“…since 2008…, the 28 countries in the European Union managed combined growth of just 4 percent. And in the subset consisting of the eurozone minus Germany, output actually fell. …most of the Mediterranean periphery has suffered a lost decade. …The unemployment rate in the euro area stands at 9.8 percent, more than double the U.S. rate. Unemployment among Europe’s youth is even more appalling: In Greece, Spain, France, Croatia, Italy, Cyprus and Portugal, more than 1 in 4 workers under 25 are jobless.”
If so, the genetic descendants of the Bourbons are now in charge of Europe.
What’s far more noteworthy, though, is that even the Europeans are waking up to the fact that the continent faces a very grim future.
For instance, the bureaucrats in Brussels are pessimistic, as reported by the EU Observer.
…the report warns of a longer term risk for the EU economy. “As expectations of low growth ahead affect investment today, there is potential for a vicious circle,” the commission’s director general for economic and financial affairs writes in…
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