Euro-Economic Crystal Ball

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Before we read the following articles, let’s remind ourselves how thoughtful the people in charge of the European Union are…

EU bans claim that water can prevent dehydration

http://www.telegraph.co.uk/news/worldnews/europe/eu/8897662/EU-bans-claim-that-water-can-prevent-dehydration.html

and…

Spain, Portugal, Italy, Ireland and Greece jump off at me.  In spite of all their taxes they’re bankrupt.  Maybe they’re not paying enough taxes?

http://www.americanthinker.com/blog/2011/12/american_taxpayers_getting_off_easy.html

and…

Europe’s Real Crisis

The Continent’s problems are as much demographic as financial.  They won’t go away soon.

http://www.theatlantic.com/magazine/archive/2012/04/europe-8217-s-real-crisis/8915/

and…

How does a woman with this kind of record and without academic or professional distinction rise so high in European bureaucracy?

http://www.americanthinker.com/2012/04/meet_the_tarnished_bureaucrat_who_is_running_our_negotiations_with_iran.html

and…

The EU: Steady on Its Course from Tragedy to Farce

http://pjmedia.com/rogerkimball/2012/05/27/the-eu-steady-on-its-course-from-tragedy-to-farce/?print=1

and…

The Western world’s march toward socialism took a symbolic step forward when communist-led Cyprus, which is seeking a bailout from the European Union and Russia, assumed the rotating Council of the EU presidency.

http://www.wnd.com/2012/08/communist-led-cyprus-heads-european-union/print/

and…

You thought the whole ‘EUSSR’ thing was over the top?

Have a look at this poster

http://blogs.telegraph.co.uk/news/danielhannan/100185609/you-thought-the-whole-eussr-thing-was-over-the-top-have-a-look-at-this-poster/

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Does all this sound familiar?…  The United States is on the same path.

http://www.americanthinker.com/2012/09/how_the_financial_collapse_would_happen_in_an_obama_second_term.html

[Which is precisely why ASND has featured -- for almost two years (as of this update) -- a Euro-Economic Crystal Ball page (as well as several sub-topical pages branching from it).]

[And yes, on of those sub-topical pages is devoted to  Spain's willful economic illiteracy ,  which is deftly outlined in the above article.]

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Slouching toward the Apocalypse

http://www.americanthinker.com/blog/2011/09/slouching_toward_the_apocalypse.html

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World Entering ‘Dangerous New Phase’: Lagarde

http://www.cnbc.com/id/44450547

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How will it end?  Not well.

http://pjmedia.com/eddriscoll/2012/06/20/watching-euro-pangaea-break-up/?print=1

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‘Europe Will Collapse as the Soviet Union Did’

http://frontpagemag.com/2012/giulio-meotti/europe-will-collapse-as-the-soviet-union-did/print/

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The Next Recession:

The world’s advanced economies are headed for a second recession, regardless of whether there is further chaos in Europe…

http://www.cnbc.com/id/44855323

and…

Eurozone Recession Could Be a Long One

http://finance.townhall.com/columnists/mikeshedlock/2012/03/06/eurozone_recession_could_be_a_long_one/page/full/

and…

“... we are a lot more exposed to Euro debt contagion than previously thought.

http://www.americanthinker.com/blog/2011/11/chance_of_us_recession_in_2012_tops_50.html

and…

China vice premier sees chronic global recession

http://ca.news.yahoo.com/china-vice-premier-sees-chronic-global-recession-064121603.html

and…

‘A return to the Great Depression’: IMF boss ramps up pressure on EU with gloomy new recession warning

‘No economy in the world is immune to the crisis’

http://www.dailymail.co.uk/news/article-2074743/IMF-boss-Christine-Lagarde-ramps-pressure-EU-new-recession-warning.html

and…

Eurozone Recession Could Be a Long One

http://finance.townhall.com/columnists/mikeshedlock/2012/03/06/eurozone_recession_could_be_a_long_one/print

and…

EU predicts 0.3 per cent eurozone economic contraction in 2012, says bloc in ‘mild recession’

http://ca.news.yahoo.com/eu-predicts-0-3-per-cent-eurozone-economic-094121123–finance.html

and…

The Tokyo market slumped to a 28-year low on Monday as Asian shares dived on fears of a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China.

