Lawmakers in Germany’s lower house of Parliament easily passed the next round of financial support for Greece on Friday, despite growing doubt among members of Chancellor Angela Merkel’s coalition and opposition parties that the measures will be sufficient to resolve the Greek problem.
,,, Ms. Merkel has been able to quell calls from within own her center-right coalition for Greece to leave the euro zone, by insisting that the consequences of such a step would be far more dire for Germany than providing more financial assistance.
Ms. Merkel’s government rests on an alliance of her own conservative Christian Democratic Union with the sister party for the state of Bavaria, the Christian Social Union, and the liberal pro-business Free Democrats. It was not immediately clear if a fully majority of her government had supported the bailout measure.THIS ONLY DELAYS THE INEVITABLE: THE BAILOUT WILL FAIL AND THE EURO WILL DISAPPEAR.
WHY AM I SO SURE? HERE'S WHY:
Joblessness in the euro zone reached a new record in October, with another 173,000 people out of work, but consumer prices dropped sharply in November and offered some relief to households during the recession.
... the euro zone economy, which this year sank into its second recession since 2009, may manage only a weak recovery next year and unemployment levels will continue to rise, economists and policymakers say.
“We have not yet emerged from the crisis,” the European Central Bank president, Mario Draghi, said on Friday. “The recovery for most of the euro zone will certainly begin in the second half of 2013,” he told France’s Europe 1 radio.
Unemployment rose to 11.7 percent in October, Eurostat said, up from 11.6 percent in September and a marked increase from the 9.9 percent level a year ago, leaving almost 19 million people out of a job.THE ABILITY OF THE POLITICIANS OF THE WEALTHIER EURO NATIONS TO BAILOUT THE GOVERNMENTS AND ECONOMIES OF GREECE AND SPAIN AND ITALY - WHICH ARE SPIRALING DOWN AND IN NEED OF MORE AND MORE SUPPORT - IS EVAPORATING:
BBC:
The respective fortunes of northern and southern Europe diverged further. In Spain, the jobless rate rose to 26.2% from 25.8% the previous month, and in Italy it rose to 11.1% from 10.8%.
In contrast, unemployment in Germany held steady at 5.4% of the labour force, while in Austria it fell from 4.4% to just 4.3%.ONLY A POWERFUL POSITIVE EXTERNAL EVENT CAN CHANGE THIS.
LIKE.... $45/BARREL OIL. THAT'S ONLY LIKELY TO HAPPEN IF THE WORLD FALLS INTO A DEPRESSION - OR, IF A COMMERCIALLY VIABLE COLD FUSION ENERGY PROJECT GETS OFF THE GROUND.
CAN THE USA HELP? NOPE.
A ROMNEY VICTORY WOULD HAVE HELPED.
BUT WITH OBAMA AND REID RUNNING WASHINGTON, IT'S LIKELY THE USA WILL CONTINUE DOING WHAT IT'S BEEN DOING:
- RUNNING WITHOUT A BUDGET;
- WITHOUT SPENDING CUTS;
- WITHOUT TAX CUTS;
- WITHOUT ANY INCREASED INCENTIVE FOR INVESTMENT;
- AND WITH ANOTHER ROUND OF CURRENCY CHEAPENING MONEY-PRINTING, AKA "QE3".
HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA? (CONT’D):
Ignore GDP and the Fiscal Cliff, the U.S.A. Is Already in Recession: ECRI’s Achuthan.
There’s another reason to wonder if the GDP numbers tell us as much as we think:
Ugly 3RD QUATER GDP Confirms Personal Consumption Collapsing; Headline “Growth” Driven By Government, Inventory Accumulation.
Oh, well, so long as nobody noticed before the election.
Posted at 6:34 pm by Glenn Reynolds
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