Europe's Economic Implosion In One Chart

Tyler Durden's picture


The chart below, courtesy of Stone McCarthy, shows monthly exports to Europe. It says enough.

From SMRA:

Following consecutive monthly gains, Exports to Europe dropped a massive $4.0 billion in April, the largest monthly decline dating back to January 2005, including a $2.8 billion drop to the EU alone. In particular, Exports to Germany declined $0.4 billion in April and are now only up about 0.2% over the past year. Overall, Exports to Europe are now down 2.7% from April 2011, the first yearly decline since February 2010. The recent slowdown of Exports to Europe supports the FOMC assessment that sluggish economic growth in Europe is likely to affect trade with the US. 


The easing of export growth does not bode well for US economy.

And since records before 2005 show more of the same, one can simply say that exports to Europe had their biggest monthly drop ever.

But don't worry: Greece Europe is irrelevant.

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Thu, 06/21/2012 - 10:49 | 2547118 falak pema
falak pema's picture

now compare it to imports to the USA...I wonder.

Thu, 06/21/2012 - 10:52 | 2547143 falak pema
falak pema's picture

wow, this is like Athens coming...

Thu, 06/21/2012 - 11:01 | 2547196 SilverTree
Thu, 06/21/2012 - 14:57 | 2548208 DanDaley
DanDaley's picture

Athens already came...oh, wait, I see what you mean.

Thu, 06/21/2012 - 11:37 | 2547386 tocointhephrase
tocointhephrase's picture

Barclays also freezes just before payday too!

Thu, 06/21/2012 - 11:08 | 2547237 Linus2011
Linus2011's picture

Germany is preparing to sue Goldman Sachs in NY for $ 500 billion because of its criminal activities in Greece. Furthermore it is taking action to get its 3000 tons of gold back from the US.




Thu, 06/21/2012 - 11:13 | 2547251 roadhazard
roadhazard's picture

The Goldman part made me happy.

Thu, 06/21/2012 - 11:17 | 2547266 Linus2011
Linus2011's picture


Thu, 06/21/2012 - 11:14 | 2547267 Linus2011
Linus2011's picture

why not the rest anymore?

Thu, 06/21/2012 - 15:47 | 2548444 roadhazard
roadhazard's picture

I'm figuring the German gold is WW2 booty. If not then we are holding it for them so they don't have it to use for another war.

Thu, 06/21/2012 - 16:35 | 2548668 Carl Spackler
Carl Spackler's picture

German Au in the USA cannot possibly be WW2 booty.

The gold at the NY Fed is far more pure (and soft) than the stuff melted down from old jewelry and fillings, AND the Fed gold didn't come from Europe.  It simply shifted country lockers in the basement on the NY Fed, after monopoly money (I mean Euro-denominated bonds) traded hands on the desk upstairs.

Now, the German Au in Swiss banks may be another story...gotta check the tungsten level in those bars.


Thu, 06/21/2012 - 11:20 | 2547306 falak pema
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Goldman will lose the gold in its vaults and will be left with only Man on his nameplate....Lloyd will have to find a new label to push his cart. Shitman? Squidman? All ideas welcome! As long as its not new Lehman or Layman! 

As for Timmy, once the Merkel has recovered her gold from FOrt Knox, he will  feel much lighter under the belt; a bit like Ben who is already in levitation, as all his crown jewels have long been shorted out from his pants! 

Thu, 06/21/2012 - 11:30 | 2547361 Linus2011
Linus2011's picture

why do you guys thinks everyone was so calm and friendly to germany after G20?

one word from merkel about Gold, Target2, ESM etc. and the party (which is mostly financed by the german taxpayer) is over.

"you either shut the f*** up and smile immediately when the press is in and all during the next 2 days, or we are out"

Thu, 06/21/2012 - 15:57 | 2548491 SeattleBruce
SeattleBruce's picture

"Goldman will lose the gold in its vaults and will be left with only Man on his nameplate...."

Even worse will be what's left of the firm's full name, and the implications of that on its logos, etc.: Man Sachs...

Thu, 06/21/2012 - 11:36 | 2547381 Non Passaran
Non Passaran's picture

Germany is preparing to sue a company because of something the company has done in a third country?
Yeah right.. But they still have a better chance of accomplishing that than getting their gold back from the US, methinks.

I read German government wants that the EU quickly intros the financial transaction tax. Angela Merkel screw you.

Thu, 06/21/2012 - 15:59 | 2548511 SeattleBruce
SeattleBruce's picture

"Germany is preparing to sue a company because of something the company has done in a third country?
Yeah right.."

Mebbe it'll be heard by the "World Court" in the Hague...

Thu, 06/21/2012 - 12:05 | 2547525 Gazooks
Gazooks's picture

upcoming news flash of unfortunate 3k ton boating accident

Thu, 06/21/2012 - 14:40 | 2548153 The Reich
The Reich's picture


Thu, 06/21/2012 - 11:22 | 2547319 Arrrr
Arrrr's picture

The market has bottomed. Also, it's into leather and spanking.

Thu, 06/21/2012 - 10:49 | 2547122 Cognitive Dissonance
Cognitive Dissonance's picture

Thar she blows goes.

Thu, 06/21/2012 - 10:51 | 2547136 sosoome
sosoome's picture

Thar she gone.

Thu, 06/21/2012 - 10:53 | 2547152 Divided States ...
Divided States of America's picture

Dont matter, US markets decoupling from Europe, China, Oil prices and earnings warnings and every sensible logic.

