20 Signs That Europe Is Plunging Into A Full-Blown Economic Depression
An economic nightmare is descending on Europe. With each passing month, the economic numbers across Europe get even worse. At this point it is becoming extremely difficult for anyone to deny that Europe is plunging into a full-blown economic depression. In fact, some parts of Europe are already there. In Spain the overall unemployment rate is over 22 percent, and in Greece one out of every five retail establishments has already been closed down. All over Europe, economic activity is rapidly slowing down, unemployment is skyrocketing and bad debts are unraveling. It isn’t even going to take a default by a nation such as Greece or a collapse of the euro to push Europe into an economic depression. All Europe has to do is to stay on the exact path that it is on right now and it will get there. Normally, European governments would respond to an economic slowdown by increasing government spending. But this time most of them are already drowning in debt. Instead of increasing government spending, most governments in Europe are actually cutting back. All over Europe, national governments are being encouraged to implement even more tax increases and even more budget cuts. The hope is that all of this austerity will help solve the nightmarish sovereign debt crisis that Europe is facing. But unfortunately, all of these tax increases and budget cuts are also going to involve a tremendous amount of economic pain.
The frightening thing is that we are just at the beginning of the process for most European nations. If you want to see where nations such as Portugal, Italy and Spain are headed, just take a look at Greece. Greece has been going down this road for several years, and there is still no light at the end of the tunnel for them.
The tax increases and budget cuts that are being implemented right now in Europe will be felt for years to come. The tremendous economic prosperity that was fueled by unprecedented amounts of debt will now give way to tremendous economic suffering.
The following are 20 signs that Europe is plunging into a full-blown economic depression….