tagged w/ Europe
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If the global economy is not heading for a recession, then why is global shipping slowing down so dramatically? Many economists believe that measures of global shipping such as the Baltic Dry Index are leading economic indicators. In other words, they change before the overall economic picture changes. For example, back in early 2008 the Baltic Dry Index began falling dramatically. There were those that warned that such a rapid decline in the Baltic Dry Index meant that a significant recession was coming, and it turned out that they were right. Well, the Baltic Dry Index is falling very rapidly once again. In fact, on February 3rd the Baltic Dry Index reached a low that had not been seen since August 1986. Some economists say that there are unique reasons for this (there are too many ships, etc.), but when you add this to all of the other indicators that Europe is heading into a recession, a very frightening picture emerges. We appear to be staring a global economic slowdown right in the face, and we all need to start getting prepared for that.If the global economy is not heading for a recession, then why is global shipping... more
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The toll from Europe's killer cold snap hit at least 360 on Monday with nine new victims found in Poland, most of them homeless, and five drowned when a Bulgarian dam burst after torrential rain.
The rain and snowstorms lashing southern Bulgaria collapsed the dam early Monday, submerging the small village of Biser under 2.5 metres (eight feet) of water, emergency services said.
Biser mayor Zlatka Valkova told state news agency BTA three elderly men had drowned in their homes and a massive rescue effort was under way in the village of about 800 people. National radio reported two other people were killed when their car was swept off a bridge.
"People are in panic," regional mayor Mihail Liskov said on national radio. "Ninety percent of the village is under water."
Two larger dams in southern Bulgaria risked spilling over and residents were told to prepare to evacuate. Heavy rains also triggered a landslide that derailed a train near the Turkish border. No injuries were reported.
Meanwhile, temperatures in Poland plunged to as low as minus 24 degrees Celsius (minus 11 Fahrenheit), bringing another deadly night for the homeless.
As has been the case throughout the 10-day-old cold snap, transients have borne the brunt of the suffering, with frozen victims found in abandoned and unheated homes, fire escapes or makeshift shelters on Europe's streets.
snip
Overall, 107 people have died of hypothermia in Poland since winter hit in November. The current cold snap began at the end of January and across the continent, authorities have reported at least 360 weather-related deaths.
In neighbouring Lithuania, where the mercury has dipped to minus 31 Celsius (minus 24 Fahrenheit), the deaths of 12 more people over the weekend brought the cold snap's toll to 23.
Hungarian authorities have reported at least 12 dead since the onset of the cold.
Italian authorities continued to clear up after a rare snow storm blanketed Rome over the weekend and crews struggled to restore power to about 60,000 homes across the country, especially in the Tuscan cities of Siena and Arezzo.
Italian energy giant ENI warned earned it may have to cut gas supplied to customers after shortfalls in gas imports from Russia.
Elsewhere across Europe, authorities struggled to clear clogged roads and runways that left tens of thousands of travellers stranded over the weekend.
After cancelling half its flights Sunday, operators of London's Heathrow Airport, the world's busiest passenger hub, said its schedule was almost back to normal Monday.
While parts of Britain were beginning to warm above freezing, other European nations remained in an icy grip.
In the Czech town of Kvilda, near the Czech-German border, the temperature hit minus 39.4 Celsius (minus 38.92 Fahrenheit), the lowest recorded in the country this winter.
Switzerland also recorded year lows, dropping to minus 35.1 Celsius (minus 31 Fahrenheit) in the eastern Graubuenden canton on Sunday night.
The bitter cold has engulfed most of Europe and even crossed the Mediterranean into north Africa, where as many as 16 people were killed on Algeria's snow-slicked roads or in other weather-related accidents.
Rare snow also fell in southern Tunisia for the first timme in some 40 years, media reported, with temperatures well below freezing in some areas of the country and villages cut off.
In France, 39 of the country's 101 regions were on alert for deep cold or snow, down from more than half the regions at the weekend, as a new record for electricity consumption was predicted later Monday.
Five people have died in weather-related incidents since the cold snap hit France, the latest a 56-year-old homeless man who is believed to have succumbed to hypothermia in a suburb of Paris.
More at the linkThe toll from Europe's killer cold snap hit at least 360 on Monday with nine new... more
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Snow fell in Rome today for the first time in 26 years as freezing temperatures took the death toll across Europe to more than 150.
