In response to:

Nobody Can't See Nothin'

MoreFreedom Wrote: Feb 28, 2013 3:50 PM
Not only will the EU disintegrate, the banks holding those IOUs from the country defaulting on them, depositors will find themselves suffering a loss, after they can't get their money out of the bank due to a government declared bank holiday. And IOUs from that bank will also affect the balance sheets of other banks, likely including the Fed. Either expect to see losses and bank failures, or expect to see governments printing money to bailout the banks, and increased inflation, perhaps over a single night.

As expected (in this corner but certainly not from economic cheerleaders masquerading as economists), eurozone retail sales are plunging across the board, even in Germany. Let's take a look at a few key reports.

France

The Markit France Retail PMI shows sharpest drop in sales for six months.

Key Points:

  • Sales down markedly on both monthly and annual measures
  • Targets missed to greatest extent in series history
  • Purchasing activity falls at sharpest rate since July...