
What I know is that at least 30 US States are in deep financial trouble along with the Federal government. Compared to that in Europe you have the famous Greece, Portugal, Italy and spain (Iceland and Ireland having been temporarily rescued?) in trouble BUT where the major difference IS is that in Europe there are countries that are not in deep trouble or not at all. I need to mention not only Germany but Norway, Switzerland and Sweden to name a few.
By the way Germany and Finland do not want to pay for Greeks this time around.

Because all of Europe is not in the toilet and are more publicly, even though still ineptly, trying to fix the debt problem the Euro is being punished but the Americans due to hiding and perpetuating the deficits through printing, the dollar is temporarily rewarded. I say rewarded because the dollar is not sliding as much as it should.

I am betting that Europe will correct itself much sooner and with less pain than America.

As for blame in America, the politicians are like the visible portion of an ice berg. The majority of the problem are the corporations that have degraded the once famous democracy through lobbying and graft, so in the end the citizen is robbed of lawfull power and that power was transferred to the corporate sector and the very few who run it.

I think that in the 30s things were worse then they are now but that the worst for the US is still to come. This is due to the deficits not being eliminated and debt not being reduced. I think that the standard of living in the states is a third to as much as by half worse than it was many years ago but more profound is that it will still fall to half of present.

Finally I am totally convinced that bullion in personal possession is the best safety while precious metal stocks offer the best profit opportunity in the long run. Where your and many other's doubt arises is due to our inability to foresee the future, which in turn is being further degraded every time we look. It is that endless printing of dollar bills that clouds our vision. However that printing can not last forever and the longer it persists the worse the desease gets. Not much different from the Weimar Republic of 1919+ Germany.

Some folks just refuse to learn from history.

Ever hopeful of the future, and Cheers to all, Ed.