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18 Indications That Europe Has Become An Economic Black Hole

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Author Topic: 18 Indications That Europe Has Become An Economic Black Hole  (Read 375 times)
Mark
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« on: September 04, 2012, 02:32:37 pm »

18 Indications That Europe Has Become An Economic Black Hole Which Is Going To Suck The Life Out Of The Global Economy
Summer vacation is over and things are about to get very interesting in Europe.  Most Americans don't realize this, but much of Europe shuts down for the entire month of August.  I wish we had something similar in the United States.  But now millions of Europeans are returning from their extended family vacations and the fun is about to begin.  During August economic conditions continued to degenerate in Europe, but I figured that it wouldn't be until after August that the European debt crisis would take center stage once again.  And as I wrote about last week, if there is going to be a financial panic, it typically happens in the fall.  The stock market has seen quite a nice rally over the summer, and many investors are nervous that we could see a significant "correction" very soon.  The month of September has been the absolute worst month for stock performance over the past 50 years, and it has also been the absolute worst month for stock performance over the past 100 years as well.  Of course that does not guarantee that anything is going to happen this year.  But things in Europe continue to get worse.  Unemployment rates are spiking, manufacturing activity is slowing down, housing prices are crashing and major financial institutions are failing.  What is happening in Europe right now appears to be an even worse version of what happened to the United States back in 2008.

But most Americans aren't too concerned about what is happening in Europe.

In fact, most Americans don't believe that a European financial collapse would be much of a problem for us.

Well, just remember what happened back in 2008. When the U.S. financial system started coming apart at the seams it sparked a devastating worldwide recession which was felt in every corner of the globe.

If the European financial system implodes, the consequences could be even worse.

Why?

Europe has a larger population than the United States does.

Europe has a larger economy than the United States does.

Europe has a much, much larger banking system than the United States does.

If Europe experiences a financial collapse, the entire globe will feel the pain.

And considering how weak the U.S. economy already is, it would not take much to push us over the edge.

What is going on in Europe right now is a very, very big deal and people need to pay attention.

The following are 18 indications that Europe has become an economic black hole which is going to suck the life out of the global economy....

#1 The unemployment rate in France is up to 10 percent, and the French media is buzzing about the fact that the number of unemployed French workers has now hit the 3 million mark.

#2 The French government has just announced the nationalization of its second largest mortgage lender.  Additional bailouts are likely on the way.

#3 French automaker PSA Peugeot Citroen has announced that it will be cutting more than 10,000 jobs.  But of course major layoff announcements like this are coming out of Europe almost every day now.

#4 Home prices in France are falling rapidly and the recent election of a socialist president has created a bit of a panic in the French housing market....

British people with homes in France were today warned that the property market is in 'free fall'.

A combination of factors including the election of a tax-and-spend Socialist government means that prices are tumbling.

It means an end to the boom years, when thousands of Britons poured money into rental or retirement investments across the Channel.
#5 A slow-motion bank run is happening in Spain.  The amount of money being pulled out of the Spanish banking system is absolutely unprecedented.  The following is from a recent Zero Hedge article....

The central bank of Spain just released the net capital outflow numbers and they are disastrous. During the month of June alone $70.90 billion left the Spanish banks and in July it was worse at $92.88 billion which is 4.7% of total bank deposits in Spain. For the first seven months of the year the outflow adds up to $368.80 billion or 17.7% of the total bank deposits of Spain and the trajectory of the outflow is increasing dramatically. Reality is reality and Spain is experiencing a full-fledged run on its banks whether anyone in Europe wants to admit it or not.
If this pace keeps up, more than 600 billion dollars will be pulled out of Spanish banks by the end of the year.

Keep in mind that the GDP of Spain for all of 2011 was just 1.49 trillion dollars.

So by the end of this year we could see the equivalent of more than 40 percent of Spanish GDP pulled out of Spanish banks and sent out of the country.

In case you were wondering, yes, that is a nightmare scenario.

#6 The unemployment rate in Spain is over 25 percent.  The youth unemployment rate in Spain is well over 50 percent.  Spain is a tinderbox that could be set ablaze at any moment.

#7 The yield on 10 year Spanish bonds is up to 6.85 percent.  This is an unsustainable level, and if rates don't come down on Spanish debt soon it is inevitable that Spain will end up just like Greece.

