July 26, 2011: In recent months German chancellor Angela Merkel and other European leaders have had a persistent caller from the other side of the Atlantic. Each time the eurozone's debt situation threatens to become unmanageable, U.S. President Barack Obama picks up the telephone and makes a call to Europe. His message is the same each time: The eurozone members need to solve their debt problems and prevent a major disruption of the world's financial markets. That, in turn, would damage the American economy.

Obama's persistence in pressuring his European allies on their debt crisis has some Europeans wondering whether if it doesn't border on interference in the internal affairs of other sovereign nations. However, in recent weeks that irritation has given way to incredulity over a new debt crisis. This time it isn't the Europeans who are responsible for growing concern over the possible impact on financial markets and the world's economy from an impending default. It is the United States of America of President Barack Obama, where Democrats and Republicans are locked in a battle for public opinion on how best to deal with the nation's mounting national debt and reach an agreement on raising the debt limit by August 2, the date when America will become insolvent.

Europeans watch in amazement as the clock ticks and nothing happens in Washington. Analysts wonder out loud whether America's financial well-being and governmental fiscal responsibility have been taken hostage by politcians more interested in posturing than their own country's economic health. If the tables were turned and Europe was responsible for the world holding its breath to see if the debt ceiling would be increased in time to avoid default, you can be sure that President Obama would be on the phone, exhorting Europeans to get the job done.

Unlike their friends on the other side of the Atlantic, small businessmen, retirees living on fixed incomes and others in Europe who would be affected by the fall-out if the U.S government defaults do not have a telephone number they can call to give their representative or senator a piece of their mind. The American greenback was once considered to be a "safe haven" for investors all around the world. Today those countries with large dollar holdings and American securities – like the Chinese – are worried that failure to reach agreement on the debt ceiling will hasten the dollar's slide in value, reducing the value of their holdings.

With its repeated appeals to Europeans about their debt situation without getting a handle on their own fiscal irresponsibility, the United States is not only putting its own credit-worthiness at risk. (Ratings agencies have hinted that a downgrade of America's topflight risk rating may be in the offing.) America's loss of credibility in matters of fiscal responsibility is potentially more serious. America is fast becoming a hypocrite – lecturing others on problems that it cannot solve at home.