The economic situation in both the United States and the European Union has degraded so much in recent weeks that even the powers that be are admitting that the situation looks much uglier than the "Experts" previously warned.
According to data from SWIFT, the global messaging service for cash transactions, use of the euro has collapsed over the past nine months.
Based on the old standards of calculating a recession, the U.S. is likewise in a recession - and heading towards a great depression that will be much worse than the first one.
Since mid-July, the common currency has lost another eight percent against the dollar - and is likely only just getting started in terms of its continued decline.
Based on the new standards, the U.S. is expected to "Officially" enter a recession in 2024 as the effects of monetary tightening take their toll.
As poorly as the U.S. is doing right now economically, the Eurozone is reportedly doing much worse.
There, growth momentum is declining at the most rapid pace, while the U.S. economy has seemingly magically continued to "Hang in there."
Factory job losses across Europe are increasing as new orders decline and business confidence deteriorates.
In its 26-year history, the Eurozone HCOB PMI report has never seen this severe of a decline in new product orders across Europe.
The European car sector is struggling as well, and EU leaders have launched their own probe into illegal state subsidies in the Chinese car sector.
https://www.naturalnews.com/2023-10-05-global-shift-away-euros-dollars-accelerating.html
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