Re: Is any of this actually a problem?
"Today's goverments don't have the organisation ability, the will or the imagination to create a legacy like 'the New Deal' in America during the 1930's."
What legacy? Respectable analysis shows that the New Deal prolonged the depression by several years, and all the main indicators (GDP, unemployment, personal consumption, private sector investment) were still lower in 1939 than they were in 1929. I think Europe's attempts recently to spend billions it doesn't have without kickstarting any sort of recovery reinforces the failure of mainstream Keynesian philosophy, and Southern Europe is a classic example of vainglorious New Dealism - loads of EU funded infrastructure projects that have delivered nothing, whilst the resepctive economies wallow in pubic and private debt run up during a boom.
You're welcome to your New Deal legacy.