And this time, from itself and a self-induced continental depression, emotional if not economic?
There is a very interesting strain of thought that says that Europe's problem stems from a loss of self-esteem. Europeans have lost hope, have lost faith in their culture and history, in their faith and ability.
Instead, Europe is full of despair and shame and fear. Europe is afraid to compete with the rest of the world and goes to mass protectionism and guaranteed job security (without guaranteed effort).
This shame is then turned on America, as American "cultural imperialism" is railed against, and America in general, as venting post for feeling bad about themselves... as opposed to offering real cultural alternatives to compete in the market.
The US has adopted Sushi (japan) and Churo's and burritos (latin America) and French food and Thai food and Indian food and North African food and entertainment from Japan (Animei) and things with shades of Bollywood and British TV and humor. Even Irish dancing and German and Italian opera.
There is no fear in the US of these things. But Europe trembles at McDonalds and the Polish Plumer.
So what is the US to do? The US needs Europe to be a vital ally in the Western Alliance and bullwark for Western ideals and culture against fascist and anti-Western-value cultures and ideologies that are rising.
Maybe the US needs to start reminding Europe of what it is, the history and philosophy and values that have been the best of Europe over it history. Not just the art and culture, although that needs to be reminded, but the ideals. Europe needs to be convinced that it is indeed part of the Western Alliance, that it is strong enough to compete without over-protections, and that the shared values, many steming from Europe. Italy must be reminded of Rome. the UK of the Magna Carta and King Arthur. France of Voltaire and Liberty, Fraternity and Equality under the law and of the gift of the statue of liberty.
Maybe then Europe will be able to incorporate the lessons from its mistakes (ie. Colonialism and the Holocaust... the flirting with Facism and Communism) without mass overreaction (mad political correctness, which plagues the US, too, but seems to be more ingrained, and yet in other ways disdained with Ultra-right reactionaries, in Europe).