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The caption describes it, richat - the blonde represents Europe, hanging on for dear life as an exaggeratedly large and messianic America leads the way - Europe's dress says "we too" and I believe the whole thing is your typically Carnivalian skewed take on current events. The commentary seems to be that Europe's in the position of hanging on to American coattails just now.
Well, Europe certainly doesn't have the US by the balls right now...so I'd like to see more of a closeup picture before I claim to understand that part.
But on the whole, I think everybody gets it, except for Drudge and free republic, where there's OUTRAGE!!!! But that's pretty much a daily occurrence in them parts.
I've been enjoying looking around at the carnival pics and links. I wish there were more to Carnival in the US than the New Orleans Mardi Gras and the occasional bar-promotion event. It's such a great holiday idea. I guess we cover a lot of the same territory in Halloween, but it's not quite the same level of drama and spectacle.