http://www.cnbc.com/id/47668274

and…

Recession ‘taking hold’ in Eurozone

http://hosted.ap.org/dynamic/stories/W/WORLD_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-09-06-05-13-00

and…

Euro zone falls into second recession since 2009

http://www.reuters.com/article/2012/11/15/us-eurozone-economy-idUSBRE8AE0HV20121115

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IMF: World economy enters ‘dangerous new phase’ IMF says global economy in ‘dangerous new phase,’ slashes growth forecasts for US and Europe

http://finance.yahoo.com/news/IMF-downgrades-outlook-for-US-apf-1240337037.html?x=0

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World facing worst financial crisis in history, Bank of England Governor says

http://www.telegraph.co.uk/finance/financialcrisis/8812260/World-facing-worst-financial-crisis-in-history-Bank-of-England-Governor-says.html

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International alarm over euro zone crisis grows

http://www.reuters.com/article/2011/09/13/us-eurozone-idUSTRE78B24R20110913

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An entire system of global trade is at risk

http://www.telegraph.co.uk/comment/telegraph-view/8813441/An-entire-system-of-global-trade-is-at-risk.html

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Drowning in debt, EU hits moment of truth

http://www.breitbart.com/article.php?id=CNG.715616ea4aad03bd010ff592cdbabc08.241&show_article=1

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Don’t be fooled that this European debt story is over.  It is not.  In fact politically, the interesting bit hasn’t even started yet.

http://www.youtube.com/watch?v=V5z0rQRdsiE

[If it weren't so true, it would be quite funny.]

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Greenspan: Why European Union Is Doomed to Fail

http://www.cnbc.com/id/45033013

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EU bank failures will crash Wall Street — again

http://www.marketwatch.com/story/eu-bank-failures-will-crash-wall-street-again-2011-10-18

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World faces years of social unrest as economies falter

http://www.independent.co.uk/news/world/politics/world-faces-years-of-social-unrest-as-economies-falter-6255401.html

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Bring Out Your Dead – UBS Quantifies Costs Of Euro Break Up, Warns Of Collapse Of Banking System And Civil War

http://www.zerohedge.com/news/bring-out-your-dead-ubs-quantifies-costs-euro-break-warns-collapse-banking-system-and-civil-war

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George Soros:

[Economic] turmoil in Europe could quickly spread across the Atlantic… ‘This crisis has the potential to be a lot worse than Lehman Brothers,’ said George Soros, the [uber-billionaire socialist] hedge fund investor, citing the lack of an authoritative pan-European body to handle a banking crisis of this severity.

http://www.nytimes.com/2011/09/07/business/global/in-euro-zone-banking-fear-feeds-on-itself.html?_r=2

and…

Soros Says Europe’s Debt Woes ‘More Serious’ Than 2008 Crisis

http://www.businessweek.com/news/2012-01-10/soros-says-europe-s-debt-woes-more-serious-than-2008-crisis.html

and…

Soros warns euro crisis could destroy the EU

http://www.reuters.com/article/2012/04/16/us-soros-euro-idUSBRE83F15K20120416

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The massive losses must ultimately be taken.“

http://www.aei.org/docLib/10-11-MB-Pollock.pdf

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Eurozone economic growth forecast cut dramatically

http://www.guardian.co.uk/business/2011/nov/10/eurozone-economic-growth-forecast-cut-dramatically

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“… it seems that the left aren’t learning from their mistakes.”

http://www.americanthinker.com/2011/11/european_left_and_the_fall_of_the_euro.html

[If they did, they wouldn't still be "Left," now, would they?]

