joining me now lionel barber, editor of "financial times" and anatole kaletsky.at i'm struck by, americans tend to look at europe with a certain sense of supure orty. the t.a.r.p. and things like that case where american democracy was sort of able to act in a crisis. does it now look like we're floundering as much as the europeans, the japanese, even worse? >> this was something of a brusal style fluj this was a stop gap measure which essentially prevented, as you say, america going over the fiscal cliff. all the difficult decisions were really postponed on spending. so, i think there was some disappointment in europe looking at america, but i think we need to be careful about saying that america is somehow ungovernable. the politics are very difficult, but catastrophe was averted this week. >> a lot of people say well, you know, it's not so bad because, this is the paul krugman view, at the end of the day, all the measures or the solutions were all terrible because it was all more austerity than what we need. what we really need is none of this right now. no spe