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The euro area economy is in a terrible mess. In December 2013 euro area GDP was still 3 percent lower than in the first quarter of 2008, in stark contrast with the United States, where GDP was 6 percent higher. GDP was 8 percent below its precrisis level in Ireland, 9 percent below in Italy, and 12 percent below in Greece. Euro area unemployment exceeds 12 percent—and is about 16 percent in Portugal, 17 percent in Cyprus, and 27 percent in Spain and Greece.

via Away with the euro.

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Remarkable stories from the web in a new, easier format.

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Remarkable stories from the web in a new, easier format.

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Remarkable stories from the web in a new, easier format.

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Remarkable stories from the web in a new, easier format.

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Consumers are being sold food including mozzarella that is less than half real cheese, ham on pizzas that is either poultry or “meat emulsion”, and frozen prawns that are 50% water

via Let industry regulate itself.

Despite favorable demographics, a relatively small tax base and a small welfare state compared to other advanced nations, many people are alarmed at the level of public sector deficits and debts. These worries have led to the implementation of considerable spending cuts already, spending cuts, which the IMF! have classified as “excessively rapid and ill-designed.”

via Is The U.S. Bankrupt? – Seeking Alpha.

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