A deepening recession in the 17-nation eurozone sent shares lower on Thursday amid evidence that the problems of the single currency's crisis-hit periphery were spreading northwards to affect monetary union's core economies of Germany and France.Meanwhile in this country we stand on the precipice of "super austerity".
Despite an easing of financial tensions in the second half of the year, gross domestic product in the members of the monetary union dropped by 0.6% in the final three months of 2012, a heftier decline than the markets had been expecting.
... The US grew by 2.2% in 2012 and Japan by 1.9%, while GDP in the eurozone contracted by 0.5%.
“I’ll tell you the same thing I told my Republican colleagues at our retreat,” Boehner said. “The sequester will be in effect until there are cuts and reforms that put us on a path to balance the budget in the next 10 years.”
That, of course, is pretty much the Ryan Plan for a Randian Starvetopia.
[cross-posted at Firedoglake]