#8 On Monday it was announced that Spanish banking giant Bankia will be getting an emergency "cash injection" of between 4 and 5 billion euros.  Apparently "cash injection" sounds better to the politicians than "a bailout" does.

#9 The housing crash in Spain just continues to get worse.  It is being reported that some homes in Spain are being sold at a 70% discount from where they were at the peak of the market back in 2006.  At this point there are approximately 2 million unsold homes in Spain.

#10 There are persistent rumors that the government of Spain will soon be forced to officially ask for a bailout from the rest of Europe.  But who is going to bail them out?  Most of the other governments of the eurozone are on the verge of bankruptcy themselves.

#11 Manufacturing activity in Europe has contracted for 13 months in a row.  The following is from a recent Reuters report....

The downturn that began in the smaller periphery members of the 17-nation bloc is now sweeping through Germany and France and the situation remained dire in the region's third and fourth biggest economies of Italy and Spain.

"Larger nations like France and Germany remain in reverse gear... the (manufacturing) sector is on course to act as a drag on gross domestic product in the third quarter," said Rob Dobson, senior economist at data collator Markit.

Markit's final Purchasing Managers' Index (PMI) for the manufacturing sector fell from an earlier flash reading of 45.3 to 45.1, above July's three-year low of 44.0, but notching its 13th month below the 50 mark separating growth from contraction.
#12 Chinese exports to the EU declined by 16.2 percent in July.  U.S. exports to Europe have been steadily falling as well.

#13 Slovenia and Cyprus are two other eurozone members that are in desperate need of bailout money.  The dominoes just keep falling and nobody seems to be able to come up with a plan to "fix" Europe.

#14 Even the "strong" economies in Europe are being dragged down now.  For example, unemployment in Germany has risen for five months in a row.

#15 According to one recent poll, only about one-fourth of all Germans want Greece to remain a part of the eurozone.  The odds of a breakup of the euro seem to rise with each passing day.

#16 It is now estimated that bad loans make up approximately 20 percent of all domestic loans in the Greek banking system at this point.

#17 The suicide rate in Greece is more than 30 percent higher than it was last year.  People are becoming very desperate in Greece and there is no end in sight to the economic depression that they are going through.

#18 Large U.S. companies have been rapidly getting prepared for a Greek exit from the eurozone.  The following is from a recent New York Times article....

Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone.

Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency.
Every time European leaders get together they declare that they have "a plan" that will solve the problems that Europe is experiencing, but as we have seen things in Europe just continue to get worse with no end in sight.

A key date is coming up in the middle of this month.  On September 12th, Germany's Constitutional Court will determine the fate of the recent fiscal pact and the ESM.  According to UniCredit global chief economist Erik Nielsen, if the court rules against the fiscal pact and the ESM the fallout will be catastrophic....

"If they were to surprise us by striking down Germany's participation, I would think it'd be an utter bloodbath in markets"
But that is not the only thing that could set off a full-blown panic in the financial markets.

The truth is that Europe is teetering on the edge.

One wrong move and it is going to be 1929 all over again.

As I have maintained all along, the next wave of the economic collapse is rapidly approaching, and this time the epicenter for the crisis is going to be in Europe.

But that does not mean that things are going to be easier for the United States than last time.  We have never even come close to recovering from the last recession.  Most Americans families are just barely getting by.  In fact, 77 percent of them are living paycheck to paycheck at least part of the time.

Right now there are millions of Americans that have lost their jobs and their homes in recent years and that feel forsaken by society.

After this next wave hits us there will be tens of millions of Americans feeling the pain of economic desperation.

The last wave of the economic collapse hurt us.

This next wave is going to absolutely devastate us.

Watch what is happening in Europe very carefully.  What Greece, Spain, Italy and France are experiencing right now is going to hit us soon enough

http://theeconomiccollapseblog.com/archives/18-indications-that-europe-has-become-an-economic-black-hole-which-is-going-to-suck-the-life-out-of-the-global-economy
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« Reply #1 on: September 04, 2012, 03:26:51 pm »

Panicking Spaniards Pull Out Cash, Leave Country...
http://www.cnbc.com/id/48889555


Depression, Suicides Rise as Euro Debt Crisis Intensifies...
http://www.cnbc.com/id/48883704


MOODY'S Changes Rating Outlook to 'Negative'...
http://www.cnbc.com/id/48888752

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« Reply #2 on: September 04, 2012, 04:43:30 pm »

It's also interesting to note that Javier Solona was the main guy who helped engineer the EU back in the 90's(and people like Bill Clinton praised him), and Solona has ties to the New Age Movement.

