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Europe Back To 19th Century Growth Rates
Long-term growth conditions in Spain, Italy and France are as weak as they have been (other than during wartime) in over a century. The chart below tells the story. As JPMorgan's Michael Cembalest notes, while European sovereign debt spreads have rallied across the board, European bank lending to households and businesses is still declining, and the cost of small business loans in Italy and Spain is higher than both real and nominal growth. With ECB policy now clearly useless given Europe's fragmentation, and with Germany's forward expectations rolling over, it is hard to see how, absent wholesale devaluation and/or inflation (or as Cembalest notes destruction & rebuilding), Europe will recover from this.
Charts: JPMorgan
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Better than expected!!
I am long fiefdoms and the dark ages
Yes, Europe is back to 19th century growth rates and headed for 13th century feudalism.
And The ONLY WINNER In This Fecking Debacle IS ....................
King Of EVERY Market ... SacksManGOLD ...
OT ...
Noat ... Plat & Pal Soaring On Russian Plan For Cartel Type.
AU & AG will rocket when CB's Lose Cuntrol ...
More OT.
New ad "He weighs 170. He benches 420."
Maybe so, but the ZH comment section will still drink you under the table, pussy!
But what is his personal best in the Dwarf Toss?
pods
We should go back on a gold standard (wonkish).
Europe’s Second Depression:http://krugman.blogs.nytimes.com/2013/03/29/europes-second-depression/
Krug-girl!
That's because they are not Socialist enough.
War is Peace!
Freedon is Slavery!
Ignorance is Strength!
Debt is Wealth!
Real Wealth is a Barbarous Relic!
Retreating is Advancing!
Backwards is FORWARD!
The difference is who the printing was for. In the 30's the printing was used to rebuild. Today the printing is to bail out banks and an economy that cannot stand on it's own. Fed policies are propping up a failed system. Let's get real the conomy right now is nothing but a redo of "Weekend at Bernie's"
What is wonkish about that article? BS stats thrown up next to each other. Wow, very impressive. Don't you get tired of carrying all the secrets?
the only problem is that there's a few more people since the 19th century....
how... could they... FIX THIS?!?!?
Need. Moar. War.
(Woar?)
THE GREAT ALIEN WARS!!!!
Only problem is... where are they?
are we alone after all?.... this is... not good...
E.T. !!! STOP PHONING HOME AND GET YOUR BATTLECRUISERS OVER HERE!!!
Paul Krugman supports your message. Alien battlecruisers would break lots of windows over in Europe.
USSS LeMay is about to launch a few more "meteorites" like the one hurled at Chelyabinsk a few weeks ago.
Just need a shower of asteroids. They break windows. Um, set them to explode in the atmosphere though...impact is not so good.
WE'VE ALWAYS BEEN AT WOAR WITH EASTASIA
Unfortunately, if this keeps going we might get more war.... Having attended a war once while wearing a uniform and carrying a gun, I do think this whole war thing is over rated. Systemic war at the Euro/North Atlantic level will do no one good.
BITCOINS are certain to put us all back on track to the UNLIMITED GROWTH ON A FINITE PLANET paradigm...
+ $101 for sarcasm that even a Bearing can understand!
"101' [or was it "102", I forget]... I see what you did there :-)...
That answer deserves a mMONEY PRICE!!!
wait.. let me create some money for you...
HOCUS!!!
POOCUS!!!
PATS!!!!
HERE ARE... 50 BITCOINS FOR YOU!!! >>°*0011101101<<<
just print this text and show it when you go shopping... I'm sure you'll be able to pay your groceries with it...
mhh... "19th century growth rates and headed for 13th century feudalism" in both centuries we had a few free cities
Note to self: buy "Serf Torch & Pitchfork Co." shares...
IF YOU DON'T HOLD THE TORCH AND PITCHFORK, YOU DON'T OWN IT!!
Yep this is bullish all the way!
Depression.....not just for depressed people any more. I wonder how long before this shit is happening here?
... you guys have OBarry to save you all...
so... America... 110% debt to GDP... a industry base that makes... whatever... and a lot of...
WHATEVER!!! YOU'LL BE FINE!!
Take away our monetization of 8-10% of GDP yearly, and, ummm, about 5 years ago.
pods
@ Ancona
Kind of makes you wonder how many people in Europe are depressed.
And then what will happen here (which will happen after FRANCE goes down)?
We'll be fine here in Europe...
WE'LL ALWAYS HAVE ALCOHOL AND NO MORAL STANDARDS THAT ARE BORING!!