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The next financial crisis will be hellish, and it’s on its way

http://news.yahoo.com/next-financial-crisis-hellish-way-204303737.html

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U.S. Banks Face Contagion Risk on European Debt

http://www.bloomberg.com/news/2011-11-16/banks-in-u-s-facing-serious-risk-on-contagion-from-europe-fitch-says.html

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European Debt Crisis: You Haven’t Seen Anything Yet

http://www.cnbc.com/id/45288956

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Go and see the future Obamination in Strasbourg, EU.

http://www.americanthinker.com/blog/2011/11/speaking_truth_to_eurothuggery.html

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Death of a currency as eurogeddon approaches

It’s time to think what hitherto markets have regarded as unthinkable – that the euro really is on its last legs.

http://www.telegraph.co.uk/finance/comment/jeremy-warner/8913884/Death-of-a-currency-as-eurogeddon-approaches.html

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Prepare for riots in euro collapse, [British] Foreign Office warns

http://www.telegraph.co.uk/news/politics/8917077/Prepare-for-riots-in-euro-collapse-Foreign-Office-warns.html

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Germany:

Euro zone nightmare: The turn of Germany?

http://www.americanthinker.com/blog/2011/11/euro_zone_nightmare_the_turn_of_germany.html

and…

Moody’s Investors Service on Monday changed its outlook for top-rated Germany, the Netherlands and Luxembourg to negative from stable, warning that they may have to increase support for indebted euro zone states such as Spain and Italy.

http://www.cnbc.com/id/48292099

and…

Germany’s central bank warned on Monday that the country could be stressed by the region’s ongoing financial crisis, with signs of a slowdown accumulating in the euro zone’s largest economy even as it is being relied on ever more to prop up its neighbors.

http://www.washingtonpost.com/business/economy/german-central-bank-warns-countrys-financial-health-not-a-given/2012/08/20/60f1064e-eafe-11e1-a80b-9f898562d010_print.html

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The Global Economy at Cliff’s Edge

http://www.americanthinker.com/2011/12/the_global_economy_at_cliffs_edge.html

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“… European finance ministers failed to come up with a plan for European countries to spend within their means.

http://apnews.myway.com/article/20111130/D9RB1GAO3.html

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The EU Approaches Critical Mass

http://frontpagemag.com/2011/11/28/the-eu-approaches-critical-mass/print/

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How to Make Sense of the European Union Disaster

http://www.americanthinker.com/2011/11/how_to_make_sense_of_the_european_union_disaster.html

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European debt crisis may hit U.S. economy harder: OECD

http://www.reuters.com/article/2011/11/28/us-usa-economy-growth-idUSTRE7AR0GH20111128

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Unrelenting Global Economic Crisis: A Doomsday View of 2012

http://www.infowars.com/unrelenting-global-economic-crisis-a-doomsday-view-of-2012/

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The financial and credit crisis can now be considered truly global.  China has joined the list of nations whose banks and thus, government are in trouble.

http://www.americanthinker.com/blog/2011/12/the_turn_of_china.html

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Why European loans could hurt U.S. taxpayers

http://www.cnn.com/2011/12/30/opinion/lachman-europe-loans/index.html

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“… does Western civilization even have a future?

http://frontpagemag.com/2012/01/02/is-the-west-doomed/print/

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S&P Cuts Credit Ratings for Nine Euro Zone Nations

http://www.cnbc.com/id/45989399

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Changes in Turkey

Ankara’s “Economic Miracle” Collapses

http://www.meforum.org/3134/turkey-economic-miracle

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France:

Why Wasn’t France Downgraded Sooner?

http://pjmedia.com/blog/why-wasnt-france-downgraded-sooner/?print=1

and…

France’s Hollande declares war on financial industry

http://www.investmenteurope.net/investment-europe/news/2140560/hollande-declares-war-french-financial-industry

and…

“Voters in both France and Greece, two countries ruinously addicted to government entitlements, rejected the ‘austerity’ model of debt-reduction and instead doubled down on unsustainable spending sprees.”

http://pjmedia.com/tatler/2012/05/06/cloward-piven-strategy-working-perfectly-in-europe/?print=1

and…

…France’s economy is in the ‘danger zone’ and risks falling into a ‘debt spiral’… [as] the French budget deficit will overshoot by 6-10 billion euros ($7.56-12.6 billion) this year and by 33 billion euros in 2013.

http://www.cnbc.com/id/48054565

and…

France’s government has sold short-term bonds at negative interest rates for the first time, a sign of investor confidence despite concerns about French debts and the wider eurozone.  Despite the dropping rates, France’s economic outlook is stagnant.  President Francois Hollande said Monday that growth in the first half of this year is expected to be ‘nil.’