The reason why I bring up Solona is b/c in 2006, he had some 7 year agreement b/w the EU and Israel, where at the 3.5 year mark it would be cut off(or something like that).

Obviously, when all was said and done, it had nothing to do with the Daniel 9:27 prophecy(which will take place when the AC makes his appearance). But nonetheless at the time, end times prophecy teachers were buzzing about this. I'll admit I was too buzzing about it.
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« Reply #3 on: October 01, 2012, 12:40:33 pm »

http://economictimes.indiatimes.com/news/international-business/german-president-signs-646-billion-eurozone-bailout-fund/articleshow/16386393.cms

9/13/12

BERLIN: German President Joachim Gauck Thursday signed the 500-billion-euro ($646-billion) eurozone bailout fund, paving the way for the ratification of a key weapon against the eurozone crisis.

Gauck's spokeswoman said he had signed the necessary documents for the European Stability Mechanism (ESM) and fiscal pact for greater budgetary discipline, but that a further step was needed for ratification.

"The federal president needs to ratify the ESM treaty before it can legally come into force," the spokeswoman said.

For this to happen, the German government must integrate the conditions set out on Wednesday by the Constitutional Court regarding the ESM, she added.

In a landmark ruling watched around the world, the court Wednesday cleared Germany's participation in the ESM but capped its share of the pot at 190 billion euros and said any increase would have to be approved by parliament.
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« Reply #4 on: October 01, 2012, 12:42:49 pm »

http://hat4uk.wordpress.com/2012/09/27/euroblown-german-president-signs-off-destruction-of-euro/

EUROBLOWN: German President signs off destruction of euro.

9/27/12

Gauck has, against his will, given the ESM powers that Adolf Hitler would’ve craved
 
Today (Thursday) President Joachim Gauck of Germany signed the instrument of ratification for the European Stability Mechanism. The ESM will thus come into force on 8th October 2012.
 
In doing so – and in private, be assured, this is much against his will – Gauck has authorised the rule of an ESM Gauleiter  with nothing short of dictatorial powers. As The Slog demonstrated over a fortnight ago, the ESM Council is uncontrollable, and effectively beyond the reach of any established Law on the planet.
 
But the Karlsruhe Court ruling of 12th September this year prohibits any ESM governor from increasing Germany’s contribution to the financing of the ESM Council above €190bn without the consent of the Bundestag.
 
So what we are looking at here is a German Constitutional Court telling an EU mechanism above any law that, unless it obeys German law, the Bundestag will give it a jolly good spanking. I think Karlsruhe woud have a better chance of lassoing ether. And given the Bundestag’s spineless track record to date, I think we can safely assume Germany’s fate is sealed.
 
As I posted earlier, the truth is being kept from the German mass electorate. Not just by censorship, but also by distortion and deception. With a stroke of his pen, the Bundespräsident has conferred legitimacy upon a body that is supreme but not sovereign.
 
In other words, it has 100% power, and 0% accountability. Hitler himself could not have asked for more. What a bitter-sweet frustration this must be for the control freak Angela Merkel.
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« Reply #5 on: October 02, 2012, 12:32:12 am »

http://www.telegraph.co.uk/finance/economics/9578762/Eurozone-unemployment-hits-record-high-and-reveals-two-speed-Europe.html

Eurozone unemployment has hit a record high, revealing further evidence of a two-speed Europe as increasing numbers of young people in Spain, Greece and Italy desperately seek work while Germany's jobless rate continues to fall.

10/1/12

The eurozone unemployment rate was 11.4pc in August, up from 10.2pc last year. Data from the EU statistics agency Eurostat estimated that 25.5m men and women were out of work over the period, 18.2m of whom were in the eurozone.

Compared with the previous month the number of unemployed people in the EU rose by 49,000 and in the eurozone by 34,000.

The overall unemployment rate in Spain has reached 25.1pc, while the latest data from Greece for June shows a figure of 24.4pc. The outlook is far more optimistic in Germany, however, where just 5.5pc of people are out of work.

Youth unemployment in the eurozone is stable at 22.8pc, down slightly from 22.9pc during July, but up from 20.7pc year-on-year.

