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France Double-Dips As European Recession Is Now Longest On Record

Tyler Durden's picture


Confirming that in a world in which either commercial or central banks have to be constantly be churning out debt, and in a world in which Europe is doing neither (with European commercial loan growth posting sequential declines across the board, and the ECB's balance sheet still declining although likely not for long), "growth" as defined by conventional standards, is impossible, we got today's European Q1 GDP data. Not only was it bad, but it was even worse than most had expected.

And while Germany may have escaped a technical recession after its economy grew by the absolute minimum possible 0.1 percent in the first quarter (does it too also include intangibles in its GDP calculation one wonders) following a drop in Q4, it was France that officially double dipped into its second recession in four years with a 0.2 percent contraction and one year into Hollande's term. As the Bloomberg Brief chart below shows, Germany and France account for 49 percent of euro-area output. Overall, the euro-area economy contracted by 0.2 percent in the first quarter. The region’s economy has been shrinking since October 2011, the longest recession since the start of monetary union.

Meanwhile, France welcomes the double dip:


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Wed, 05/15/2013 - 07:45 | Link to Comment GetZeeGold
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New dog.

Wed, 05/15/2013 - 08:08 | Link to Comment AssFire
AssFire's picture

la redistribution magnifique.... chien-chaud.

Wed, 05/15/2013 - 08:20 | Link to Comment King_of_simpletons
King_of_simpletons's picture

How is our Great Recession coming along ?

Ah, that's right we are in an economic boom now.

Forgot the effects of easy money for a moment there.

Wed, 05/15/2013 - 11:34 | Link to Comment ronaldawg
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Germany's reparation payments after WW2 should have been double what they paid. 

Wed, 05/15/2013 - 07:50 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Reezon to celebrate ?

Wed, 05/15/2013 - 07:53 | Link to Comment PontifexMaximus
PontifexMaximus's picture

couldn't be more bullish for the markets. I'm looking for average EU unemployment rate at least heading up to 15%. Draghi needs confirmation to go full steam ahead. Japan is the benchmark.

Wed, 05/15/2013 - 07:56 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

I look throughly forward to Draghi telling Jens to fuckhimself, and going full retard printing trillions overnight .. and distributing it across the Eurozone in proportion to GDP.  Get off that last building bubble and spending blitz before the collapse.  



Wed, 05/15/2013 - 08:22 | Link to Comment asteroids
asteroids's picture

Germany wins again! This time without firing a shot. It's not about ownership, it's about control. Stupid Europians.

Wed, 05/15/2013 - 08:36 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

lol Europians 

Wed, 05/15/2013 - 09:16 | Link to Comment bjfish
bjfish's picture

euro-peons.  There fixed it for ya.

Wed, 05/15/2013 - 09:24 | Link to Comment _ConanTheLibert...
_ConanTheLibertarian_'s picture


Wed, 05/15/2013 - 08:43 | Link to Comment Lebensphilosoph
Lebensphilosoph's picture

If you believe that a state is somehow sovereign when it is still dotted with military bases of a foreign power some 70 years after its complete conquest and execution of its entire elected leaadership, you have no business using the word 'stupid' to describe others.

Wed, 05/15/2013 - 09:28 | Link to Comment AynRandFan
AynRandFan's picture

You ignore that the bases are there to protect Germany, not to subjugate it.  America is Germany's unpaid lackey.  We pay the bill, we risk our children's lives, and the world decries our "imperialism".  I say let Europe devolve into the East German model it deserves to be.

Wed, 05/15/2013 - 09:35 | Link to Comment Lebensphilosoph
Lebensphilosoph's picture

You ignore that the bases are there to protect Germany

Is that sarcasm or are you really delusional?

Wed, 05/15/2013 - 08:51 | Link to Comment Lebensphilosoph
Lebensphilosoph's picture

But don't take it from me:

German Minister of Finance Dr. Wolfgang Schäuble speaks openly about Germany's (lack of) Sovereignty at the European Banking Congress, 18 November 2011

Wed, 05/15/2013 - 11:17 | Link to Comment Offthebeach
Offthebeach's picture

Everywhere is control.
The System is control.
How else can you harvest the sheeple, their hopes, fears and dreams?
We are the crop, the masses, be managed like,factory farm poultry, only its a free range farm.
( Like in the end ofJim Thompson's novel, The Getaway.)

Wed, 05/15/2013 - 07:59 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

Remind me of this one


God, what I would do if I could break into the European parliment, and replace European Anthem.mp3 with this and lock the office.  That way just once ... when  those incompetatnt buffoons play their stupid anthem every week ... this plays instead.  


I wonder ... what would the Polish do? 

Wed, 05/15/2013 - 08:03 | Link to Comment dontgoforit
dontgoforit's picture

It's a set up, see?  Yeah, they're settin' us up for a big fall.  Then they swoop in (whoever 'they' are) and take over, see?  We don't stand a chance, I tell ya'.  We don't stand a chance!

Wed, 05/15/2013 - 08:06 | Link to Comment GetZeeGold
GetZeeGold's picture



They wouldn't do that to us...........would they?

Wed, 05/15/2013 - 07:54 | Link to Comment doggings
doggings's picture

bullish S&P +50 moar

Wed, 05/15/2013 - 07:58 | Link to Comment Misean
Misean's picture

Well, at least the economy is in a "stable" decline.

Wed, 05/15/2013 - 07:59 | Link to Comment timbo_em
timbo_em's picture

Francois, dont worry and keep spending! We got your back! Forward, comrades!

