While the UK’s latest inflation report seems almost optimistic, Europe remains completely fucked. Look, I don’t want to swear, but what else can I do? Remember how much you swear when you stub your toe? That’s not as bad as unemployment, is it? Well millions of people are unemployed thanks to the worst institution in the world, the ECB.
As Matt Yglesias points out, although the periphery’s descent into hell is decelerating, even Germany is suffering. It reported only 0.1% quarter-on-quarter growth for Q1 2013. This is what Eurozone economic “growth” looks like versus US growth.
And, although Karl Smith can’t make Eurostat spit out the numbers he wants someone can. Above is growth rates, what that fails to show is the magnitude of the divergence between the US, where fiscal policy is nuts but monetary policy relatively sane, and the EU where everyone’s just gone batshit crazy and decided things need to get worse before they can get better.
Let this be a lesson to you, you can fill a properly instituted legislature with lunatics and by the magic of checks and balances somehow survive, let them into your central bank and you’re doomed.