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« Reply #6 on: October 04, 2012, 01:27:51 pm »

Yes, I'm aware that EVERYTHING surrounding election campaigns are nothing but dog and pony shows, including the debates(saw like a few minutes of it last night, and the whole thing just looked fake). However, while we all know Europe is on the brink, at the same time the NWO minions likely want to put as many ripples every chance they get(ie-including this Romney "debate win" last night. If Obama hadn't played his "deer in the headlights" role last night, Europe leaders et al would be pretty quiet today).

And like a poster said on another thread - WW3 is not likely before the AC shows up, but he will show up as a "referee sorting things out".

http://news.yahoo.com/romneys-strong-debate-showing-puts-europe-edge-150035684.html

Romney's strong debate showing puts Europe on edge

BRUSSELS (Reuters) - President Barack Obama's lackluster performance in the first U.S. election debate provoked uneasiness in European capitals on Thursday, where hopes are mostly, if unofficially, pinned on his securing a second term.
 
While a lot can change before the November 6 vote, and Obama and Republican challenger Mitt Romney will go head to head twice more before then, polling conducted immediately after the debate showed Romney came out overwhelmingly on top.
 
A flash poll by CNN showed 67 percent of viewers thought Romney had 'won', with just 25 percent for Obama. Intrade, an online prediction market, cut Obama's re-election prospects from 74 percent to 66 percent.
 
In Europe, where leaders and finance officials have worked closely with the Obama administration over the past 2-1/2 years trying to resolve the euro area debt crisis, there was particular consternation at Romney's singling out of deficit-ridden Spain as a poorly administered economy.
 
"Romney is making analogies that aren't based on reality," Foreign Affairs Minister Jose Manuel Garcia-Margallo told reporters after a meeting of his centre-right party.
 
Leading Spanish daily El Pais highlighted the fact that Spain was the only European country mentioned, and contrasted Romney's negative depiction of it with Obama's praise for Spain's renewable energy policies during the 2008 campaign.
 
"Spain has never been mentioned in a presidential debate as a symbol of failure," the left-leaning newspaper lamented. "What happened last night makes history. And not in a good way."
 
Political commentators in France and Germany registered surprise at Obama's underwhelming performance, saying the election could be much tighter as a result.
 
"Obama showed a lack of desire to be president, which could put him on shaky ground as a presidential candidate," said liberal German news magazine Der Spiegel.
 
"It's now clear that to get back into the White House the U.S. president needs running shoes, not flip-flops."
 
France's Le Monde appeared equally surprised by Obama's sub-par performance. "Where did the favorite go?" it asked on its front page, with a headline below saying: "Obama fails his first televised debate against an incisive Romney."
 
LEANING OBAMA'S WAY
 
In private, many EU diplomats have no qualms about saying they want Obama re-elected; it is no secret that many European countries, whether led by centre-left or centre-right governments, are more broadly aligned with the Democrats when it comes to social and tax policy, the environment and a range of foreign-affairs issues.
 
That is something Obama has sought to exploit in the past. In the run-up to a G8 meeting at Camp David in May, White House officials firmly pressed their European counterparts to rally behind Obama's policy initiatives, according to those involved.
 
"It was like all of the G8 apart from Russia and Japan were expected to be part of the Obama re-election campaign," the chief of staff of one European leader told Reuters at the time.
 
Washington has also applied quiet pressure on Europe in recent months about the need to avoid a major blow-up in the debt crisis ahead of the election, in part so as not to rattle the U.S. economy, several EU officials have told Reuters.
 
Europe's leaders have good reason to go along; they want to keep a politically risky crisis under wraps, too, and they want to expand the close working relationship they have developed with Obama's administration over the past four years.
 
"The Europeans have a general uneasiness about a Romney presidency," said Jan Techau, the director of Carnegie Europe.
 
"It's not because they don't like him, but there are a lot of neoconservative policy advisers who would come back into office under a Romney presidency, and that is a prospect that a lot of European leaders are not comfortable with.
 
"There's a general tendency to stick to what you know and what you have been working with," he told Reuters.
 
"DEAL WITH IT"
 
Romney has also not done much to endear himself to the Old World. During a visit to Britain ahead of the Olympics in July he cast doubt on how well prepared London was to host the games, and in Israel days later he appeared to criticise Palestinian culture, leading to widespread condemnation.
 
One of Romney's advisers on a "Europe working group" is Nile Gardiner, a Briton who was an aide to former British Prime Minister Margaret Thatcher and now works for the conservative Heritage Foundation in Washington.
 
