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View Full Version : E.U. Warns of Possible Recession in Eurozone.....



MMC
11-10-2011, 08:26 AM
http://news.yahoo.com/eu-warns-possible-recession-eurozone-093842226.html
AP – 52 mins ago.....

BRUSSELS (AP) — The European Union warned Thursday that the 17-country eurozone could slip into "a deep and prolonged recession" next year as the debt crisis shows alarming signs of spinning out of control.
The EU's economic watchdog, the European Commission, said its central forecast is that the eurozone will grow by only a paltry 0.5 percent in 2012. That's way down on the 1.8 percent prediction it made in the spring.
"This forecast is in fact the last wake-up call," the EU's Monetary Affairs Olli Rehn warned. "Growth has stalled in Europe, and there is a risk of a new recession."

Elsewhere in its half-yearly predictions, the Commission said unemployment in the eurozone would be stuck at 9.5 percent for the foreseeable future. That's even higher than the 9 percent rate in the U.S.

Several other states that have so far not been caught up in the debt storm will soon risk sanctions under new EU spending rules if they don't implement additional measures to get their budgets control, Rehn warned.
The countries that may face sanctions first are the eurozone nations of Belgium, Cyprus, and Malta, as well as Hungary and Poland, which do not use the euro.
Under the new rules, set to come into force in mid-December, sanctions for countries that break the caps on budget deficits and debt levels become more automatic, in an effort to prevent a worsening of the debt crisis.....snip~

Recession thats what they will call it. Then a Double Dip Recession. Guess what there is no such thing as a double dip recession. Its called DEPRESSION. They just don't want to tell the truth like it is. Again, I would not trust anything these asswipes in the EU have to say about our economy. They havent got it right all year.

Now you see why the French are making the moves that they have. They know unemployment is going to go higher than ours. Yet again they will call it a recession. The Brits already stated they got it wrong, and are now into Hyper-inflation. The EU Economists have been wrong on their stats all year. Course they look to our economy to see what we are doing. How it will affect those that are in buisness with us.

O.5 growth.....does this tell us anything? Plus I would have you take note on the Countries they want to apply sanctions to. Who are not in the EU. So just how can they apply those sanctions? Telling them they need to straightnen out their economies an their budgets. If I was any of these Countries. I would tell the EU to Fuck off. Especially if they are going to make the sanctions Automatic. Thats right Automatic. Now what in the hell is that about?

Greece, Cyprus, and Malta they should throw together their own coalition. Same with Poland Belgium and Hungary. This way then when they apply those Sanctions. They can then declare war on the EU and their Prospect for the NWO Presidency. France!

Peter1469
11-11-2011, 06:54 AM
The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?

MMC
11-11-2011, 07:47 AM
The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?


Who do you think is the major problem within the EU for all other 16 Countries Peter?
Why is it they are always attempting to dictate to Germany? Another thing I have to ask is.....Who did Germany pay off those War Reperations to?

Note the Brits raised Corporate taxes and gave a stimulus and it didnt work. :D

Conley
11-11-2011, 09:13 AM
The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?


Exactly. No oversight and a couple boatload of members with bad habits can bring the whole house of cards down as we're witnessing.

Peter1469
11-11-2011, 09:13 AM
I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.

Peter1469
11-11-2011, 09:15 AM
The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?


Exactly. No oversight and a couple of members with bad habits can bring the whole house of cards down as we're witnessing.



It is more than a couple. Portugal, Ireland, Italy, Greece, Spain. And also Ireland, Portugal and the Netherlands.

Conley
11-11-2011, 09:16 AM
The Eurozone was fatally flawed from the beginning. It was an economic union with no real central control over what the members do with their economy. And the members lost power of their currency- one of the hall-marks of sovereignty.

Sure it worked during an economic boom. But what keeps these 17 nations from each others throats when there is a prolonged bear market?


Exactly. No oversight and a couple boatload of members with bad habits can bring the whole house of cards down as we're witnessing.



It is more than a couple. Portugal, Ireland, Italy, Greece, Spain. And also Ireland, Portugal and the Netherlands.


:D :D True true. OK, I will go back and edit.

Conley
11-11-2011, 09:17 AM
They are trying to use sanctions now to enforce the spending rules? Talk about closing the barn doors after the horses have escaped...

MMC
11-11-2011, 09:19 AM
I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.


What I meant was who is always putting the pressure on all the others to help carry themselves? While using the US and the IMF. :)

Conley
11-11-2011, 09:25 AM
I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.


What I meant was who is always putting the pressure on all the others to help carry themselves? While using the US and the IMF. :)


This is going to turn into another MMC anti-France rant isn't it?

:rant: :D

MMC
11-11-2011, 09:49 AM
I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.


What I meant was who is always putting the pressure on all the others to help carry themselves? While using the US and the IMF. :)


This is going to turn into another MMC anti-France rant isn't it?

:rant: :D


:D "What," I can't help it trouble just seems to follow those guys around. >:D

Peter1469
11-11-2011, 01:42 PM
I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.



What I meant was who is always putting the pressure on all the others to help carry themselves? While using the US and the IMF. :)






Germany was. And the German people are tired of it.

