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EUROZONE GOING BACKWARDS..

By ATWadmin On November 14th, 2008

Well then – I see that the mighty economic goliath, the Eurozone, has gone into official recession!

“EU figures showed that the economy shrank by 0.2% in the third quarter. This follows a 0.2% contraction in the 15-nation area in the previous quarter from April to June. Two quarters of negative growth define a technical recession. The news was widely anticipated and follows data showing that Germany and Italy, two of the biggest eurozone economies, are already in recession.”

I suggest that this merely shows we DO live in a globalised economy and nowhere can be insulated from the sort of energy and banking seismic shocks that we have all witnessed in recent times. More interesting will be to see how the Euro-elite respond to the challenge of recession. We will see surging unemployment in the next year, slumping economic growth. I also wonder if the strong Euro vs Dollar/Pound will add further woes to European exporters chances of pulling through. No sane person would take delight from the Eurozones woes, and I certainly hope it will not be as bad as I fear. However despite all the political verbiage, I’m not sure the political class can do that much to help. But there is ONE issue that this now highlights. Europe has seen massive inward immigration – what now for those, mainly Muslim, people who see Europe as their base? Who will fund their unemployment benefit? What will be the societal consequences?How can such diverse economies have effective responses when the ECB has a one size fits all strategy? Time will tell…

One Response to “EUROZONE GOING BACKWARDS..”

  1. There’s sommat not quite right here…

    Four months ago there was a world food shortage, now there isn’t.
    Then oil was $120/barrel, now it’s half price.
    Once there was a housing shortage, now no-one wants to buy one.
    It all stacks up.
    Someone, or some people, somewhere, is making it all up, but never-the-less the contrivance is taking effect: This Third World migration is a boil that wanted to be lanced, and now the ‘operation’ is gathering momentum across the Western world.

    I told you so.