Friday, July 6 the employment numbers released in the United States showed the dire straits that the US economy remains in. The EU post Summit 19, however, is probably in worse shape!
This is true despite the fact that some EU politicians, financial analysts and talking heads around the world are whistling past the graveyard saying that things in Europe are in some way under control and moving in the right direction.
Consider the presence of negative 2-year sovereign bond yields in some countries, 6%+ 10-year sovereign yields in others, apparent widespread fraud setting LIBOR rates, Finland issuing threats, Greece already behind the curve in cost-cutting, the need last week for coordinated central bank action this deep into the crisis, Spain on the brink and so on.
Just think about the level of fear in the marketplace when investors are willing to earn negative returns for 2-years just for the privilege of parking their money in so-called "safe havens"!
These are links to a smattering of stories providing a good overview of the US economy and EU financial crisis.
GlobalUncoordinated Panic; ECB Cuts Rates to Record Low, Deposit Rate to Zero; BondMarket Response Was "Not Enough"; Words "HeightenedUncertainty" Explained
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