Last week, EU growth projections were reduced by a further 0.1 percent to a negative 0.4 percent. Facing this grim reality and shrinking resistance from the dominant Germans, the EU bureaucracy appear to be becoming more lenient.
Truth be told, the growth rate of most European countries is hanging by a thread, and when really scrutinized from a day-to-day perspective, European gross domestic product is mired in economic depression.
The important point is not agreement or disagreement with the author, but rather that a eurozone exit is now openly presented as a viable option in a mainstream Spanish newspaper. Expect such sentiment to grow along with rising unemployment and a sinking Spanish economy.
Members of the EU elite may be purposefully leveraging the crisis to push for a centralized European banking system to cement the political framework of an EU superstate.
Thatcher warned Europe about the dangers of a Central European Bank and a single currency. Chills should run through the veins of Cypriots (and Italians, Europeans) who ignored her warnings.
Long-time troubles have been brewing in Portugal and I have an update coming up shortly. First consider Underwater: The Netherlands Falls Prey to Economic Crisis.
Obama, John McCain and others- like Paul Krugman- who head up the Bad Idea Brigade, will likely import Cypriot banking methods to the US very soon. The risky politicians and their Liberal Conscience, would love for you to think the crisis is about the evil banks, the shady depositors, their greed and lust for money.
With liberal ideas firmly in the saddle, civilizing us, so to speak, we no longer applaud Depression-era bank robbers. Instead, today, we send them to Congress, or parliament, or the legislature, where governments try to achieve folk hero status by robbing banks and depositors alike.
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