Yours truly,

Shinzo and Haruhiko

Wed, 05/15/2013 - 08:01 | Link to Comment Sandmann
Sandmann's picture

You persist in excluding the UNITED KINGDOM from EUROPE so could you include it in ASIA or AFRICA rather than ignore it as you do. Apparently in New York people have difficulty seeing the UK thinking it is in EPCOT or a theme park, but it is a busted island just 22 miles from France with its utilities owned by French and German companies as with its mobile telephone companies, its aggregates businesses and its car manufacturing plants.

Is it possible that people at ZH could start imagining that Canada makes more cars than Detroit and is part of the same production line in much the same way that British factories are part of French, German, italian production lines and the economies are not separate

Wed, 05/15/2013 - 08:05 | Link to Comment dontgoforit
dontgoforit's picture

That's ok.  BP owns half of Naperville!

Wed, 05/15/2013 - 08:11 | Link to Comment blue_yeti
blue_yeti's picture

Its a 'Euro Area' story about numbers released by the 'euro area' last time I checked UK wasnt using the Euro?

Wed, 05/15/2013 - 08:30 | Link to Comment Racer
Racer's picture

It may not use the euro, but it does fund the EU unfortunately and has laws imposed on it by the EU

Wed, 05/15/2013 - 08:06 | Link to Comment Sach Mahoney
Sach Mahoney's picture

Bullish!  More printing will easily solve this dilemma.  Please, anyone knows that by now.  

Wed, 05/15/2013 - 08:18 | Link to Comment marathonman
marathonman's picture

I saw Krugman's book End This Depression Now! in the public library yesterday.  I threw up in my mouth.  Ugggh.

Wed, 05/15/2013 - 08:13 | Link to Comment AnAnonymous
AnAnonymous's picture

The 'american' girl who petitioned her governor, lamenting the lack of growth, has now lost any pretext not to leave her 'american' country.

Lets see how she can contribute to the 'american' effort of infinite growth in countries like Canada, Australia or even Africa (sic)

'Americanism' at work. Good days in an 'american' world.

Wed, 05/15/2013 - 08:21 | Link to Comment Temporalist
Temporalist's picture

A Chinese citizenism petitioned his groveller and was shot.  The end.

Wed, 05/15/2013 - 09:50 | Link to Comment Edward Fiatski
Edward Fiatski's picture


Wed, 05/15/2013 - 08:21 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

That is one strange universe really, one that dismisses superposition of effects, or multiple causes leading to the same effects.

Propagandists have to step in and dress reality. Because the situation is plain to see for all and it diverges strongly from what propangadists have sold.

'AnAnonymist' Chinese citizenism nature is eternal.

Wed, 05/15/2013 - 08:25 | Link to Comment akak
akak's picture

Pity the formerly free Tibetan people, who continue to suffer persecution and genocide at the hands of their ethnocentric Han Chinese overlords, despite all hypocritical communistic trappings of "solidarity" and "liberation".

Alas, alas, hundreds of thousands slaughtered alas, just have to bite the bullet --- literally.

Wed, 05/15/2013 - 09:21 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

The construction of Chinese Citizenism Communautist society will be as xenophobic, nationalistic, self glorifying as it can be in that part of the world, and that is much.

Funny as funny because the general message somehow mirrors what you can read on this site.

Telling that Americans committed every crime in human history and prehistory, in order for 'AnAnonymists' to get away with their actual crimes. Does any shred of reality remain in Chinese citizenism citizens' minds, or has fantasical insanitation blobbed up to full capacity?

Wed, 05/15/2013 - 09:41 | Link to Comment Lebensphilosoph
Lebensphilosoph's picture

Confucius say Chinese Citizen walking through airport sideways going to Bangkok, just like dirty old German men.

Wed, 05/15/2013 - 11:29 | Link to Comment Offthebeach
Offthebeach's picture

I haven't seen a "Free Tibet" sticker on a Volvo in years. Although, lefties drive BMWs now that they got the parents estates. For a while there was a mini "Save Darfur" bumper sticker blip, but that left fashion has faded.

OTB, reporting from Massachusetts.

Wed, 05/15/2013 - 08:28 | Link to Comment Racer
Racer's picture

Must be good for new all time highs on all indices after that news!

Wed, 05/15/2013 - 08:32 | Link to Comment falak pema
falak pema's picture

while WS rumbles the real economy tumbles, you are in the jungle and you can hear the echos of Ben Bernanke's mumbles.

Hollande's bumbles and Cameron's jangles with austerity while fiat inflation hits posterity's bare posterior. 

Tangles and mangles for the sheeple and bonus chimes for the heeple deeple oligarchy people. 

What is a double dip between ENA friends when they can manipulate the next one to be slightly in the green, not deep triple red and dead beat. 

Wed, 05/15/2013 - 09:00 | Link to Comment q99x2
q99x2's picture

I wonder if Greece will exit the EU or maybe even default.

Wed, 05/15/2013 - 09:57 | Link to Comment NEOSERF
NEOSERF's picture

Like the UK, 2 quarters from now France will reverse and indicate that it actually did not double dip...nothing to see here.

Wed, 05/15/2013 - 10:02 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

I don't see or have the data on the relative growth in the CB money supply/QE, but I get the sense that the EU isn't printing as much as the Fed or the BoJ.

If that is correct, then they are not masking their fundamental problems as much as are we: Denial of free market correction due to endless debt creation.

/ Aaah, Debt Creation, the engine of our CB-led western economies. /s

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