from moneynews.com(subset of newsmax.com)
Europe Ready to Collapse
The euro-zone is heading from bad to worse as confidence is collapsing, the stock markets are sinking and currency issues abound.
For the euro-zone, the applause stopped long ago, according to Scotland, on Sunday, and the economies inside the zone are now faring worse than those outside. The EU government says to countries who want in, including Britain, "if it's economic performance you want, you're better off out."
The Scotland paper says the EU is nothing more than a myth of a superior continental economic model, and a flight of capital out of the zone has contributed to the stock market collapses this year. At one point the German stock market was showing a collapse of 70 percent from its peak, double the percentage of the fall of the Dow Jones.
Economic forecasts show growth as dismal. In some cases, forecasts indicate the euro-zone will only manage growth of 0.9 percent tihs year and 2.1 percent the next.
Officials do not blame the world slowdown to the performance collapse, but rather chalk it up to self-inflicted wounds, including a growing tax burden, over-regulated labor makrets and a relentless rise in the government share of the economy. Insiders say those who greeted the American technology bubble burst are now licking their own wounds as financial problems increase. |