The Italian capital is usually blessed by a moderate climate but the snowfall prompted authorities stop visitors from entering the Colosseum, the Roman Forum and the Palatine Hill, the former home of Rome's ancient emperors.
The last substantial snowfalls in Rome were in 1985 and 1986, though there have been other cases of lighter snow since then, including in 2010. The director of the Colosseum, Rossella Rea, said the sites were closed out of fears that visitors could slip on ice..
Snow began falling in the late morning Friday, leaving a light dusting on trees and cars and forming slush on the roads. It wasn't clear if there would be any significant accumulation on the ground.
The European Union is bracing for another potential energy crisis in the dead of winter as Russian gas supplies to some of its member states suddenly have dwindled by up to 30 percent.
The European Commission put its gas coordination committee on alert today, but insisted the situation had not yet reached an emergency level since coordination between nations to help each other had improved and storage facilities had been upgraded.
Commission spokeswoman Marlene Holzner said Russia was going through an extremely cold spell and needed more gas to keep its citizens warm.
She said that Russia's gas contracts 'allow for certain flexibility in case they also need the gas. And that is the situation that Russia is facing at the moment.' The severe winter in Russia has seen temperatures drop to minus 35 C (minus 30 F).
The north of the country has also been gripped by snow and ice that is disrupting train travel.Temperatures plunged as low as minus 22 Celsius (minus 7 Fahrenheit), in Trepalle, a village in the Italian Alps.
Snow in Rome came as the death toll across Europe reached 150. Temperatures have plummeted as low as -36c in parts of Ukraine and Siberia.
In Serbia, at least 11,000 villagers are stranded in their homes by heavy snow and blizzards which have hit remote areas that cannot be reached due to icy, snow-clogged roads.
The worst weather is near Serbia's southwestern town of Sijenica, where it has been freezing cold or snowing for 26 days, and diesel fuel supplies used by snowploughs are running low.Thirty-eight more people have died overnight as freezing weather grips Ukraine, authorities say. The death toll there from the past week is now 101.
The Emergency Situations Ministry in Ukraine said more than 1,200 other people have been treated in hospital for hypothermia and frostbite as temperatures in some parts of the country sank to -32C (-26F).
Authorities have closed schools and colleges and set up nearly 3,000 heating and food shelters across the country. Health officials instructed hospitals not to discharge homeless patients, even after treatment is finished, to save them from the cold.Experts said the high death toll reflects the country's inability to deal with the homeless. There have been dozens of death elsewhere in Eastern Europe with thousands of villagers trapped by heavy snow and blizzards in Serbia.
Snow fell across large parts of the UK, with two inches covering Lincolnshire, Norfolk and Suffolk in white, while in the Pennines, fences and phone masts resembled ice sculptures.
Read more: http://www.dailymail.co.uk/news/article-2095509/Eastern-European-death-toll-hits-150-big-freeze-continues-continent.html#ixzz1lLAK4MWv
More at the link
http://i.dailymail.co.uk/i/pix/2012/02/03/article-2095509-11937090000005DC-753_964x632.jpgSnow fell in Rome today for the first time in 26 years as freezing temperatures took... more
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On the streets of Walthamstow in East London, we ask the public what they think about the European Union. It’s clear that opposition to the EU is not the preserve of bigoted ‘little Englanders’, far from it. Eloquent, well informed citizens are seriously concerned at the EU’s undemocratic set up and want to have their say. Individuals backing the EU are hard to find and are against a referendum as they see their fellow citizens as ignorant and too ill educated to ‘understand the issues’.On the streets of Walthamstow in East London, we ask the public what they think about... more
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An economic nightmare is descending on Europe. With each passing month, the economic numbers across Europe get even worse. At this point it is becoming extremely difficult for anyone to deny that Europe is plunging into a full-blown economic depression. In fact, some parts of Europe are already there. In Spain the overall unemployment rate is over 22 percent, and in Greece one out of every five retail establishments has already been closed down. All over Europe, economic activity is rapidly slowing down, unemployment is skyrocketing and bad debts are unraveling. It isn't even going to take a default by a nation such as Greece or a collapse of the euro to push Europe into an economic depression. All Europe has to do is to stay on the exact path that it is on right now and it will get there. Normally, European governments would respond to an economic slowdown by increasing government spending. But this time most of them are already drowning in debt. Instead of increasing government spending, most governments in Europe are actually cutting back. All over Europe, national governments are being encouraged to implement even more tax increases and even more budget cuts. The hope is that all of this austerity will help solve the nightmarish sovereign debt crisis that Europe is facing. But unfortunately, all of these tax increases and budget cuts are also going to involve a tremendous amount of economic pain.An economic nightmare is descending on Europe. With each passing month, the economic... more
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Youngsters are being dumped by their parents who are struggling to make ends meet in what is fast becoming the most tragic human consequence of the Euro crisis.