http://hosted.ap.org/dynamic/stories/E/EU_FRANCE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-07-09-10-45-53

and…

Cash-Strapped French Socialists Face Reality of Austerity

http://www.cnbc.com/id/48314019

and…

France is sliding into a grave economic crisis and risks a full-blown “hurricane” as investors flee rocketing tax rates, the country’s business federation has warned.

http://www.telegraph.co.uk/finance/financialcrisis/9610717/French-business-erupts-in-fury-against-disastrous-Francois-Hollande.html

and…

“... wealthy French individuals, have decided to flee France to other, less greedy refuges.  The latest to do so is French actor  Gerard Depardieu.

http://www.americanthinker.com/blog/2012/11/the_golden_goose_has_fled.html

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Slow Motion Collapse in Europe Continues

http://www.americanthinker.com/blog/2012/01/slow_motion_collapse_in_europe_continues.html

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Roubini, widely acknowledged to have predicted the crash of 2008, sees tough times ahead for the global economy and is warning that without major policy changes things can still get much worse.”

http://www.msnbc.msn.com/id/46172944/ns/business-stocks_and_economy/

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Unemployment”

… shocking figures showed how badly Europe’s youth is being hit by the unemployment crisis...”

http://www.guardian.co.uk/world/2012/jan/28/europes-lost-generation-young-eu

and…

The euro zone economy worsened markedly last month and U.S. employers cut back on hiring, according to two reports on Friday that dampened hopes for gradual recovery on either side of the Atlantic.

http://www.reuters.com/article/2012/05/04/us-global-economy-idUSBRE8431LP20120504

and…

Eurozone unemployment hits record high

http://www.ft.com/intl/cms/s/0/0caececc-c425-11e1-850c-00144feabdc0.html#axzz1zVmHrGjo

and…

Eurozone unemployment hits record high, while Mario Monti sees ‘light at the end of tunnel’

http://www.telegraph.co.uk/finance/financialcrisis/9440579/Eurozone-unemployment-hits-record-high-while-Mario-Monti-sees-light-at-the-end-of-tunnel.html

and…

Eurozone unemployment hits record high and reveals two-speed Europe

http://www.telegraph.co.uk/finance/economics/9578762/Eurozone-unemployment-hits-record-high-and-reveals-two-speed-Europe.html

and…

Eurozone unemployment hits new high

More than one in four people out of work in Greece and Spain as jobless rate rises to 11.6%, according to Eurostat data

http://www.guardian.co.uk/business/2012/oct/31/eurozone-unemployment-record-high-eurostat

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In the latest disappointment from the euro zone, ratings agency S&P downgraded 34 of 37 Italian banks, citing worries over the banking industry and economic risks in the country.

http://www.cnbc.com/id/46341006

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General Motors… warns of ‘horrendous’ losses in Europe

http://www.dailymail.co.uk/money/news/article-2099274/General-Motors-shut-Vauxhalls-UK-factory-Ellesmere-warns-horrendous-losses-Europe.html

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Moody’s adjusts ratings of 9 European sovereigns to capture downside risks

http://www.moodys.com/research/Moodys-adjusts-ratings-of-9-European-sovereigns-to-capture-downside–PR_237716

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Europe’s core countries should take preemptive action to form a smaller and more enduring currency union.

http://www.american.com/archive/2012/february/why-the-eu-should-break-up

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The British Government has run out of money because all the money was spent in the good years.  The money and the investment and the jobs need to come from the private sector.

http://www.telegraph.co.uk/news/politics/9107485/Osborne-UK-has-run-out-of-money.html

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The IMF has already admitted that it failed to predict the cascading debt of Greece, Ireland, and Iceland.  But, hey, maybe this time the IMF has it right.  Perhaps they’ve changed crystal balls.

http://www.americanthinker.com/2012/03/socialism_without_guns.html

[ASND takes the citation of our months-old metaphor as a compliment.]

