Europe’s rescue plan! Which will win?

Leaders of the world's major economies agreed Friday to support the European debt crisis rescue plan, but without actual cash contributions. YOU can understand the self-congratulation. In the early hours of October 27th, after marathon talks, the leaders of the euro zone agreed on a “comprehensive package” to dispel the crisis that has been plaguing the euro zone for almost two years. Obama, at the French Riviera for a summit of the Group of 20 leading industrialized and developing economies, pledged to be a partner in helping the Europeans copes with the economic emergency. But his aides insisted that Europe's problem, brought on by the threat of a Greek default, was one it had to fix.

European leaders have agreed to a $1.4 trillion rescue fund to stop the debt crisis in Greece from bleeding into other shaky euro-zone economies — and they are looking to China to foot part of the bill. And while the United States and Europe come to the summit grappling with problems of huge debt and anemic growth, China’s problems are the stuff of envy: what to do with a foreign reserve stockpile of $3.2 trillion and how to slow down growth to keep the its economy from overheating. Read more....