MMC
11-12-2011, 01:40 AM
I did not say that the problem with the Eurozone is the 16 other countries.

I expect that the 16 other nations feel that way because Germany is the only nation holding the Eurozone together.

The reason the Eurozone will fail is because the 17 nations all have divergent national interests, and those become much more apparent when the economy busts.



What I meant was who is always putting the pressure on all the others to help carry themselves? While using the US and the IMF. :)






Germany was. And the German people are tired of it.



Yet Germany was not the one that pushed for the Euro. moreover it isn't Merkel running around attempting to put pressure on those that are not part of the EU. Althought I can see where the Germans would be upset with France always seemingly being the One to Dictate terms and work out all these Negotiations. Not to mention being the ones to always have to foot the bill.

Peter1469
11-12-2011, 07:43 AM
Yes the Germans did not push for the Euro. They were still absorbing East Germany and they were still living down the stigma of WWII.

But now they are the Euro and they know it. The Euro is Germany's chance to achieve what it has not been able to achieve through war over the last 1000 years- mastery of Europe. But, most Germans now believe that this is not worth what it will take. They are sick and tired of bailing out lazy people. They got screwed when they converted to the Euro while other nations benefited. They are getting screwed now by transferring billions of Euros to nations that can't manage their budgets and whose people are lazy and will not change their ways.

Yes, Merkel is running around trying to make the Euro work. But she has been doing poorly in local elections, it is likely her government won't last much longer. The Germans have woken up and don't want the NWO.

Conley
11-12-2011, 08:40 AM
The DM was one heck of a currency. I bet the German people miss having that.

I am certain much of the anger in Germany over the economic fiasco is being directed at Merkel, she'll have a battle on her hands to stay in office.

Peter1469
11-12-2011, 09:45 AM
Germany has fired up the printers and are printing out lots of new DMs.

I wonder why that is? 8)

Conley
11-12-2011, 09:47 AM
Germany has fired up the printers and are printing out lots of new DMs.

I wonder why that is? 8)


Are they really? I had no idea. Excellent. ;D

Conley
11-12-2011, 09:50 AM
Interesting article: http://seekingalpha.com/article/302290-germany-is-already-printing-money-deutsche-marks

One who is talking about this is Dr. Pippa Malmgren, a former economic advisor to George W. Bush and a former advisor to Deutsche Bank (DB). According to Malmgren, Germany has already ordered the printing of Deutsche Marks in anticipation of a possible withdrawal from the EU.

If this is true, and Malmgren is correct, then the euro will absolutely implode. Germany is widely held to have the strongest balance sheet in the EU (though even the Head of its Central Bank admits that the country’s real Debt to GDP is over 200%).

However, compared to the PIIGS, Germany is relatively rock solid from a fiscal point of view. It’s also the largest economy in the EU. So if the Germany pulls out (70% of Germans believe the euro has no future) then Europe will experience a wave of defaults starting with Greece and spreading throughout the PIIGS.

We also have reports of Sarkozy and Merkel screaming at each other in recent meetings. France has announced plans to possibly nationalize several banks just “in case.” And Germany has dropped more than a few hints that it’s fed up with the situation.

Peter1469
11-12-2011, 09:52 AM
Yes http://www.moneynews.com/StreetTalk/Ex-BushAdviserGermanyPrintsOldCurrencyinCaseEuroDitch ed/2011/10/04/id/413225

Conley
11-12-2011, 09:54 AM
That article quotes Malmgren as well. If this were really happening wouldn't it be more widely reported? It seems it would be tough to keep it a secret. I don't doubt that Germany will end up there, just not sure it has happened yet. The wheels are probably in motion. I wonder if announcing it publicly could save Merkel.

MMC
11-12-2011, 10:03 AM
Hence France in pulling the Chinese in to come help those EU Banks. In which I am sure the Chinese will help put if that is going to open up the EU to them. Not to mention the Sunni as well.

Which is another reason not to trust them with anything on the Dollar being the World's Reserve Currency. Especially if the NWO could reset the system without the Dollar. Not that I think they can do it now. Still with like 22 Muslims countries all for changing it and then Russia and China constantly pushing for it. I could see the French going along that course easily.

Conley
11-12-2011, 10:07 AM
I can't see France going along with the China, Russia, and the Muslim countries. The French aren't reliable but they will do what's best for France and aligning themselves with that crew isn't it IMO.

MMC
11-12-2011, 11:03 AM
I can't see France going along with the China, Russia, and the Muslim countries. The French aren't reliable but they will do what's best for France and aligning themselves with that crew isn't it IMO.


Not so hard to think of really. Especially if all the Sunni are pushing it. Currently all have to pay to convert to US dollars. Even the Saud. So believe me if they can eventually get up enough that no longer want to pay thoses conversion rates and fees. I can see throwing in with whoever.

Peter1469
11-12-2011, 11:53 AM
I have heard the DM printing rumors from a more trusted source- STATFOR- a pay site.

Conley
11-12-2011, 11:56 AM
I have heard the DM printing rumors from a more trusted source- STATFOR- a pay site.


Stratfor is good stuff.