Schadenfreude is the act of deriving pleasure from observing the misfortunes of others. It helps to explain our enjoyment of tragedy, comedy and reality TV. It's also a convenient emotion to access when we read about economies that are in worse shape than ours. We would be well-advised, however, not to submit to the urge to feel superior to the slow-motion train wreck that is the European Union. What's happening in that dysfunctional coalition promises to have severe consequences for U.S. exporters.

There was a bit of good economic news last week, with the announcement that U.S. retail sales rose 0.8 percent in July. That was the biggest gain since February, and well above the 0.3 percent that economists had predicted. So is the economy finally recovering?