Despite the nastiness of the economic picture, the ECB is widely expected to take no action at its meeting tomorrow. The euro area is walking, eyes wide open, into depression. Led by its periphery, which is already there.
Most everyone seems to have convinced themselves that this sort of thing isn’t so bad, so long as a Lehman-like financial collapse is avoided. It isn’t. Nothing good will come of a euro-zone depression.
The Second Great Depression—in EuropePosted: 3 May 2012 in Uncategorized
Tags: austerity, Europe, Second Great Depression