Whats the unemployment rate of Europe that you claim is doing so much better as compared to the US?
Germany: 10.8% (2006 est)
Country Fast Facts: Germany, - CBS News
UK: 5.3% (2007 est.)
France: 7.9% (2007 est.)
And those don't take into account the recent downturn in economies worldwide. You've posted about Spain's going up. If the US' economy continues to slow what do you think is going to happen to the European economy where every country exports about 10% to the US and only imports about 5% from the US?
Things aren't good--this isn't a dot com boom--but its nowhere close to a disaster or even something to be overly worried about at this point.