18 Indications That Europe Has Become An Economic Black Hole Which Is Going To Suck The Life Out Of The Global Economy
Summer vacation is over and things are about to get
very interesting in Europe. Most Americans don't realize this, but much of
Europe shuts down for the entire month of August. I wish we had something
similar in the United States. But now millions of Europeans are returning from
their extended family vacations and the fun is about to begin. During August
economic conditions continued to degenerate in Europe, but I figured that it
wouldn't be until after August that the European debt crisis would take center
stage once again. And as I wrote about last week, if there is going to be a
financial panic, it typically happens in
the fall. The stock market has seen quite a nice rally over the summer, and
many investors are nervous that we could see a significant "correction" very
soon. The month of September has been the absolute worst month for stock
performance over the past 50 years, and it has also been the absolute
worst month for stock performance over the past 100 years as well. Of course that does not
guarantee that anything is going to happen this year. But things in Europe
continue to get worse. Unemployment rates are spiking, manufacturing activity
is slowing down, housing prices are crashing and major financial institutions
are failing. What is happening in Europe right now appears to be an even worse
version of what happened to the United States back in 2008.But most Americans aren't too concerned about what is happening in Europe.
In fact, most Americans don't believe that a European financial collapse would be much of a problem for us.
Well, just remember what happened back in 2008. When the U.S. financial system started coming apart at the seams it sparked a devastating worldwide recession which was felt in every corner of the globe.
If the European financial system implodes, the consequences could be even worse.
Why?
Europe has a larger population than the United States does.
Europe has a larger economy than the United States does.
Europe has a much, much larger banking system than the United States does.
If Europe experiences a financial collapse, the entire globe will feel the pain.
And considering how weak the U.S. economy already is, it would not take much to push us over the edge.
What is going on in Europe right now is a very, very big deal and people need to pay attention.
The following are 18 indications that Europe has become an economic black hole which is going to suck the life out of the global economy....
#1 The unemployment rate in France is up to 10 percent, and the French media is buzzing about the fact that the number of unemployed French workers has now hit the 3 million mark.
#2 The French government has just announced the nationalization of its second largest mortgage lender
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