Day By Day

Thursday, August 14, 2008

Europe's Economic Crisis

The Bush economy just keeps looking better and better, especially when compared with other developed economies. Official figures released today show that the entire Euro zone is in dire economic straits. Germany's GDP shrank by .5%, France and Italy dropped by .3%. Ireland didn't report figures, but is already in recession. So, too, are Estonia and Denmark. Taken together the entire Euro zone countries' economies shrank by 0.2%. Meanwhile the US economy grew at nearly 2 percent. European unemployment is up and inflation there is up to 4% and rising, twice that of the US. On every major economic index, America is dramatically out-performing Europe. The Euro is weakening and the Dollar is strengthening. America's trade balance is the best it has been in many years while European exports are declining fast.

And how do the Eurocrats respond to their developing economic crisis? They blame it on the United States.

Read the report in der Spiegel here.

And while you are at it also check out the der Spiegel piece on Georgia [here] which blames Putin's aggression on..., wait for it..., Bush's foreign policy. You see, they think that it is Bush's fault that the EU is in disarray and incapable of standing up to aggressors.