The United States is a concept that works very well, even in bad times. But that's no reason to think its structure can be superimposed with success on any other part of the world, particularly when times are terrible.

Germany's Angela Merkel exudes an atmosphere of elderly exhaustion and pooped-out pessimism. Britain's David Cameron, though by nature exuberant, feels he has to look and sound glum. And France's leader, Francois Hollande, seems determined to drive every successful businessman out of the country.

Mr. Obama would be a disheartening president even during a super boom, with his grim demeanor and empty rhetoric, as well as his obvious hatred of business bravado.

Paul Johnson Quotes