A thoughtful observation Pancho but I'm not certain exactly how correct you are (but probably at least 80% right

).
The scary thing to me is that is that I think that what should be economic decisions are too strongly influenced by the politics. What should be fundamental, strategic, infrastructure and 20 year long term decisions are perverted by the 4 year re-election cycle. In other words America, and Europe, have some deep seated fundamental institutional problems and issues that are not being addressed.
Freddy Mac and Fanny Mae, the main players and culprits of the GFC, are still there and doing business in the same economically unsound way - guaranteeing banks against bad business choices and practices, and encouraging risk (without consequences and unfounded fat profits and bonuses in between

). And that is not to talk of America's massive corporate welfare, it's military spending or accumulated National Debt.
Greece is still a basket case that needs to learn to 'live within it's means'. But the Greeks seem to think that they have a God given right to retire on a govt pension at age 57 and enjoy life and the Mediterranean sun. There is speculation that Greece will soon have to 'restructure' it loan again. There is also speculation that such a 'restructure' may not be possible and may also bring down European, especially German, banks.
Ireland, Portugal and Spain are still teetering.
I not sure of the short or long term solution; personal, national or international. But I believe the fundamentals are not being addressed and are unlikely to be addressed until the situation is undeniable (another GFC or worst).
I think I'll join Walter and get a few Gold Sovereigns to put under the floor boards

. Meanwhile, back to washing the dog and sanding my plastics

.