Wednesday, November 14, 2012

Eurozone Collapsing

Protesters clash with police in Madrid, Spain. Unemployment in Spain is over 25%,

There are general strikes across the eurozone today to protest bankster attempts to impose "austerity," which is a combination of tax increases and cuts to government spending.

Meanwhile, new economic data released this morning shows southern Europe sinking.

Portugal's economy shrank by 0.8% in the third quarter of the year. This means the country's GDP is 3.4% lower than a year ago, when it was in the early stages of an 'adjustment programme' having accepted a €78bn bailout.

Unemployment in Portugal has also hit a record high today of 15.8% for the last quarter.

Separate data showed that Greece's economy is faring even worse - GDP has contracted by 7.2% over the last year.

A combination of mad government restrictions limiting the ability of businesses to operate in the southern eurozone countries and mad European Central Bank monetary policies are responsible for the crisis.

The dire situation could be reversed almost overnight by cutting taxes, shrinking the size of EZ governments and removing the restrictions on businesses to operate.


  1. Europeans are angry that Santa Clause doesn't exist. Europeans protest in hopes of bringing Santa Clause into existence.

  2. The silver lining from many decades of socialism is that there is a huge body of regulations, government spending, and taxes that can be eliminated to boost the private economy and find the means to pay down their debt burdens. Why haven't all these countries at least gone on a deregulation binge? This would make these countries more competitive and boost their economies without adding any new debt. It really is economic growth on the cheap.

  3. "Why haven't all these countries at least gone on a deregulation binge?"

    The people who make the decisions in Western countries love regulation even if it makes them poorer. Even the people in America can't even discuss legalizing cannabis without adding that it needs to be taxed and regulated in the same breath! I remember when California had some high profile electrical shortages a while ago, and some blamed it on "de-regulation." As if anything in California is de-regulated?

  4. The "official" GDP and economies show contraction. Black market, emigration and currency trading is humming. The machine of the market cannot be denied.