Friday, May 11, 2012 – by Staff Report, Daily Bell
EU predicts 0.3 per cent eurozone economic contraction in 2012, says bloc in 'mild recession' ... The European Union estimates that the economy of the 17 countries that use the euro is in recession in the wake of a debt crisis that has prompted savage spending cuts and a jump in unemployment to record highs. The European Commission, the executive arm of the EU, forecasts that the eurozone economy will contract by 0.3 per cent in 2012 and grow by 1 per cent next year. Its prediction for 2012 is far weaker than the one it gave last November, when it predicted growth of 0.5 per cent. A year ago it was predicting growth of 1.8 per cent. Friday's forecasts provide clear evidence of the impact of Europe's debt crisis on the eurozone economy over the past year as governments have struggled to introduce deficit-reduction measures and business and consumer confidence has taken a dive. Olli Rehn, the EU's monetary affairs chief, said the recession is likely to be "mild" and "short-lived." – AP
Dominant Social Theme: The euro is done but we shall stagger on ...
Free-Market Analysis: If the Eurozone is not to be condensed and held, then by God, let loose the hounds of Hell. That would seem to be the next step in the European Union saga.
There was, of course, never any real need for such a union. From what we can tell both World Wars One and Two were at least partially concocted under phony pretences to help usher in world government.
We've taken to calling this sort of thing "directed history."
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