Today, anti-Americanism in Europe has receded a great deal. Anti-Americanism, as President Obama’s advisor David Axelrod pointed out, “isn’t cool anymore.” This is very fortunate for the U.S. because if it was still cool, the tide of anti-Americanism in Europe today would very likely make that of 2003-2005 look like a Fourth of July picnic. During those years, anti-Americanism was spurred by U.S. foreign policy which, as bad as it might have been, had very little effect on the day-to-day lives of most Europeans. Today, the continent is in the throes of a major economic recession which many would like to blame on the U.S. The implosion of the overheated U.S. economy with its seemingly infinite market for a broad range of consumer goods has dragged down huge segments of global trade while the subprime mortgage problems have created a ripple effect which has devastated the world’s finances. This should be the language of the new anti-Americanism, but so far, it has yet to materialize.