European Economy Continues to Implode – Martin Armstrong
The French government plans to pump billions more in aid desperately trying to save the Peugeot factory in Aulay. Hollande refuses to realize that raising taxes causes economic decline and a greater proportion of money goes to government.
Cyprus Deposits Plunge At Fastest Rate In History
the Central Bank of Cyprus reported that not only did local deposits drop to a level not seen since 2007, plunging by the second fastest absolute amount in history, but declined at the fastest rate ever! if the current outflow is not stemmed, there…
How Spain Just Made Mario Draghi’s Nightmare Worse
Yesterday, ahead of the monthly update from the ECB, we posted “What Keeps Mario Draghi Up At Night, And Why The European Depression Has A Ways To Go” in which we showed that not only has M3 in Europe terminally broken apart from bank lending to the Euroarea private sector, but that lending to European banks was growing at the slowest annual pace on record. Today, the ECB showed that Draghi’s unpleasant dream is becoming a full-blown nightmare with M3 sliding from a 2.9% growth rate in May to just 2.3% in June, suggesting that whatever the ECB is (not) doing is not working and yet another stimulus round is imminent.
However, putting into question whether even such a stimulus would do anything, is the fact that actual private sector lending contracted even more, and in June declined from a previous record pace of -1.1% to a new record low of -1.6%. In other words, not only is Europe’s Keynesian debt trap getting bigger by the month, but the European monetary plumbing system is completely and perhaps permanently fractured.
Emergency Exit: Greeks flee country as govt resorts to mass layoffs
Greece entered the world financial crisis in 2008 with less than 10 percent of the country’s labor force out of work. Today, more than a quarter of the population is left without jobs and with no apparent chance of getting one. The latest figures from the finance ministry show another 23 percent doesn’t earn enough to stay above the poverty line. And, as RT’s Egor Piskunov reports, Greeks are now looking elsewhere for their future.
The State Of Political Risk In Europe [MAP]
The European economy is slowly showing signs of improvement. But as with any economy, politics can easily throw any recovery off course.
The analysts at Deutsche Bank compiled the key outstanding European political risks and put it on this handy map.
Map: http://static4.businessinsider.com/image/51f0e51c69bedd9c5700001b-1093-738/capture-148.jpg
Read more: http://www.businessinsider.com/state-of-political-risk-in-europe-map-2013-7#ixzz2a6Lqnrg8
Read more: http://www.businessinsider.com/state-of-political-risk-in-europe-map-2013-7#ixzz2a6Lqnrg8
German opposition leader says “Debt-Union” is coming
IMF says ECB may need to cut interest rates again and make deposit rates negative to support growth
Worldwide Unemployment Crisis: There Are 93 Million Unemployed Workers In G20 Nations
Major industrialized nations all over the planet are no longer able to produce enough jobs for their people. In many “wealthy nations” the unemployment rate has already risen well up into double digits. Just consider the following numbers…
-The unemployment rate is above 25 percent in South Africa.
-The unemployment rate in France recently hit a 15 year high.
-The unemployment rate in Italy is up to 12.2 percent, which is the highest in 35 years.
-The unemployment rate in the eurozone as a whole is up to an all-time high of 12.2 percent.
-The unemployment rate in Poland is 13.2 percent.
-The unemployment rate in Ireland is now 13.6 percent.
-The unemployment rate in Portugal has rocketed up to 17.7 percent.
-The unemployment rate in Greece is currently sitting at 26.9 percentand it is being projected that it will soon hit 30 percent.
-The unemployment rate in Spain is even worse than in Greece. The unemployment rate in Spain is a staggering 27.2 percent.
Sadly, it looks like things are not going to be getting better any time soon. In fact, global business confidence is now the lowest that it has been since the last recession.
Read more at http://investmentwatchblog.com/europe-is-cracking-apart-are-you-ready-for-a-crash/#T7HuhOFghAZF2XlS.99
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