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The Economic And Financial Problems In Europe Are Only Just Beginning…

Euro Gears - Public DomainRight now, the financial world is focused on the breathtaking stock market crash in China, but don’t forget to keep an eye on what is happening in Europe.  Collectively, the European Union has a larger population than the United States, a larger economy than either the U.S. or China, and the banking system in Europe is the biggest on the planet by far.  So what happens in Europe really matters, and at this point the European economy is absolutely primed for a meltdown.  European debt levels have never been higher, European banks are absolutely loaded with non-performing loans and high-risk derivatives, and the unemployment rate in the eurozone is currently more than double the unemployment rate in the United States.  In all the euphoria surrounding the “deal” that temporarily kept Greece in the eurozone, I think that people have forgotten that the economic and financial fundamentals in Europe have continued to deteriorate.  Whether Greece ultimately leaves the eurozone or not, a great financial crisis is inevitably coming to Europe.  It is just a matter of time. (Read More...)

The United States Of Europe: A Proposed “Economic Government” Would Integrate Europe To A Degree Not Seen Since The Roman Empire

Are you ready for “The United States Of Europe”?  The integration of Europe is about to go to another level.  As the European debt crisis deepens, there are cries all over the EU for full economic integration in Europe.  On Wednesday, French President Nicolas Sarkozy and German Chancellor Angela Merkel sent a letter to European Council President Herman Van Rompuy which stated that they want a new “economic government” for Europe to be formed.  According to the letter, Sarkozy and Merkel want the leaders of the eurozone countries to “elect” a president for the new “economic government”.  The idea would be that the president would hold twice-yearly summits to address the debt problems that Europe is facing right now.  But many pro-EU critics are already howling that Sarkozy and Merkel have not gone nearly far enough.  A whole lot of “experts” in Europe are proclaiming that without full economic integration and the creation of “eurobonds”, Europe is doomed.  Jennifer McKeown, an economist for Capital Economics, put it this way when asked what would happen if eurobonds are not created fairly soon: “The likely outcome is the eurozone ceases to exist”. (Read More...)