It comes as pharmacists revealed the country had almost run out of aspirin, as multi-billion euro austerity measures filter their way through society.
Athens' Ark of the World youth centre said four children, including a newborn baby, had been left on its doorstep in recent months.
One mother, it said, ran away after handing over her two-year-old daughter Natasha.
Four-year-old Anna was found by a teacher clutching a note that read: 'I will not be coming to pick up Anna today because I cannot afford to look after her. Please take good care of her. Sorry.'
And another desperate mother, Maria, was forced to give up her eight-year-old daughter Anastasia after losing her job.
She looked for work for more than a year, having to leave her child at home for hours at a time, and lived off food handouts from the local church.
She said: 'Every night I cry alone at home, but what can I do? It hurt my heart, but I didn’t have a choice.' She now works in a cafe but only make £16 per day and so cannot afford to take her daughter back....
Continued at:
http://www.dailymail.co.uk/news/article-2085163/Children-dumped-streets-Greek-parents-afford-them.htmlYoungsters are being dumped by their parents who are struggling to make ends meet in... more
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Dagum
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29 days ago
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LONDON -- Wikileaks has published a U.S. diplomatic cable advising Washington to engage in "retaliation" against European countries opposed to genetically modified crops.
Quoting the whistleblowing website, British daily the Guardian writes that in 2007, France banned cultivation of genetically modified corn, produced by American biotech giant Monsanto.
This prompted then-U.S. ambassador to France Craig Stapleton - who is also a friend and business partner of former U.S. President George Bush - to write home and ask the administration in Washington to retaliate against the EU, and especially target those countries that failed to support generically modified crops.
"Europe is moving backwards not forwards on this issue with France playing a leading role, along with Austria, Italy and even the (European) Commission. Moving to retaliation will make clear that the current path has real costs to EU interests and could help strengthen European pro-biotech voice," write Stapleton.
The newspaper also said that some of the newly published cables revealed that many American diplomats, posted in countries around the world, worked directly to promote the use of GMO crops as their government's strategic and commercial imperative.LONDON -- Wikileaks has published a U.S. diplomatic cable advising Washington to... more
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PARIS — Fast-track warming in Europe is making butterflies and birds fall behind in the move to cooler habitats and prompting a worrying turnover in alpine plant species, studies published Sunday said.
The papers, both published by the journal Nature Climate Change, are the biggest endeavour yet to pinpoint impacts on European biodiversity from accelerating global temperatures.
A team led by Vincent Devictor of France's National Centre for Scientific Research (CNRS) found that from 1990 to 2008, average temperatures in Europe rose by one degree Celsius (1.8 degrees Fahrenheit).
This is extremely high, being around 25 percent greater than the global average for all of the last century.
In order to live at the same temperature, species would have to shift northward by 249 kilometres (155 miles), they calculated.
But during this period, butterlies moved only 114 kms (71 miles), and birds by just 37 kms (23 miles).
The data derives from observations made by a network of thousands of amateur naturalists, amounting to a remarkable 1.5 million hours of fieldwork.
The study was not designed to say whether these species are suffering as a result of warming, which is one of the big questions in the climate-change saga.
However, the risk of population decline is clear, the authors say.
Species that lag behind a move to a more suitable habitat accumulate a "climatic debt."
Eventually, the impact of warming hits parts of the local food chain on which they depend, such as caterpillars or vegetation, and this cuts into their chances of being able to adapt. Finding a similar habitat is made more difficult by agriculture.
The second study looked at 867 samples of vegetation from 60 mountaintop sites across Europe in an assessment of the hottest decade on record.
Seen at local level, there was little apparent change during the 2001-2008 study period.
But when the picture zoomed out to continental level, it was clear that a major turnover was under way.
Cold-loving plants traditionally found in alpine regions were being pushed out of their habitats by warming-loving ones, which invaded higher altitudes that were now within their grasp.
"We expected to find a greater number of warm-loving plants at higher altitudes, but we did not expect to find such a significant change in such a short period of time," said study leader Michael Gottfried, a University of Vienna biologist.
