More Bad News For The Eurozone Economy: It’s Going Down This Year. Just Like Last Year

Ted Obvious reports from Brussels: Well how about that, eh? After it emerged, just days ago, that the Eurozone economy had contracted last year by 0.6 per cent it now turns out that it will shrink this year as well, by 0.3 per cent. And if you think I got my figures from a dodgy looking guy in my local bookmaker then think again. It comes direct from the European Commission itself which had been saying only a couple of months ago that the Eurozone economy would grow by 0.1 per cent in 2013. But just as on many occasions before the figures had to be reviewed. Downwards that is. As it happens most of the time with the EU and its governments. First comes the rosy picture and then comes the reality. And no one is ever held responsible, as in: s..t happens so why should we be accountable for it?

The funny thing about the latest forecast is that the EU statisticians are now saying, while keeping straight faces, that next year the Eurozone would grow by 1.4 per cent. How it would happen, no one explains, but we can assume that during the year this figure will hover on the plus side for a while before going down again. And just as before no one will be held accountable for it. For s..t happens, as we have been told so many times, especially when it concerns the mighty euro and the wise policies of the EU, that fine union of nations that has turned into a Soviet style monster with all the mismanagement and corruption thrown in.

The funniest thing about the so-called ‘growth’ that the people in Brussels like to talk about so much is that it all has to do with the vast injections of taxpayers’ cash into the banking system that create temporary relief on the markets but do nothing for the real economy. In effect, money is printed in vast quantities, passed over to the banks that then go on gambling sprees in the hope of making trillions, creating a false sense of heightened activity. Some of this money trickles down the system and even reaches the long suffering producers and parts of the services sector, creating an illusion of heightened economic activity. But once the resources dry out, the economy grinds to a halt again, with the money men demanding more public cash while refusing to part with any of their own. This perverse system has been in existence for a while a now, for the sole purpose of saving the euro that has already died. And this will continue for a while yet, until the whole thing crashes and the euro and the EU itself are buried under the rubble. Then a totally new system of financing the economy would have to be created that actually works for the benefit of the many and not the few.

The EC has had to admit that in 2013 more people in the Eurozone will lose their jobs, with unemployment rising to over 12 per cent. That  means that governments will have to find more money to pay benefits and get into even more debt. Which in turn means that all those fancy predictions of growth in 2014 are rubbish and have nothing to do with the real state of things.

In an ideal world, governments of all Eurozone countries should be sent packing, with parliaments approving acting cabinets, with outsiders invited to step in and take drastic measures, including direct government investment into the economy, without giving the money initially to banks that are then supposed to lend it to businesses. In certain cases trading on the markets would need to be frozen and kept frozen in order to introduce some sort of stability into the national finances and economies.

The money men have had their fun. It’s time to throw the stones not receive them.

–End–

1 Comment

1. mahatmacoatmabag says:

   February 24, 2013 at 9:33 am

   This may sound weird but Europes best hope is that China invades it & takes it over, because if we have to choose between the EU’s failed Soviet economy & the Chinese capitalist economy, then the Chinese one is the better option