The US and Europe have a pretty big debt problem, not only in the public sector but private sector too. Whether you believe in the theory of cycles and debt deflation or not it is becoming increasingly obvious that some of this debt will never get paid. Also seems like both the US and Europe have taken different paths to solving their respective crisis.
On the one hand, Europe has chosen austerity to pay down it's debt. This means a lot of hardships for it's citizens, cuts in spending and a real threat of deflation (if it is not happening already). If deflation does happen it also means an increase in the debt burden of public and private debt. The need for austerity is being championed by the likes of Ron Paul.
US has been essentially printing its way out of the GFC. The easier solution one might argue. The debt burden decreases but you get inflation and your currency goes down (the drain....). So far this has not caused any major bubbles or inflation (debatable, see some of Peter Schiff's comments on this). This is being championed by the likes of Paul Krugman and even Steve Keen (although to be correct he is against austerity as a means of getting out of this).
Given that Europe is finding austerity very hard and the demographic models of old public debt system are no longer valid in many places, if and when will the money printing stop in the US? Will Europe start printing?