"Many cold-loving species are literally running out of mountain. In some of the lower mountains in Europe, we could see alpine meadows disappearing and dwarf shrubs taking over within the next few decades."
The research was the biggest plant-count of its kind in Europe, gathering 32 researchers from 13 countries.PARIS — Fast-track warming in Europe is making butterflies and birds fall behind... more
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TEHRAN, Iran – Iran has begun uranium enrichment at a new underground site well protected from possible airstrikes, a leading hardline newspaper reported Sunday.
Kayhan daily, which is close to Iran’s ruling clerics, said Tehran has begun injecting uranium gas into sophisticated centrifuges at the Fordo facility near the holy city of Qom.
Iran is under U.N. sanctions for refusing to stop uranium enrichment — which can produce both nuclear fuel and fissile warhead material — and other suspected activities that the international community fears could be used to make atomic arms.
Tehran says it only seeks reactors for energy and research, and refuses to halt its uranium enrichment activities.
“Kayhan received reports yesterday that show Iran has begun uranium enrichment at the Fordo facility amid heightened foreign enemy threats,” the paper said in a front-page report. Kayhan’s manager is a representative of Iran’s Supreme Leader Ayatollah Ali Khamenei.
But Iran’s nuclear chief Fereidoun Abbasi said late Saturday that his country will “soon” begin enrichment at Fordo. It was impossible to immediately reconcile the two reports.
Iran has a major uranium enrichment facility in Natanz in central Iran where nearly 8,000 centrifuges are operating. Tehran began enrichment at Natanz in April 2006.
The Fordo centrifuges however are reportedly more efficient, and the site better shielded from aerial attack.
Satellite image of construction site of Iran's new uranium enrichment facility near Qom.
Built next to a military complex, Fordo was long kept secret and was only acknowledged by Iran after it was identified by Western intelligence agencies in September 2009.
Both the U.S. and Israel have not ruled out a military strike should Iran continue with its program.
Tehran however says it needs its enrichment program to produce fuel for future nuclear reactors and medical radioisotopes needed for cancer patients.
The country has been enriching uranium to less than 5 percent for years, but it began to further enrich part of its uranium stockpile to nearly 20 percent as of February 2010, saying it needs the higher grade material to produce fuel for a Tehran reactor that makes medical radioisotopes needed for cancer patients. Weapons-grade uranium is usually about 90 percent enriched.
Iran says the higher enrichment activities — of nearly 20 percent — will be carried out at Fordo. These operations are of particular concern to the West because uranium at 20 percent enrichment can be converted into fissile material for a nuclear warhead much more quickly than that at 3.5 percent.
Buried under 300 feet of rock, the facility is a hardened tunnel and is protected by air defense missile batteries and the Revolutionary Guard, Iran’s most powerful military force. The site is located about 12 miles north of Qom, the religious nerve center of Iran’s ruling system.
“The Fordo facility, like Natanz, has been designed and built underground. The enemy doesn’t have the ability to damage it,” the semiofficial Mehr news agency quoted Abbasi as saying Sunday.
For more photos about the story >>> http://rencadesign.com/wp/2012/01/report-iran-begins-uranium-enrichment/TEHRAN, Iran – Iran has begun uranium enrichment at a new underground site well... more
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artq8
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1 month ago
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The euro is a dying currency. On Thursday, the EUR/USD fell below 1.28 for the first time since September 2010. In fact, as I write this the EUR/USD is sitting at 1.2791. Back in July, the EUR/USD was over 1.45. But this is just the beginning. The euro is going to go a lot lower. At this point, there are several major European nations that are on the verge of default, the European financial system is overflowing with debt and toxic assets, and most major European banks are leveraged about as badly as Lehman Brothers was when it collapsed. Most Americans simply do not grasp the gravity of what is happening. Just because the Dow is sitting above 12000 and a few U.S. economic numbers have improved slightly does not mean that everything is going to be okay. As I wrote about recently, the EU has a bigger economy than we do and they have a bigger banking system than we do. U.S. banks are massively exposed to European sovereign debt and European banking debt. When the financial system of Europe collapses and the euro falls apart it is going to rock the entire planet. So you better look out below - the euro is coming down and it is coming down hard. After the euro implodes, nothing is every going to be the same again.The euro is a dying currency. On Thursday, the EUR/USD fell below 1.28 for the first... more
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Story by Angelique Creed December 30, 2011
I reviewed an online retail clothing shop with a twist today,and I got in touch with the owner and asked if I could publish his message, to my surprise he also owns an online media press company called Hoodwatch Media. I did receive his permission to copy what I read and plaster it for the world to see Thanks Mr. Lord Hector, I love what you are doing. Angelique Creed,Chicago.