In an opinion piece in the Washington Times last month, Gardiner was decidedly downbeat on Europe, saying the continent was in terminal decline and European integration was misguided.
 
"The European Project is falling apart, drowning in a sea of debt, and driven by bureaucrats in Brussels who lack any semblance of democratic accountability," he wrote.
 
Those sorts of opinions among the circle around Romney have raised hackles in Europe and fuelled hopes that his challenge for the White House will fail.
 
Obama still holds an advantage in opinion polls, including a daily Reuters/IPSOS tracking poll that gives him a 47 percent to 41 percent lead over Romney, a margin that has held fairly steady since mid-September.
 
With just 33 days before the election, Romney still has a hill to climb to unseat Obama, but two more strong performances in the debates could tip undecided voters his way.
 
In Europe, leaders are watching closely and will be ready to suppress their Romney reservations if need be.
 
"Even though we have a natural predilection for Democratic presidents, we'll embrace the next U.S. president whoever he is," said one diplomat in Brussels. "We just have to deal with it."
 
(Additional reporting by Michelle Martin in Berlin, Fiona Ortiz in Madrid and Alexandria Sage in Paris; Writing by Luke Baker; Editing by Will Waterman)
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« Reply #7 on: October 12, 2012, 11:51:46 am »

10/12/12

http://www.bbc.co.uk/news/world-europe-19921072

The European Union has been awarded the Nobel Peace Prize for six decades of work in advancing peace in Europe.

The committee said the EU had helped to transform Europe "from a continent of war to a continent of peace".

The award comes as the EU faces the biggest crisis of its history, with recession and social unrest rocking many of its member states.

The last organisation to be given the prize outright was Medecins Sans Frontieres, which won in 1999.

Announcing the award, Nobel committee president Thorbjoern Jagland acknowledged the EU's current financial problems and social unrest.

But he said the committee wanted to concentrate on the EU's work over six decades of advancing "peace and reconciliation, democracy and human rights".

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« Reply #8 on: October 12, 2012, 11:56:50 am »

http://news.yahoo.com/eu-detractors-slam-nobel-peace-prize-decision-140022133.html

10/12/12

EU detractors slam Nobel Peace Prize decision

LONDON (AP) — While some Europeans swelled with pride when the European Union won the Nobel Peace Prize, howls of derision erupted from the continent's large band of skeptics.

To many in the 27-nation bloc, the EU is an unwieldy and unloved agglomeration overseen by a top-heavy bureaucracy devoted to creating arcane regulations about everything from cheese to fishing quotas. Set up with noble goals after the devastation of World War II, the EU now appears to critics impotent amid a debt crisis that has widened north-south divisions, threatened the euro currency and plunged several members, from Greece to Ireland to Spain, into economic turmoil.

WHAT WERE THEY THINKING?

The vocal anti-EU politicians known as euroskeptics burst into a chorus of disdain.

"First Al Gore, then Obama, now this. Parody is redundant," tweeted Daniel Hannan, a euroskeptic European lawmaker — yes, such things exist — from Britain's Conservative Party. President Barack Obama won the peace prize in 2009, less than a year after he was elected, while Gore, a former U.S. vice president, was the 2007 recipient for his campaign against climate change.

Nigel Farage, head of the U.K. Independence Party — which wants Britain to withdraw from the union — called the peace prize "an absolute disgrace."

"Haven't they had their eyes open?" he said, arguing that Europe was facing "increasing violence and division," with mass protests from Madrid to Athens over tax hikes and job cuts and growing resentment of Germany, the union's rich and powerful economic anchor.

And Dutch populist lawmaker Geert Wilders scoffed: "Nobel prize for the EU. At a time (when) Brussels and all of Europe is collapsing in misery. What next?"

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« Reply #9 on: October 31, 2012, 09:39:24 am »

http://news.yahoo.com/eurozone-unemployment-rises-record-100226649--finance.html

LONDON (AP) — Unemployment in the 17-country eurozone hit a record high of 11.6 percent in September, official figures showed Wednesday, a sign the economy is deteriorating as governments struggle to get a grip on their three-year debt crisis.

The rate reported by Eurostat, the EU's statistics office, was up from an upwardly-revised 11.5 percent in August. In total, 18.49 million people were out of work in the eurozone in September, up 146,000 on the previous month, the biggest increase in three months.

