Rejecting the notion that the US and the EU economies are not in a soft patch is foolish.
A downturn of 1.2 per cent suggests that the debt of the EU combined with the Germany debt indicates the long term economic prospects for Germany and the EU shall continue to weaken and remain stagnant for a few years.
Markets await Bernanke, banks amid lull in economic datatheglobeandmail.com
Canada’s June retail trade figures due Tuesday; U.S. durable goods orders data for July coming…
Funny – I read that Germany’s manufacturing was going gang busters. I also read that the average debt of EU members is now 4.3% of GDP. You had to have no more that 3% GDP debt to join the EU at inception. Me thinks the P.I.G.S. were cooking the books right from the start…. Regardless, the EU is definitely in a bit of a pinch….
I love reading media comments about the German economy because they are completely distorted. The only reason why the German’s have such low unemployment is they have no minimum wages. The second edge to this sword is that they have no productivity, so growth potential is very limited. They actually institute labor laws that restrict employers from having to pay overtime if hours worked meet the average weekly hours over a certain window of time. We should not be envious of Germany.
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