This page has been archived and commenting is disabled.
Euro Area Savings Rate Drops To Record Low, Disposable Income Has Biggest Drop Ever
A month it was the US which saw its savings rate plummet to the lowest since the start of the Second Great Depression...
And now it is the Euro Area's turn to see its savings crumble to 12.2% in Q4 2012, from 12.8% previously, the lowest in, well, ever, since the adoption of the Euro:
Why? Gross disposable income just imploded, dropping at the lowest "growth" rate ever. Notably, wages were a far bigger detractor to income than taxes.
And the same on a per capita basis. Bloodbath:
We know: austerity's fault (just ignore absolutely everything else that is broken in Europe). See how easy that was?
Source: Eurostat
- 13721 reads
- Printer-friendly version
- Send to friend
- advertisements -






All going according to plan. Let them borrow more to replace their wages. More debt = more wealth. 2 + 2 = 5
paging The Dork Of Cork...
Wait for it, wait, wait, okay, i'm gonna crack this case. Just you wait and see.
oF COURSE IT DROPS!
Why save if all you get is $150 for $20,000/year (0,75%)? !!
People need to find something that yields 3,5 to 5% otherwise they lose out big time!
That's why we have 8% REITS.
Smart people are still saving. They're just not saving where it can be counted, registered, taxed or stolen (the last two may be a repitition).
Once OJ gets done with his current undercover case, he'll be available to help you... :>D
AND JUST IMAGINE ALL THOSE ASSETS THAT ALL THAT DEBT WILL CREATE FOR THE BANKS!!
RECOVERY FOR THE BANKS 2013 STYLE!!!
WWF QUOTE OF THE YEAR => SAVE THE BANKS, TAKE A LOAN!!!
Take out a six month loan, and time will fly by like nothing.
Well, I think you need to share that pleasure with your kids, so It's more fun to just take out Generation Loans.
I spend, you downpay my sweet little child of mine... if you ever find a job of course... once you turn 18... so in about 9 years from now....
Execpt for I am the kids, watching the parents smoke themselves to death.
Everyone knows 2+2=8.
and 1 ounce = 160 ounces
That's plain wrong. 2 + 2 = 22
FIFY
I thought austerity meant that the role of the State in the economy was reduced. I see the contrary - the State is by far the biggest player in EU economies and this is only growing. Besides, anyone with an atom of sense knows that a consumer economy (quote unquote) needs consumer buying. Why institute policies that reduce disposable income (higher taxes, wage controls, inflation). It reminds me of Japan trying to usher in a wave of consumer spending yet their products are rapidly appreciating in price. Utterly senseless.
Damn! Extremely bullish.
the numbers seperately for each euro country would be interesting...
Fucked fucked fucked
Is it flooding in Vicksburg?
Bummer.
Word is checking accounts are about to take a pretty big hit as well.
Now you see it......now you don't......and it's gone.
Euro Stoxx 600 to the moon!
Benny "Pavlov" Bernake has rang the bell, B.T.F.D.
The new normal. Life without consequences, death or taxes.
AHHH! Nothing like a chart to visually track the demise of the Once proud people...
Time for another press conference.
I don't know... what's for lunch?...
http://www.youtube.com/watch?v=0QUz9obc1Go
Lowell George Easy Money
.
" the easier it looks the harder it hooks,
there ain't no such thing as easy money." r.l.jones
They'd better start gettin' busy with those BAIL IN'S or there'll be nothing left to steal... Shit ~ it must be tough work being a banker & trying to figure out just how to keep a ponzi going long enough to be able to steal for yourself at just the right moment...
It's not so much tough work, but rather a very specially altered state of consciousness ....
This is WAY beyond evil banksters. In Europe it's a disease shared by practically the entire continent - Statism. Long gone are any rational plan, conspiracies or grand ideas. The EU has retreated to response mode, bouncing off walls as they face one then another then another crisis. The idea of longterm prosperity - cutting government to industry ties, freeing capital, letting favorite firms fail, reducing taxes to raise disposable income, ensuring a strong currency - are virtually absent from Lisbon to Moscow.
Give us moar cash, we buy moar Gucci, we want moar subscriptions to table-sized art magazines that don't fit in our €50k two-door scooters, we want moar cheese and moar wine.
They must go ahead and push for INFLATION, that's the solution.
Inflate all INPUT prices, inflate crude oil price, inflate bread price inflate commodities prices.