iCON® has taken the initiative to assist visitors of our online urban retail Boutique with their prospective job hunting efforts, while offering the hip hop and urban community around the globe the newest original designs for our 2012 lineup. With today's headlines listing nearly 14 million Americans unemployed, the designer and CEO Lord Hector Diono, has put together a plan to assist the unemployed and the unbreakable go getter with a daily national job listing feed, as well as a sales commission opportunity with iCON® . We have hired the world, all you need is a little start up capital borrowed or earned from your current Job, to cover the cost of your initial selected purchases of the iCON Garments.
Now our customers can also consider earning extra money by selling iCON® in there neighborhoods,at their country clubs, or even from the trunks of their car. it's simple, just visit our shops on the site
" iCON Apparel", "e-iCON Jackets Tops" or "The iCON discount shop".
Select your item(s), select the size choice, select the amount of garments you'd like to purchase, and place your order, allow 1.5 weeks for processing and delivery, and start selling your iCON wear.
Keep a spread sheet to track your sells and buyers and at the end of each calendar month (the last Friday) simply email: info@theiconshop.net your completed sells spreadsheet with the item number in word doc or PDF format provided your sells for the month meet or exceed 100 items sold. iCON will in addition to your pocketed sells earnings, pay out a 5% commission bonus to the sales associate in their city, state, or country.
Simply include with your spreadsheet, your name address, country code and telephone number.(U.S. CC is 1)
and your check will be cut upon review and confirmation of said sells. This is our way of eliminating the excuses of the procrastinators, creating a self managed job opportunity for the self motivated, while spreading the company's mission statement,
I.Can.Overcome. Negativity. iCON®
Like any independent buyer,your work ethic determines your success, after you've covered the cost of the items you'd like to sell,
your price for your icon item must net you a profit while maintaining customer satisfaction, so be mindful of that when selling your newly purchased iCON Wear. Once you've proven yourself as a self motivated, iconic independent sales person with iCON by reaching our quarterly goal of 500 items sold, you will receive at no cost to you, 100 of your genuine customized iCON Originals business cards to assist you in promoting and selling iCON.
The rest is up to you, make money, or make excuses. If you're looking to overcome the negativity from your current job or job loss, the change starts with your state of mind.
Be bitter at the hand life dealt you, our be better off because of it.
iCON is not responsible for your State or Federal Tax obligations as a subcontractor, or vendor of our company; however, if you're in a position to take advantage of this international Job opportunity then get started, because you're already hired.
Welcome to iCON®Story by Angelique Creed December 30, 2011
I reviewed an online retail clothing shop... more
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Are we on the verge of another Great Depression? Christian Lagarde, the head of the IMF, said this week that if dramatic action is not taken immediately we could actually see conditions "reminiscent of the 1930s depression" and that no country on earth "will be immune to the crisis". Right now, financial panic is sweeping across Europe, but most Americans are not too concerned about it because they simply don't understand how important the EU is. The truth is that the EU has a much larger population than the United States does. The EU has an economy that is nearly as large as the economies of the United States and China combined. The EU has more Fortune 500 companies that the United States does, and the banking system of Europe is substantially larger than the banking system of the United States. Anyone out there that believes that a massive financial collapse in Europe would not dramatically affect the rest of the globe is being delusional. The European debt crisis is one of the biggest stories that we have seen in a long, long time and the coming financial meltdown is going to permanently change the global economy.Are we on the verge of another Great Depression? Christian Lagarde, the head of the... more
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Norwegians have depleted their butter reserves due to a high-fat, low-carb diet craze that sent butter sales skyrocketing by 30% in November alone. Now, they have no butter. Nothing to bake with, nothing to spread on their warm toast in the morning, nothing to yummy-up their veggies with…So sad!
http://veracitystew.com/2011/12/14/buttered-up-colbert-mocks-norways-butter-shortage-video/Norwegians have depleted their butter reserves due to a high-fat, low-carb diet craze... more
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Despite Europe's economic problems, members of the European Parliament have approved more public money for one of the most expensive scientific gambles of all time.
The International Thermo-nuclear Experimental Reactor, or ITER, is designed to prove that it's possible to produce environmentally-friendly energy through nuclear fusion.
