BBC:
Economic growth across the EU will slow in 2008 because of a weaker US economy and problems in global financial markets, the European Commission says.
Brussels is now forecasting 2.4% growth in the 27-member union in both 2008 and 2009, compared to 2.7% this year.
In the 13-member eurozone, growth is expected to slow to 2.2% next year, down from the 2.6% projected for 2007.
European banks have not been immune to the global credit crisis triggered by the slump in the US housing market.
- THIS HELPED PRECIPITATE THE DECLINE OF THE DOLLAR TO THE EURO - WHICH HELPS THE USA ECONOMY BUT HURTS THE EUSSR.
- THE ECB IS MORE CONCERNED WITH EUSSR FISCAL RESTRAINT AND WITH A STRONG EURO, THAN WITH GROWING THEIR ECONOMIES.
- THE FACT THAT THEY WILL NOW SUFFER ECONOMICALLY (UNEMPLOYMENT - ALREADY TWICE WHAT IT IS IN THE USA - WILL LIKELY GO UP SOME MORE) - AND THEY WILL BUY EVEN MORE USA GOODS AND SERVICES - ONLY PROVES THAT AMERICA'S ECONOMY IS CENTRAL TO WORLD ECONOMIC HEALTH.
- IF THE LEFT GETS IN POWER IN THE USA, AND RAISES TAXES AS THEY'VE PROMISED TO DO, THEN THE ENTIRE WORLD WILL SUFFER.
- OF COURSE: THE POOR AND THE CHILDREN WILL SUFFER THE MOST.
AMERICAN CONSUMPTION IS OFTEN CONDEMNED BY THE LEFT, BUT IT FUELS THE WORLD'S ECONOMIC WELL-BEING.
FOR THE WORLD ECONOMY - AND THE CHILDREN - AMERICANS SHOULD CONSUME EVEN MORE, NOT LESS. AND THE ECB SHOULD LOWER RATES, AND THE CHINESE SHOULD LET THEIR CURRENCY FLOAT, AND JAPAN SHOULD OPEN UP THEIR ECONOMY.
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