With the euro crisis likely to continue unabated, America s continuing malaise does not bode well for global growth.

The post revolutionary government s initial narrative characterized Egypt s economic malaise as temporary and self correcting.

The reaction to this malaise came swiftly, and it had a name well, two names Ronald Reagan and, above all, Margaret Thatcher.

The profound resemblance of the current malaise to the aftermath of past deep systemic financial crises around the world is not merely qualitative.

Europe s malaise has hit China s exports badly, and undoubtedly is the most important factor underlying the current decline in the ratio.

Nothing illustrates Russia s malaise under Putin better than the case of Sergei Magnitsky, a lawyer working for a British investment fund.

Its malaise has raised questions about whether its democratic capitalism will survive the economic challenge posed by authoritarian and quasi authoritarian regimes.

We need you to overcome a prolonged period of congressional paralysis and polarization in order to address the country s malaise.

Without real and significant political change, technocratic reform proposals will treat only the symptoms of China s economic malaise, without addressing its underlying institutional causes.

Much of Japan s economic malaise in recent years also reflects (unhedged and unindexed) debts magnified by deflation since 1999.

Even the Congressional Budget Office is predicting that it will be the middle of the decade before unemployment returns to more normal levels, as America experiences its own version of Japanese malaise.

In addressing the post 2008 economic malaise, which stems from over indebtedness, policymakers are correct to focus on the threat of debt deflation, which can lead to depression.

What implications does China s emergence onto the global stage hold for southern Africa? Can China help lift the world s poorest region out of its deep economic and political malaise?

Just as Reagan had his Reagan Democrats who were attracted by his message of hope after the malaise of the Jimmy Carter years, Obama will have his Obama Republicans, attracted by the hope of national reconciliation and healing.

Moreover, Europe s malaise threatens many of these countries political stability as well, given the close connection especially in China between the legitimacy of existing arrangements and the continuation of rapid economic growth.

Just as Reagan had his Reagan Democrats who were attracted by his message of hope after the malaise of the Jimmy Carter years, Obama will have his Obama Republicans, attracted by the hope of national reconciliation and healing.

We are caught in a trap where debt burdens do not fall, but simply shift among sectors and countries, and where monetary policies alone are inadequate to stimulate global demand, rather than merely redistribute it. The origin of this malaise lies in the creation of excessive debt to fund real estate investment and construction.

As unequal as America was before the Great Recession, the crisis, and the way it has been managed, has led to even greater income inequality, making a recovery all the more difficult. America is setting itself up for its own version of a Japanese style malaise.

Given this, it might seem premature, to say the least, to announce the return of the West, especially at a time when the US economy remains fragile, Europe s financial crisis is fueling an existential funk, and Japan s deep structural malaise continues.

To be sure, the blame for America s malaise lies squarely with Obama s predecessors Bill Clinton, for encouraging the Fed to take its eye off financial market supervision and regulation, and George W. Bush, for his costly wars, which added massively to US government debt.

But pity is not a free pass we should also urge policymakers to shift from their traditional cyclical mindset to one that can better comprehend, and effectively address, the more complicated, yet critically important, structural issues that underlie today s malaise.

Will debtor countries be able to stick to tough reform programs, or will their citizens reject austerity? And will donor countries avoid the sort of populist backlash at home that might push them in a protectionist direction?