Saturday, February 16, 2013

Europe is not growing again

We've been busy over with the Hagel nomination, the State of the Union speech, the "sequester" and a few others.     At the same time, there is bad  news from Europe:

"The data capped a morning of releases showing that the economies of Germany, France and Italy all shrank more than forecast in the fourth quarter. European Central Bank President Mario Draghi said last week that confidence in the 17-nation bloc has stabilized and the ECB sees a gradual recovery beginning later this year, though the situation is “fragile.”" (Bloomberg)

Europe's bad news matters for two reasons:

1) The EU GDP is about the size of the US.  They buy millions of dollars from the US.  We are connected to Europe economically.  If they shrink we will shrink too.

2) The EU model is one more sign that "democratic socialism" does not work.  The Europeans are Exhibit A that this economic model results in high unemployment and stagnation,

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