The American and European good times? Over?

For the comformist portion of the US and European population, the "good times" have ended, one way or another. The reason is that world GDP cannot grow enough to accomodate the fair rise in the GDP of the BRICs et al & maintain the US & European level.

Full European Integration can create enough economies of scale to minimise the shock for Europe. Provided European countries have learned their lesson from the 2 world wars caused by ill European dynamics