It's a mixed bag of retail PMI news in Europe today (assuming of course one believes that spending is good).
If you are a bureaucrat who does not like the way news is reported, the 1984-style thing to do is launch your own "independent" news agency to make sure someone reports the news the way you want the news reported. The EU did just that.
For starters there is no recovery. Secondly, there is every reason for eurozone exports to slump; there is no reason to believe hiring will pick up, and no reason for imports or internal demand to pick up in the absence of hiring.
In June, an EU commission put forth a banking resolution proposal giving itself powers in which the ability to shut down banks would be centralised in the European Commission.
A downward pull on all wages will leave many workers in the position of saying "Why should I work for less than a livable wage when the social net will help me live better?"
Once a majority of a country’s voting-age population is riding in the wagon of government dependency, it is very difficult to build political support for reform. Now I have another story that perfectly symbolizes Greece’s dysfunctional situation.
No one wins a trade war. Ever. Not countries, not companies, and certainly not consumers. Yet, here we go again. People's Daily says China has more cards to play in EU trade dispute.
I just finished reading The Smith/Klein/Kalecki Theory of Austerity by Paul Krugman and I believe it is the most disingenuous piece he has ever written.
The simmering feud between France and Germany erupted into a heated political exchange following Pressure on Hollande to take bold action to revive the French economy, calling for new pension and labour market reforms.
In an interesting development in the battle to see which country is bright enough to exit the euro first, a book urging a return to the Escudo (the prior Portuguese currency) became an instant a bestseller in Portugal.
Some common sense discussion is taking place in Spain regarding the necessity of Spain exiting the eurozone.
The eurozone was supposed to equalize trade and interest rates. The Maastricht Treaty supposedly ensures the free movement of goods, capital, people and services. Tensions were supposed to drop. Instead, the eurozone has been a complete failure.
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.
As 2012 ends, the Greek debt crisis continues. In December, the Greek government began restructuring its debt for the second time this year.
An example of what happens when governments' goal is to increase the dependent class.
While news in America continues to be dominated by the usual election-cycle fare of gimmicky talking points, gratuitous finger-pointing and constant bickering over which presidential candidate is best qualified to steer the country into the iceberg, some other countries around the world, such as Great Britain, are thinking ahead to identify possible lifeboats and passing freighters.
The Olympic games, ancient Greece's gift to the contemporary sports world, ended with a closing ceremony featuring British pop stars, aging rock icons and classical musicians. The show's promoters described it as a "mash-up" of British music.
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