Chart usGOLD   Chart usSILVER  
 
Food for thought
The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.
John Kenneth Galbraith  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1294.08-0.58
Silver 19.630.01
Platinum 1404.500.00
Palladium 794.900.90
WORLD MARKETS
DOWJONES 16409-16
NASDAQ 40969
NIKKEI 1451699
ASX 544532
CAC 40 443226
DAX 941092
HUI 220-2
XAU 90-1
CURRENCIES (€)
AUS $ 1.4802
CAN $ 1.5214
US $ 1.3811
GBP (£) 0.8224
Sw Fr 1.2201
YEN 141.4700
CURRENCIES ($)
AUS $ 1.0722
CAN $ 1.1021
Euro 0.7241
GBP (£) 0.5956
Sw Fr 0.8833
YEN 102.4300
RATIOS & INDEXES
Gold / Silver65.92
Gold / Oil12.37
Dowjones / Gold12.68
COMMODITIES
Copper 3.040.02
WTI Oil 104.590.83
Nat. Gas 4.740.21
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
The EU Just Lost Another Prop: France’s Economy is Crumbling
Published : November 29th, 2012
637 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet

 

 

 

 

Meanwhile, as Greece continues to distract the markets, France, the other primary prop for the EU besides Germany, is now experiencing an economic contraction on par with that of 2008-2009.

 

Indeed, France’s September’s auto sales numbers were worse than those of September 2008 (the month Lehman collapsed). The country’s PMI reading is back to April 2009 levels. Even the French Central Bank, which would hold off as long as possible before unveiling bad news, has announced the country will re-enter recession before year-end.

 

Over the past few weeks, an extraordinary cry of alarm has risen from chief executives who warn that the French economy has gone dangerously off track. In an interview to be published on Nov. 15 in the magazine l’Express, Chief Executive Officer Henri de Castries of financial-services group Axa (CS:FP) warns that France is rapidly losing ground, not only against Germany but against nearly all its European neighbors.There’s a strong risk that in 2013 and 2014, we will fall behind economies such as Spain, Italy, and Britain,” de Castries says.

 

On Nov. 5, veteran corporate chieftain Louis Gallois released a government-commissioned report calling for “shock treatment” to restore French competitiveness. And on Oct. 28, a group of 98 CEOs published an open letter to Hollande that said public-sector spending, which at 56 percent of gross domestic product is the highest in Europe, “is no longer supportable.” The letter was signed by the CEOs of virtually every major French company. (The few exceptions included utility Electricité de France, which is government controlled.)

 

            http://www.businessweek.com/articles/2012-11-...rench-ceos-help

 

We get additional confirmation that France is in big trouble from its partner in propping up the EU, Germany.

 

German Finance Minister Wolfgang Schaeuble has asked a panel of advisers to look into reform proposals for France, concerned that weakness in the euro zone's second largest economy could come back to haunt Germany and the broader currency bloc.

 

Two officials, speaking on condition of anonymity, told Reuters this week that Schaeuble asked the council of economic advisers to the German government, known as the "wise men", to consider drafting a report on what France should do…

 

"The biggest problem at the moment in the euro zone is no longer Greece, Spain or Italy, instead it is France, because it has not undertaken anything in order to truly re-establish its competitiveness, and is even heading in the opposite direction," Feld said on Wednesday.

 

"France needs labour market reforms, it is the country among euro zone countries that works the least each year, so how do you expect any results from that? Things won't work unless more efforts are made."

 

http://uk.reuters.com/article/2012/11/09/uk-g...E8A80MN20121109

 

France will be a bigger problem than Spain or Italy for the EU?!?! That is one heck of an admission from a German official. If France deteriorates then it’s game over for the EU. The current bailouts mean Germany is already on the hook for an amount equal to 30% of its GDP. If France tanks the amount will balloon astronomically. At that point it’s game over.

 

This is why the Powers That Be in Europe are absolutely terrified of what’s happening there.

 

 

Best Regards,

 

Graham Summers

 

If you’re looking for ideas on how to navigate this mess, we have produced a FREE Special Report available to all investors titled What Europe’s Collapse Means For You and Your Savings.

 

This report features ten pages of material outlining our independent analysis real debt situation in Europe (numbers far worse than is publicly admitted), the true nature of the EU banking system, and the systemic risks Europe poses to investors around the world.

 

It also outlines a number of investments to profit from this; investments that anyone can use to take advantage of the European Debt Crisis.

 

Best of all, this report is 100% FREE. You can pick up a copy today at:

 

http://gainspainscapital.com/eu-report/

 

 

 

Data and Statistics for these countries : France | Germany | Greece | Italy | Spain | All
Gold and Silver Prices for these countries : France | Germany | Greece | Italy | Spain | All
Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Graham Summers
All articles by
Graham Summers
Next article by
Graham Summers
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Graham Summers

Graham Summers is Chief Market Strategist for Phoenix Capital Research.
Graham Summers ArchiveWebsiteSubscribe to his services
Most recent articles by Graham Summers
9/20/2013
9/19/2013
9/16/2013
9/13/2013
9/12/2013
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer