The last month of data flow from Europe is nothing short of depressing. It seems that the history of the Eurocrisis can be summed up as a repeated effort to snatch failure from the jaws of defeat. The Euro and the policy framework that supports it is now clearly inconsistent with anything but sustained recession....
Bottom Line: How high does unemployment need to rise, how much output needs to be lost, how much poverty must be endured before European policymakers realize that the policymakers see that the framework supporting the Euro politcally is an economic failure?
Amen. And the morons eurocrats are calling for even more "fiscal consolidation." Tim Duy's Fed Watch
When Can We All Admit the Euro is an Economic Failure? Tim Duy