While the eurozone's unemployment rate has been rising steadily for the past year as the economy struggled with a financial crisis and government spending cuts, the United States has seen its equivalent rate fall to 7.8 percent. The latest U.S. figures are due this Friday.

With the eurozone economy fading, most economists think unemployment will keep increasing over the coming months and that the deteriorating economic picture will soon spook investors again after a brief hiatus.

"Financial markets have calmed somewhat, but we expect that the deteriorating economy will soon enough lead to more crisis headlines," said Tim Ohlenburg, senior economist at the Centre for Economics and Business Research

Five countries in the eurozone are already in recession — Greece, Spain, Italy, Portugal, and Cyprus — and others are expected to join them soon.

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« Reply #10 on: November 14, 2012, 05:50:31 pm »

http://news.yahoo.com/anti-austerity-strikes-sweep-southern-europe-135200865--business.html

11/14/12

Anti-austerity marches turn violent across southern Europe

MADRID/LISBON (Reuters) - Demonstrations turned violent in Spain and Portugal after millions took part in a mostly peaceful general strike on Wednesday in organized labor's biggest Europe-wide challenge to austerity policies since the debt crisis began three years ago.

In Lisbon, marches ended with a level of violence not seen since the crisis began, with police charging demonstrators who hurled stones and bottles, leaving nearly 50 people hurt.

Protesters in Madrid burned rubbish bins, filling the central boulevard with smoke, while in Barcelona demonstrators burned police cars.

Riot police fired rubber bullets to disperse protesters in both cities, where more than 140 people were arrested, including two said by police to be carrying material to make explosives, while more than 70 were reported injured.

Hundreds of flights were cancelled, schools were shut, factories were at a standstill and trains barely ran in Spain and Portugal where unions held their first joint general strike. Stoppages in Belgium interrupted international rail services.

Workers also protested in Greece and France against austerity policies that have taken a heavy economic toll and aggravated mass unemployment.

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« Reply #11 on: November 14, 2012, 10:22:04 pm »

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« Reply #12 on: November 15, 2012, 07:31:54 am »

Euro zone falls into second recession since 2009

The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.

The two leading economies both managed 0.2 percent growth in the July-to-September period.

But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.

Economic output in the euro zone fell 0.1 percent in the quarter, following a 0.2-percent drop in the second quarter.

Those two quarters of contraction put the euro zone's 9.4 trillion euro ($12 trillion) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.

A rebound in Europe is still far off. The debt crisis that began in Greece in late 2009is still reverberating around the globe and holding back a lasting recovery from the Great Recession of 2008/2009 in much of the world.

"That was the last good number Germany for the time being," said Joerg Kraemer, chief economist at Commerzbank. "The business climate ... has caved in."

Most economists expect Germany to contract in the fourth quarter for the first time since the end of 2011. Where Germany goes, France is likely to follow and economists expect its economy to shrink in the October-to-December period.

For all of 2012, the European Commission sees the euro zone contracting 0.4 percent, while growing just 0.1 percent in 2013. Business surveys point to difficult times ahead and the public's backlash to austerity policies is growing.

Millions of workers went on strike across Europe on Wednesday to protest the government spending cuts they say are driving the region into a deeper malaise but which Germany and the Commission say are crucial to healing the wounds of a decade-long, credit-fuelled boom.

"We are now getting into a double dip recession which is entirely self-made," said Paul De Grauwe, an economist with the London School of Economics. "It is a result of excessive austerity in southern countries and unwillingness in the north to do anything else," he said.

SHARP DUTCH CONTRACTION

The Commission says the euro zone's economies will be much healthier overall next year than in 2009, which was the nadir of bloated budgets when Greece's fiscal deficit reached a record 15.6 percent and Ireland was not far off at 13.9 percent.

The threat of a euro zone break up has also diminished after the European Central Bank promised to buy euro zone government bonds in potentially unlimited amounts, should a country first seek help from the bloc's permanent rescue fund.

There have been fledgling signs the Italian economy is improving. Consumer confidence has risen and the pace at which industrial output has fallen is slowing.

Nonetheless, the country's "acquired growth" at the end of the third quarter stood at -2.0 percent, meaning that if GDP is flat in the final three months of the year, the economy will have shrunk by two percent over the year as a whole.

Spain, which has kept the euro zone on tenterhooks over a decision on whether or not to seek help from the euro zone rescue fund, is also in recession. It contracted 0.3 percent in the third quarter.

