The Euro Crisis Just Got A Whole Lot Worse!

It’s a question of when?

• No amount of papering over can hide the inevitable. The world is heading towards a global economic, financial and monetary collapse! It will start in the PIIGS, spread to the rest of Europe, UK, Japan … and finally America. Asia (and China also) will not escape. The Illuminists want a deliberate collapse. They will use their control over the world financial system to attack all nations! World War 3 is the next move! Got physical gold yet?
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  The euro crisis just got a whole lot worse! 
  By Jeremy Warner, http://www.telegraph.co.uk/ 
  With Europe plunging back into recession and unemployment soaring, Francois   Hollande, the French presidential candidate, is calling for growth   objectives to be reprioritised over the chemotherapy of austerity.
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  Angela Merkel, the German Chancellor, has meanwhile continued to insist that   on the contrary, Europe must persist with the hairshirt. What’s needed is   political courage and creativity, not more billions thrown away in fiscal   stimulus. Stick with the programme, she urges, as the anti-austerity   backlash reaches the point of outright political insurrection.
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  Hollande and Merkel are, of course, both wrong. What Europe really needs is a   return to free-floating sovereign currencies. Only then will Europe’s   seemingly interminable debt crisis be lastingly resolved. All the rest is   just so much prancing around the goalposts, or an attempt to make the   fundamentally unworkable somehow work.
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  The latest eurozone data are truly shocking, much worse in its implications both for us and them than news last week of a double-dip recession in the UK. Even in Germany, unemployment is now rising, with a lot more to come judging by the sharp deterioration in manufacturing confidence. For Spanish youth, unemployment has become a way of life, with more young people now out of a job (51.1pc) than in one. In contrast to the US, where the unemployment rate is falling, joblessness in the eurozone as a whole has now reached nearly 11pc. Against these eye-popping numbers, Britain might almost reasonably take pride in its still intolerable 8.3pc unemployment rate.
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  There is only one boom business in Spain these days – teaching English and   German. No prizes for guessing where these students are heading.
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  Hollande’s opportunism in calling for a growth strategy he must know cannot be   delivered looks like being answered only by intensifying recession. Maybe   Mario Draghi, president of the European Central Bank, will surprise us after   Thursday’s meeting with a rate cut and a eurozone-wide programme of   quantitative easing. But even if he did, it wouldn’t fix the underlying   problem, which is one of lost competitiveness manifested in ever more   intractable levels of external indebtedness.
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  … read more!

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