Thu, 06/21/2012 - 13:39 | 2547881 Bananamerican
Bananamerican's picture

Autarky bitches!

go long horses...

Thu, 06/21/2012 - 10:49 | 2547125 financial apoca...
financial apocalyptic contagion's picture

shit happens

Europe is fine LTRO 3 should be coming any day now

then they can actually start lending and people will start buying

Thu, 06/21/2012 - 10:50 | 2547129 Cursive
Cursive's picture

Thank God for decoupling.  According to CNBS, it works both ways.  :)

Thu, 06/21/2012 - 11:09 | 2547240 Bay of Pigs
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Yes, thanks to the astute leadership of Uncle Ben Shalom, lil Timmy G, and Legs Dimon, we here in America are saved.


Thu, 06/21/2012 - 10:49 | 2547130 WatchingIgnorance
WatchingIgnorance's picture

If there was only one lesson they should have gotten from The Great Depression, it would have been on preventing contagion.

Instead, we have the most interlinked and intertwined economy ever.

The circadian rhythm of history is growing loud in our ears.

Thu, 06/21/2012 - 10:51 | 2547134 RobotTrader
RobotTrader's picture

IBEX 35 keeps making higher highs.


Looks to me that Europe stocks have bottomed.

Too hard to resist stocks like Repsol which now yields 8.9%, Total yields 6.7%, etc.

Heh, who wants the German Bund at zero interest rate?

Thu, 06/21/2012 - 10:53 | 2547148 Tyler Durden
Tyler Durden's picture

The IBEX is an unstoppable ripfest juggernaut:

Thu, 06/21/2012 - 10:59 | 2547183 CommunityStandard
CommunityStandard's picture

That moment when someone in the room gives the perfect comeback, and nothing else can be said.

Thu, 06/21/2012 - 11:05 | 2547203 SilverTree
SilverTree's picture


Robo, You just got knocked the fuck out!

Thu, 06/21/2012 - 11:21 | 2547318 derek_vineyard
derek_vineyard's picture

still.....robo's got the best avatar

Thu, 06/21/2012 - 11:34 | 2547375 SilverTree
SilverTree's picture

You can't judge a dumb-ass by his avatar.

Thu, 06/21/2012 - 11:40 | 2547395 tocointhephrase
tocointhephrase's picture


Thu, 06/21/2012 - 11:16 | 2547281 Cognitive Dissonance
Cognitive Dissonance's picture

Ouch. That's gonna leave a mark.

Thu, 06/21/2012 - 11:19 | 2547301 css1971
css1971's picture

Push the chart back another couple of years. If you check the current low is lower than the 08/09 crash. 60% down. This is where the DOW, S&P and FTSE are heading but the IBEX & MIB are already there.

I'm with Robotrader & starting to pick up targets.

Thu, 06/21/2012 - 11:39 | 2547396 BudFox2012
BudFox2012's picture

You assume that 08/09 levels are the lowest it can go.  Keep dreaming.

Thu, 06/21/2012 - 17:07 | 2548800 css1971
css1971's picture

I'm averaging in, so further drops are welcome too.

"Buy when there's blood in the streets, even if the blood is your own"

My assumption is about human nature.

Thu, 06/21/2012 - 11:20 | 2547311 Dr. Engali
Dr. Engali's picture

It makes my day to see Tyler school a troll.

Thu, 06/21/2012 - 11:28 | 2547353 john_connor
john_connor's picture

Preview of what is to come to the SnP 500.

Thu, 06/21/2012 - 12:02 | 2547510 CvlDobd
CvlDobd's picture

Take the ibex chart in weekly form back to 1990. Beautiful trend line of support off 94 and 96 highs to 2003 and 2009 lows just broke a few weeks back into ok a stab at it at support but got stopped out. To me it is HUGE technical damage and shoul be joining Greece on the 90% rack soon.

Goo luck owning Spain for longer than a few days.

I agree. It is a preview for the sp and rest of world still on a crack high.

Thu, 06/21/2012 - 10:54 | 2547150 Village Smithy
Village Smithy's picture

Eveyone is prone to the same delusional thinking that should things turn down, they will be first out. I say good luck with that.

Thu, 06/21/2012 - 10:55 | 2547159 reader2010
reader2010's picture

Bottomed? Where is the diaper tho?

Thu, 06/21/2012 - 10:55 | 2547164 Cleverbot
Cleverbot's picture

That is an interesting thought. You have perplexed me.

Thu, 06/21/2012 - 10:59 | 2547185 Divided States ...
Divided States of America's picture

Robos been looking at the charts with a mirror....hes also colorblind. he sees red as green and vice versa.

Thu, 06/21/2012 - 11:08 | 2547234 Hulk
Hulk's picture

and gasoline keeps getting cheaper. Hell, according to Robo, they be givin it away in LA !!!

Thu, 06/21/2012 - 12:50 | 2547691 Tijuana Donkey Show
Tijuana Donkey Show's picture

Respect the troll! He managed to even troll in Tyler. Robo loves the attention with MDB, its some Borat style shit. 

Thu, 06/21/2012 - 10:50 | 2547135 cherry picker
cherry picker's picture

Batten the hatches, hug your loved ones, we are in for an exponental ride...

Thu, 06/21/2012 - 13:49 | 2547946 Bananamerican
Bananamerican's picture

hold me?

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