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Ireland:

IMF urges Europe to help refinance Irish bank bail-out

http://www.telegraph.co.uk/finance/financialcrisis/9334550/IMF-urges-Europe-to-help-refinance-Irish-bank-bail-out.html

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Portugal:

Legal skull-duggery in Greece may doom Portugal

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9132216/Legal-skull-duggery-in-Greece-may-doom-Portugal.html

and…

Portugal revealed that its domestic banks were tapping the central bank for record amounts of funding.

http://www.guardian.co.uk/business/2012/apr/09/portugal-banks-ecb-record-funding

and…

Greece, Portugal, and Spain are now all officially in a recession, and France, the Netherlands, and England aren’t far behind.

http://www.americanthinker.com/blog/2012/04/europe_back_in_recession_are_we_next.html

and…

Portugal announced sweeping new tax increases in an effort to keep the country’s faltering bailout programme on track amid a powerful public backlash against increased belt-tightening.

http://www.ft.com/intl/cms/s/0/0c130984-0d4e-11e2-97a1-00144feabdc0.html#axzz28HfRPZ8s

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Europe warned crisis not over yet

http://www.ft.com/intl/cms/s/0/e07e1b8e-7a8a-11e1-8ae6-00144feab49a.html#axzz1qeGl2DmV

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Voters may topple eurozone rescue plans

http://www.americanthinker.com/blog/2012/04/voters_may_topple_eurozone_rescue_plans.html

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Ranks of Working Poor Grow in Europe

http://www.nytimes.com/2012/04/02/world/europe/in-rich-europe-growing-ranks-of-working-poor.html?_r=3&ref=todayspaper&pagewanted=print

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European banks could be forced to sell as much as $3.8 trillion in assets through 2013 and curb lending if governments fall short of their pledges to stem the sovereign debt crisis or face a shock their firewall can’t contain…

http://www.bloomberg.com/news/2012-04-18/imf-says-european-banks-may-have-to-shed-up-to-3-8-trillion.html

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U.K.

Robert Reich… laments… the reason for Britain slipping into a[nother] recession recently is due to their… Budget Cuts.  But his claim is a blatant lie.  Here are the numbers.

http://www.americanthinker.com/blog/2012/04/britain_has_no_austerity_blame_its_recession_on_last_years_tax_hikes.html

and…

Greece, Portugal, and Spain are now all officially in a recession, and France, the Netherlands, and England aren’t far behind.

http://www.americanthinker.com/blog/2012/04/europe_back_in_recession_are_we_next.html

and…

Lloyd’s of London preparing for euro collapse

http://www.telegraph.co.uk/finance/financialcrisis/9292511/Lloyds-of-London-preparing-for-euro-collapse.html

and…

[This] marks the third successive quarter of contraction, leaving Britain in its longest double-dip recession in more than 50 years.

http://www.telegraph.co.uk/finance/economics/9425611/UK-economy-contracts-by-a-shock-0.7pc.html

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Europe faces Japan syndrome as credit demand implodes

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100016668/europe-faces-japan-syndrome-as-credit-demand-implodes/

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The E.U. Speeds for the Iceberg

http://frontpagemag.com/2012/04/30/the-e-u-is-speeding-for-the-iceberg/print/

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“Among those ambitions is scuttling the German-led austerity plans aimed at getting Europe’s spiraling debt under control.”

http://frontpagemag.com/2012/05/07/france-lurches-left/print/

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“The consensus seems to be in favor of heading straight for the fiscal cliff, pedal to the metal.”

http://www.americanthinker.com/blog/2012/05/europes_morning_after.html

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Euro Falls as U.S. Stocks, Treasuries Are Little Changed

http://www.bloomberg.com/news/2012-05-06/euro-drops-equity-futures-fall-on-french-election-jobs.html

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European voters clear: Austerity won’t be tolerated

Still in recession after hard-line tactics

http://www.washingtontimes.com/news/2012/may/9/european-voters-clear-austerity-wont-be-tolerated/

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Can the eurozone contain the contagion?

http://www.ft.com/cms/s/0/175fcc8c-9b7f-11e1-8b36-00144feabdc0.html#axzz1unYWrkLS

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European leaders and financial markets braced for Greece exit from euro

http://www.guardian.co.uk/world/2012/may/14/euro-single-currency-greece

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Faith fades in eurozone firewall

http://www.ft.com/intl/cms/s/0/517e01a6-9ddf-11e1-9a9e-00144feabdc0.html#axzz1unYWrkLS

