Many countries in Europe seem to be feeling the effects of the collapse of a consumer driven economy that was living well beyond their means, borrowing merrily to finance it all. Their banks made many bad loans. And amazingly , George Bush was not President of any of these countries. Is it still his fault?

After all, it is generally recognized that Obama is the first American President since James Cameron to be King of the World. Peter Wehner reflects on that phenomenon. There used to be a joke- What is the difference between a dollar and a looney (a Canadian dollar)? Answer: a dollar. Soon we may be able to substitute the British pound for the looney. And Britain is another country where George Bush did not serve as President.

The explosion of leverage,derivatives, and excess spending were not America only issues. And a lot of incumbents in a lot of countries will soon be turned out of office.