The Dutch economy shrank much more sharply than expected, by 1.1 percent on a quarterly basis, the biggest drop in the quarter of any euro zone country. Austria's economy contracted 0.1 percent. Tiny Cyprus shrank 0.5 percent.

Figures out earlier this week showed the Portuguese economy shrank 0.8 percent quarter-on-quarter while Greece tumbled further, casting doubt on whether Athens and its lenders can come up with a credible plan to put its finances back on track.

But EU policymakers seem aware that government spending cuts cannot keep up at the current pace, particularly after shocking suicides in Spain by people who had their homes repossessed.

Spain's Economy Minister Luis De Guindos has repeatedly called for EU-mandated budget cuts to take into account the euro zone's recession, while Greece has been given two more years to make the cuts demanded of it.

"The last couple of days have created a new momentum for a change in policy, because up until this week, social tension was not part of the equation," said Steen Jakobsen, chief economist at Saxobank. "It seems like the tone has shifted dramatically."

http://www.reuters.com/article/2012/11/15/us-eurozone-economy-idUSBRE8AE0HV20121115
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« Reply #13 on: November 21, 2012, 09:04:05 am »

Well, this is pretty big b/c in previous times over the last couple of years, they've seem to have no problems in "reaching agreements" to give Greece whatever "aid" they need. Who knows if they "reach an agreement" ultimately(even though it won't be good for anyone either way). But nonetheless you have this in Greece, Spain, the entire Europe and here in the States, what's really escalating in the Middle East now...someone please pass us the popcorn...

http://news.yahoo.com/eurozone-fails-reach-deal-greece-aid-040200015--finance.html

Eurozone fails to reach deal on Greece aid

BRUSSELS (AP) — European Union officials failed Wednesday to reach a deal on giving Greece more aid, prolonging uncertainty over the future of the debt-hobbled country and the 17-member eurozone.

Jean-Claude Juncker, chairman of the meeting of finance ministers from the 17 countries that use the euro, said the talks, which lasted nearly 12 hours, will reconvene on Monday. It was the second consecutive meeting at which the ministers failed to agree on a deal, highlighting the depth of their divisions over how to handle Greece's huge debt problem without reaching more deeply into the pockets of their own taxpayers.

Juncker, however, said he was optimistic that a deal could be reached.

"We are very close to a result. We see no major stumbling block," he said. There are technical issues and calculations to be made in coming days, he said.

But Christine Lagarde, the managing director of the International Monetary Fund, which gives Greece bailout loans alongside the eurozone, sounded a more cautious note, saying only "we have narrowed the positions."

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« Reply #14 on: November 21, 2012, 11:12:14 am »

Another thing - one of the socialist agendas that's been infiltrating the education system is just that...teaching young people that having DEBT is *good* for businesses and the economy to *grow*. At least from my experiences in Accounting/Finances classes, they've put emphasis over how taking out debt is good for businesses b/c 1) They can write off the interest on their tax returns, hence paying less taxes, and 2) They get consistent cash flows to make payments. And they try to spin it to where it looks better, somehow on your financial statements when you do so.

Seriously - debt IS debt, no matter how much you rationalize your way out of it. Whatever happened to *saving* your leftovers every month? Shouldn't THAT ITSELF be enough to make consistent cash flow payments? And when you save, doesn't INTEREST grow on this, which would give you more elbow space to make CF payments? And having lower tax payments every year? Uhm...FWIW, doesn't the 501c3 Churchianity system stress how if you give "tithes", then you get *blessings* with nice *tax refunds* every year? IOW, doesn't this whole carrot dangling rhetoric of "do what you can to get lower tax liabilities" sound familiar?

And believe it or not too, even those who profess to be "Reagan fiscal conservatives" believe THE SAME THING over this issue of debt.

God's word NEVER lies - in Proverbs(which was written by the wisest man of all time, Solomon) says that the borrower is a slave to the lender. And Paul says in Romans to be indebted to NO man, but to LOVE one another(which is the 2nd commandment, and fulfills the law).

Ultimately, guess it should come to no surprise that the global economy is where it is now - "conservatives" can call themselves conservatives all they want, but if they reject the word of God, there's dire consequences for this.

Joh 3:18  He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God.
Joh 3:19  And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil.
Joh 3:20  For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved.
Joh 3:21  But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.

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