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The View from Outside Looking In.

After having just returned from spending five weeks roaming the United Kingdom, (England, Wales and Scotland) some interesting observations come to mind on the economic thinking of the people, as they view America and the state of the American economy.
They look at the US as being much worse off economically than themselves. Most are disillusioned and/or disappointed with the new administration and how it is handling the American economy, as evidenced by the amount of governmental debt incurred. Like other countries with large holdings of US dollars in their foreign currency reserves, they are concerned about the growing danger of diminished returns from a devalued US dollar. 
Their own disgruntled outlook at the direction of their government with respect to not only the economy, but the foreign policy pursued, portends a change in that government come the next general election. The present government of Gordon Brown is fighting for it's life and is seen by the electorate as grasping at straws.
The feeling on unemployment is concerning but is usually accompanied by a comment about "at least its not as bad as the States". There is higher than usual unemployment, but not unlike most countries in the region. I get a sense of the British resolve to weather the economic storm and carry on.
Housing prices have stabilized and in some areas have started to appreciate in value. Most new housing estates are again hives of construction activity, not only in the larger centers but in small outlying villages. The big construction mega projects are busy as well with forests of construction cranes dotting the city skylines.
The dual carriage ways and motorways are just as busy, if not more so than the past. The number of commercial vehicles seems not to have diminished. Train and coach travel is still crowded, with standing room only during peak hours.
Most have a feeling that the worst is over, yet to 'set things right' will take a number of years yet. With a wary eye on America and how Americans work their way out of their current economic nightmare, that is viewed much worse than their own. 
Disclosure: No position.