Video report at the link (BBC News)
For more information on ITER check out the link below
http://www.dropyourenergybill.com/archives/1922Despite Europe's economic problems, members of the European Parliament have... more
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pdy
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1 month ago
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What happens when you attempt a cold shutdown of one of the biggest debt spirals that the world has ever seen? Well, we are about to find out. The politicians in Europe have decided that they are going to "take their medicine" and put strict limits on budget deficits. They have also decided that the European Central Bank is not going to engage in reckless money printing to "paper over" the debts of troubled nations. This may all sound wonderful to many of you, but the reality is that there is always a tremendous amount of pain whenever a massive debt spiral is interrupted. Just look at what happened to Greece. Greece was forced to raise taxes and implement brutal austerity measures. That caused the economy to slow down and tax revenues to decline and so government debt figures did not improve as much as anticipated. So Greece was forced to implement even more brutal austerity measures. Well, that caused the economy to slow down even more and tax revenues declined again. In Greece this cycle has been repeated several times and now Greece is experiencing a full-blown economic depression. 100,000 businesses have closed and a third of the population is living in poverty. But now Germany and France intend to impose the "Greek solution" on the rest of Europe. This is going to create the conditions needed for a "perfect storm" to develop and it means that the European financial system is heading for an implosion of historic proportions.What happens when you attempt a cold shutdown of one of the biggest debt spirals that... more
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No sane person, especially someone who has had access to the elementary knowledge acquired in primary school, would agree that our species, especially those who are children, teenagers or youth, should be deprived of the right to live, today, tomorrow and forever. Never have human beings, throughout their eventful history, as persons endowed with intelligence, ever heard of an experience like that. I feel the duty to convey to those taking the trouble to read these Reflections the opinion that all of us, with no exception, are obliged to create awareness about the risks that humankind are running in an inexorable manner, towards a final and total catastrophe as the consequence of irresponsible decisions made by politicians who fate, rather than talent or merit, has placed the destiny of humankind in their hands. http://www.makeahistory.com/index.php/section-table/43040-genocidal-cynicism-by-fidel-castro-ruzNo sane person, especially someone who has had access to the elementary knowledge... more
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worrg
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Will 2012 be the year that we see an economic collapse in Europe? Before you dismiss the title of this article as "alarmist", read the facts listed in the rest of this article first. Over the past several months, there has been an astonishing loss of confidence in the European financial system. Right now, virtually nobody wants to loan money to financially troubled nations in the EU and virtually nobody wants to lend money to major European banks. Remember, one of the primary reasons for the financial crisis of 2008 was a major credit crunch that happened here in the United States. This burgeoning credit crunch in Europe is just one element of a "perfect storm" that is rapidly coming together as we get ready to go into 2012. The signs of trouble are everywhere. All over Europe, governments are implementing austerity measures and dramatically cutting back on spending. European banks are substantially cutting back on lending as they seek to meet new capital requirements that are being imposed upon them. Meanwhile, bond yields are going through the roof all over Europe as investors lose confidence and demand much higher returns for investing in European debt. It has become clear that without a miracle happening, quite a few European nations and a significant number of European banks are not going to be able to get the funding that they need from the market in 2012. The only thing that is going to avert a complete and total financial meltdown in Europe is dramatic action, but right now European leaders are so busy squabbling with each other that a bold plan seems out of the question.Will 2012 be the year that we see an economic collapse in Europe? Before you dismiss... more
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The differences in reporting US verses the rest of the world for the December 5, 2011 issue.The differences in reporting US verses the rest of the world for the December 5, 2011... more
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No surprise here. I've been talking about the European crash comming for months. Their only option for curbing the debt now is Austerity which will put the whole continent into economic tailspin. Germany will have no choice but to agree to printing more Euroes, which will crash the Euro bond market even more than the resession could. The banks will fall one by one until the US banks can no longer stand the strain and they start to crumble. The pacific rim courtries will be right on their heels...
World economies 'must be prepared to face the worst,' OECD says
PARIS — The United States and others must "be prepared to face the worst" as Europe slides toward another recession, according to a gloomy warning from the Organization for Economic Cooperation and Development.
Failure by EU leaders to stem the debt crisis that has spread from Greece to much-bigger Italy "could massively escalate economic disruption" and end in "highly devastating outcomes," the Paris-based OECD said in its latest bi-annual economic forecast on Monday.
http://www.msnbc.msn.com/id/45459405/ns/business-stocks_and_economy/No surprise here. I've been talking about the European crash comming for months.... more
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