This is not unexpected for readers of this blog. Fiscal austerity is setting in and manifesting itself already in the short term data in Europe.
Link to article here. The unemployment rates in the so-called 'PIGS' countries are unfathomable. This may be a 'long, hot summer' for Europe in 2010.
And as much as we love to criticize Europe, with their Socialism and everything else, their unemployment rate is the same as ours. What does that say about our policies?
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