No need to know that there's quite of a difference between Input Costs Inflation and Finished Prouducts Inflation, just inflate.
Life always gets better when all costs get inflated.
Tell that to the savers & fixed income folks... Instant diet catfood...
That's not good. We have to inflate catfood price also.
We have to let the gov know that catfood prices are not inflated enough
Pussy Galore
Raise the price yourself.
CATFOOD PRICES CAN BE DEFLATED IF WE PUT DOGMEAT IN IT!!!
What a Cat eat Dog we live in these days....
cats taste like rabbits.
I'm eating shrimp for breakfast... [tastes like chicken ~ until you add in the corexit]...
Shrimps go great with Bald Eagle Eggs!!
Put the eggs and the shrimps in a blender, fry it and HHMMMM!!! GOOD EATING!!
Bald eagle eggs? Sauvage! I'm a California condor hatchling guy myself.
The fortunate ones can still afford the canned variety.......it's moar meaty!
But if you buy it in cans, you can make a kewl hobo stove...
~~~
http://www.youtube.com/watch?v=8pWyETeTP1E
It would be really interesting if they could divide this further into various income groups. Let's say, ordinary working folks versus EU officials, EU civil servants and bankers.
The Spiegel would spin it so as it would look like savings and disposable incomes dropped the most in Germany while they raised the most in Spain, Greece and Cyprus.
Ah yes, austerity. Whereas the stimulation in the US has been a resounding success, let's try that in Europe instead.
DavidC
Exactly. Those opposed to austerity (which means a reduced role of the State in economic affairs - something not yet done in the EU) offer zero solutions for the future besides "borrowing at low interest rates". That's really a formula for sustainable prosperity - endless borrowing. We all know how well it's worked in the US as we head toward a fourth year of "recovery".
We are all nations of squatters squatting on the ruins of once-great civilizations. In Europe and the rest of the world they know this. They are sad, defeated peoples.
However, America has only been around for a few seconds on the 24 hour clock of human civilization and it doesn't matter if we are a "once-great civlization" or not... we are too young to know it... or even care.
We beg to differ.
We think this heist of wealth and attempt at elimination of the middle class should be fought with vigor due to a great sacrifice made by men in 1776.
We knew America would be sought after relentlessly by the Crown of England and her pack of deadly, dedicated and sociopathic wolves in fine suits.
We know - This planet will be a debris field if men without leadership qualities continue to hold the reigns of the civilization's chance for survival and a life worth living.
Right and wrong applies here. Nothing less. Nothing more. This is a flawed plan. We would hope you had more imagination, perhaps a weak attempt at a solution.
How much do they expect people to save when they have no jobs?
Can't they borrow something, and then save that?! ;-)
Even though they have no jobs they must hurry up and save while keeping their money in a Euro bank account under their own name where it can be more easily collected by the state In the near future.
If people don't have money in banks how can "The Cyprus Template" be applied?
Also, as well as saving, people must also be forced to increase their spending! Which they can do by borrowing if they have no savings. This will help the economy by increasing the demand for goods and services.
Sheesh this is basic Keynesianism and should be well understood by now...
When the governments start stealing money from your bank accounts, is it any wonder that the savings rate would drop?
And then governments blame people for keeping their wallets closed and not spending their money to stimulate the economy. What money?!
Not surprised.
Why keep your money in a bank earning little or no interest, where they can steal it anytime they like at a stoke of a key?
There is absolutely no incentive or benefit to keep your money in the system anymore.
The worst place in the world to trust your money is a bank.
Simple spend it or have it stolen, I know what I'd do.
Buying land, gold...and stocks. Gold deal paid off well since it's risen by almost $100/oz from the day I bought the last in the store.
Buying land, gold...and stocks. Gold deal paid off well since it's risen by almost $100/oz from the day I bought the last in the store.
1 simple example, to fix your car 800 Euros with tax or 700 Euros cash in hand, money stays out the bank when paid by cash in hand.
On a side note, Centeral Banks disposable income has risen
Hoarding PMs, bullets, toilet paper, canned tuna .... is included .... in calculating savings rate ? LOL
Clearly all the europeans are buying stocks with their savings. makes total sence.
My idea for Haute Cuisine .... is throwing a can of tuna .... and a fistful .... of frozen peas .... in my dollar store mac 'n' cheese !
Dear loyal European shitizens,
Please do your duty save more of your money so that we might rightly steal it.
Sincerely,
Your selfless, humble Overlords
Serf's up!
Yolo?