Doesn't do a Bearing much good that gave up drinking...
Zoloft in high concentrations is being added to the water supply (along with fluorides, estrogens, and other "FREE" goodies).
Sweet! Add moar Estrogen! I've always wanted my own set of tig ol' bitties!
Good to see, so will SPX fall or Oil rise?
http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=logarithmic&chdeh=0&chfdeh=0&chdet=1364846400000&chddm=425032&chls=IntervalBasedLine&cmpto=NYSEARCA:SPY&cmptdms=0&q=NYSEARCA:USO&&fct=big&ei=pLNZUfjsIoGO0QH_0gE
fascinating ... yeah, productivity, which is gotton from REAL INVESTMENT where WORK is required is poor and hence, you get shitty productivity growth. Europe is done for and US productivity mind you sucks too... it's only Asia that is rising for real.
Destruction and rebuilding. Dudes probably depressed that the asteroid missed us.
Thats as bullish a signal as I have ever seen. EURUSD should trade to at least 1.6 on that, European debt prices should rocket as should stocks - all in.
ECB does not have ability to print the shit out of their currency like The Fed-does that make it more valuable in and of itself?
I guess this means JPMorgue is now short European sovereign debt.
Europe should hire some US BLS (Bureau of Labor Statistics) personnel. They are experts at creating the growth you want - especially through hedonic adjustments.
1862 was a good year for playing the hermonica
All we need is some black plague and we are on the road to recovery!
That would be mega-bullish. Imagine how the unemployment levels would drop if half the population died. Plus get rid of the older generation that is "taking" - in the ground = more for the rest of us.
SS solved. Disability = solved. Medicare = solved. Old people taking jobs from younger workers = solved
Man - this seems almost like a Cinderella scenario ...
If black plague don't exist, we'll have to invest it.
"All we need is some black plague.."
No thank you, I take white, like my men (Airplane, modified quote)
such a shame they dont have an agressive, competent, focused and GENEROUS central bank master like we do..........................
Derivatives are financial weapons of mass destruction which could unwind during a crisis. Here is a simple explanation of what they are and why they can be both good and dangerous. It is written in plain language by ex-central bankers for a non-specialist audience. With the current “difficulties” in Cyprus about to spread, it will be curious to see if derivatives raise their ugly heads again. Who knows how much exposure the TBTF banks have once things unwind a bit?
http://tinyurl.com/blhtc3q
Who knew the EU would invent time travel? They're taking their people Back!! To the future!!!!
"Who knew the EU would invent time travel? They're taking their people Back!! To the future!!!!"
Soon they will invent fire - ehhh wait, Al Gore says fire is a no-no
Raw fish Bitchez!
I haven't encountered any horseshit on the streets of London & Milan yet, so I guess all is well.
Edit: Scratch that - doesn't apply to London, they still live in Victorian times, and yes, the aforementioned features are present on the streets there.
Am I the only dirty bastard that had Prima Nocta pop in his head?
pods
They won't technically devalue, but they will try to weaken the Euro, and a weaker Euro will cause hidden inflation in commodities, food and energy. As Japan has shown, and the EU and US have shown more recently, all these higher costs choke off any economic recovery and actually hurt employment. And as we have learned, economies do not recover with moar QE!
Here's a 1st hand report from SEA...I am back-packing around Thailand, etc. right now...have been for about 4 months...I've been staying in Guest Houses with young Europeans(25-40) from all over southern Europe. I talk/discuss/debate with guys and gals from Italy, Spain, France, Eastern Europe, Russia, etc...I enjoy primary research...going to the source. Italians and Spainards are leaving their home country looking for any kind of work to survive on. Young educated Russians tell me that they have to stay with their parents to make ends meet, when they can find work. The educated Chinese that I meet seem to be getting along somewhat better--I've met two different young Chinese men who actually quit their job to travel because they felt that they could get another one upon returning to China. One other note, the Thai Baht has appreciated about 4% vs. the US$ since I arrived. Not good for us travelers. lol
Why they are Euro-peons. They all think they are wealthy or some kind of royalty.. Ie the French who loaned all their money to Greece... hehe.
History will show that the two lowest growth rates and greatest suffering for Europe were during and following the Black Plague of 1347 and the Banker Plague of 2010.
http://www.youtube.com/watch?v=u30m8U6VP3E
QE1862 !!!
Soon accompanied by 19th century working and living conditions.
Ideal time to bring back Madame Guillotine