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How much longer can the euro survive? Bank chief says eurozone is tearing itself apart and PM warns of a break-up

http://www.dailymail.co.uk/news/article-2145139/Eurozone-debt-crisis-Fears-panic-investors-pull-1-4billion-euro-days.html

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Stocks Walloped by Mounting EU, Economic Fears

http://www.foxbusiness.com/markets/2012/05/17/stocks-walloped-by-mounting-eu-economic-fears/

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Big European funds dump euro assets

http://www.ft.com/intl/cms/s/0/92f5c37a-a5a1-11e1-a77b-00144feabdc0.html#axzz1vpoKVd39

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Lessons from Europe’s Winners and Losers

http://pjmedia.com/spengler/2012/05/28/lessons-from-europes-winners-and-losers/?print=1

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US and European regulators are essentially forcing banks to buy up their own government’s debt—a move that could end up making the debt crisis even worse, a Citigroup analysis says.

http://www.cnbc.com/id/47633576

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Euro Zone Nears Moment of Truth on Staying Together

http://www.nytimes.com/2012/06/04/business/global/euro-zone-nears-moment-of-truth-on-staying-together.html?pagewanted=print

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… governments worldwide must accept that people will have to work more years as life expectancies increase.

http://www.bloomberg.com/news/2012-06-03/aig-chief-sees-retirement-age-as-high-as-80-after-crisis.html

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Cyprus:

Eurozone member Cyprus conceded on Tuesday that there is a serious possibility it may need an EU bailout to save its banking system, which is heavily exposed to Greek debt.

http://english.alarabiya.net/articles/2012/06/05/218792.html

and…

Cyprus last week became the fifth EU country to ask for financial aid from its partners in the common currency union.

http://www.cbsnews.com/8301-505245_162-57465536/cyprus-starts-bailout-talks-with-eu-imf-officials/

———————

U.S. Worried About Europe Banks

http://www.bloomberg.com/news/2012-06-06/finnish-leader-says-u-s-worried-about-europe-banks.html

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This latest euro fix will come apart in less than a month

Another day, another sticking plaster solution from beleaguered eurozone policymakers.

http://www.telegraph.co.uk/finance/comment/jeremy-warner/9325265/This-latest-euro-fix-will-come-apart-in-less-than-a-month.html

———————

The crisis is deteriorating at an ever-increasing pace.

http://www.ft.com/intl/cms/s/0/f29cdbf4-b4a8-11e1-aa06-00144feabdc0.html#axzz1xiFjspyS

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The Euro’s Collapse Is Not Just About the Euro

http://www.americanthinker.com/2012/06/the_euros_collapse_is_not_just_about_the_euro.html

———————

The can is still being successfully kicked down the road in Europe.

http://www.americanthinker.com/blog/2012/06/pro-bailout_party_wins_greek_election.html

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Mario Monti: we have a week to save the eurozone

Italian prime minister warns that there is no room for failure in talks between single currency’s big four countries

http://www.guardian.co.uk/business/2012/jun/22/mario-monti-week-save-eurozone

———————

… the euro-zone is pretty much back to square one.  And the banking crisis, thought to have eased last week, is now front and center again.

http://www.americanthinker.com/blog/2012/07/euro_emergency_fund_bank_deal_not_all_its_cracked_up_to_be.html

———————

Investors Prepare for Euro Collapse

http://www.spiegel.de/international/business/investors-preparting-for-collapse-of-the-euro-a-849747-druck.html

———————

Moody’s Changes Euro Zone Rating Outlook to ‘Negative’

http://www.cnbc.com/id/48888752

———————

Depression, Suicides Rise as Euro Debt Crisis Intensifies

http://www.cnbc.com/id/48883704

———————

This dangerous precedent has happened before.

http://www.americanthinker.com/2012/09/deflations_here_and_the_downward_spiral_has_started.html

———————

European leaders are struggling to overcome a crisis-fighting stalemate as they face discord over a banking union, foot-dragging by Spain and Italy on financial aid and Greece’s ongoing debate on how to meet bailout commitments.

http://www.bloomberg.com/news/2012-09-23/euro-leaders-seek-end-to-stalemate-as-discord-mounts-on-crisis.html

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