America has lost patience with Europe...."well that's rich coming from them!"

The veteran U.S. monetary official did not mince his words in a private conversation over dinner. 'America is very, very angry over what has been going on in the eurozone.'

As the markets went into freefall over the last few days, the deterioration in relations between the U.S. and the countries of the single currency has become frightening.

The Americans believe that if the world were to tumble back into recession or a prolonged depression, as looks increasingly likely, it would be the euro area to blame.

All the hard work done in the U.S., Britain and other countries in the wake of the Lehman Brothers collapse three years ago – including the regime of record low interest rates and pumping hundreds of billions of taxpayer pounds into the banks and the economy – will have been wasted. Read More