I think this must be a hoax because the writing style doesn't look right to me, but enough bloggers who normally aren't particularly gullible seem to believe it and it hasn't yet shown up on the Urban Legends website. So I'll take a chance, because it's at least amusing whether or not it's true. Some highlights of the articles:
"Destitute nations feel that the U.S. has failed them"
"We’ve lost the peace"
"Friend and foe alike, look you accusingly in the face and tell you how bitterly they are disappointed in you as an American."
"Never has American prestige in Europe been lower."
"We have swept away Hitlerism, but a great many Europeans feel that the cure has been worse than the disease."
"The taste of victory had gone sour in the mouth of every thoughtful American I met."
“Europe is threatened by a catastrophe this winter which has no precedent since the Black Death of 1348."
"No child born in Germany in 1945 will survive. Only half the children aged less than 3 years will survive.”
"blame will fall on the victor nations"
If true, it's impressive how bad the media (at least part of it) was back then too. If anybody happens to have that particular issue of Life magazine, please check its authenticity and let me know.