{"id":10588,"date":"2014-08-10T18:21:24","date_gmt":"2014-08-10T22:21:24","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=10588"},"modified":"2014-08-10T18:21:24","modified_gmt":"2014-08-10T22:21:24","slug":"european-depression-business-insider","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/","title":{"rendered":"European Depression | Business Insider"},"content":{"rendered":"<p>Joe Weisenthal quotes Carl Weinberg of High Frequency Economics:<\/p>\n<blockquote><p>For Euroland, the big picture is that the economy is in its seventh year of depression. On our estimate of a 0.7% contraction in the second quarter, GDP was still 3.2% lower than it was in the first quarter of 2008, when the depression began. Euroland\u2019s economy actually contracted in the first quarter of this year when you exclude Germany\u2019s unexpected surge to a 3.3% annualized rate of growth. Only people who were misled by Markit\u2019s untested and unproven PMIs believed that such growth was real and sustainable. Our estimate of second quarter GDP for the Euro Zone includes a contraction of Germany\u2019s economy at a 2% annualized rate, reversing the windfall in the unexplained and inexplicable first quarter spurt. If our forecast proves correct, average GDP growth for Germany in the first half of 2014 will work out to 0.7% at an annualized rate, clearly less than potential but very much in line with the experience over the last few years. Our estimate for France\u2019s economy is a more horrible contraction of 1.1% for the quarter, or 4.3% at an annualized rate.<\/p>\n<\/blockquote>\n<p>The European Central Bank (ECB) has been shrinking its balance sheet since 2012 while the Fed has been expanding. Not hard to figure out why the Monetary Union (EMU) is undergoing a contraction.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"ECB Total Assets\" alt=\"ECB Total Assets\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-09-ecbassets.png?w=525&#038;ssl=1\" \/><\/p>\n<p>Especially when private (nonfinancial) credit is contracting.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Euro Area Private Nonfinancial Credit from Banks\" alt=\"Euro Area Private Nonfinancial Credit from Banks\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-09-europvtcredit.png?w=525&#038;ssl=1\" \/><\/p>\n<p>Read more at <a href='http:\/\/www.businessinsider.com\/european-depression-2014-8?IR=T'>European Depression &#8211; Business Insider<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joe Weisenthal quotes Carl Weinberg of High Frequency Economics: For Euroland, the big picture is that the economy is in its seventh year of depression. On our estimate of a 0.7% contraction in the second quarter, GDP was still 3.2% lower than it was in the first quarter of 2008, when the depression began. Euroland\u2019s &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;European Depression | Business Insider&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,57,33],"tags":[],"class_list":["post-10588","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-stock-markets","category-uk-europe-countries-regions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>European Depression | Business Insider - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European Depression | Business Insider - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Joe Weisenthal quotes Carl Weinberg of High Frequency Economics: For Euroland, the big picture is that the economy is in its seventh year of depression. On our estimate of a 0.7% contraction in the second quarter, GDP was still 3.2% lower than it was in the first quarter of 2008, when the depression began. Euroland\u2019s &hellip; Continue reading &quot;European Depression | Business Insider&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-10T22:21:24+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2014\/2014-08-09-ecbassets.png\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"European Depression | Business Insider\",\"datePublished\":\"2014-08-10T22:21:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/\"},\"wordCount\":239,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2014\/2014-08-09-ecbassets.png\",\"articleSection\":[\"Banks &amp; Interest Rates\",\"Stock Markets\",\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/\",\"name\":\"European Depression | Business Insider - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2014\/2014-08-09-ecbassets.png\",\"datePublished\":\"2014-08-10T22:21:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2014\/2014-08-09-ecbassets.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2014\/2014-08-09-ecbassets.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/10\/european-depression-business-insider\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"European Depression | Business Insider\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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This is an advance estimate, based on incomplete data and is subject to further revision. While the spurt in quarterly growth is\u2026","rel":"","context":"In &quot;GDP and Activity&quot;","block_context":{"text":"GDP and Activity","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/gdp-and-activity\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63878,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/03\/15\/we-expect-a-recession-in-2026\/","url_meta":{"origin":10588,"position":1},"title":"We Expect a Recession in 2026","author":"Colin Twiggs","date":"March 15, 2026","format":false,"excerpt":"Key Points Real GDP growth slowed to an annualized rate of less than 0.7%. Growth in the Philadelphia Fed Coincident Economic Activity Index slowed to just 1.84% in December. Real GDP growth slowed to just 0.16% in the fourth quarter of 2025, an annualized rate of less than 0.7%, according\u2026","rel":"","context":"In &quot;GDP and Activity&quot;","block_context":{"text":"GDP and Activity","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/gdp-and-activity\/"},"img":{"alt_text":"Real GDP, Quarterly","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-03-13-realgdp2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-03-13-realgdp2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-03-13-realgdp2.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":40619,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/01\/28\/us-gdp-slows-as-bear-signals-grow\/","url_meta":{"origin":10588,"position":2},"title":"US GDP slows as bear signals grow","author":"Colin Twiggs","date":"January 28, 2023","format":false,"excerpt":"Real GDP slowed to a low 0.96 per cent for 2022, the smallest growth since the pandemic in 2020. Nominal GDP, unadjusted for inflation, slowed to 7.32%, reflecting a 6.28% increase in price levels. The fall is largely due to base effects, with quarterly real GDP reasonably steady at 0.72%\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Real GDP","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-26-realgdp-a.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-26-realgdp-a.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-26-realgdp-a.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":21143,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/08\/01\/european-depression\/","url_meta":{"origin":10588,"position":3},"title":"European Depression","author":"Colin Twiggs","date":"August 1, 2020","format":false,"excerpt":"Eurozone GDP figures show a -12.1% (year-on-year) fall in the second quarter of 2020. Spain is hardest hit, with the Madrid General Index headed for a test of its 10-year low at 600. The Trend Index peak below zero warns of strong selling pressure. Italy is only marginally stronger, with\u2026","rel":"","context":"In &quot;GDP and Activity&quot;","block_context":{"text":"GDP and Activity","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/gdp-and-activity\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61562,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/05\/01\/tariffs-cloud-gdp-outlook\/","url_meta":{"origin":10588,"position":4},"title":"Tariffs cloud GDP outlook","author":"Colin Twiggs","date":"May 1, 2025","format":false,"excerpt":"Summary First quarter GDP estimates show the US economy contracted, which typically warns of a recession The GDP figures are distorted by a surge in imports by companies and consumers in advance of President Trump's tariffs, implemented in early April Front-running tariffs may also account for the rise in investment\u2026","rel":"","context":"In \"10-Year Treasury Yield\"","block_context":{"text":"10-Year Treasury Yield","link":"https:\/\/thepatientinvestor.com\/index.php\/tag\/10-year-treasury-yield\/"},"img":{"alt_text":"Real GDP","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-01-realgdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-01-realgdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-01-realgdp.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":32570,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/05\/09\/us-labor-market-recovering-but-beware-high-interest-rates\/","url_meta":{"origin":10588,"position":5},"title":"US labor market recovering but beware of high interest rates","author":"Colin Twiggs","date":"May 9, 2022","format":false,"excerpt":"Atlanta Fed GDPNow estimates for Q1 and Q2 are weak, at annualized rates of 0.37% and 2.16% respectively. But our real GDP estimates, based on weekly hours worked, show an April recovery to 3.46% (annualized) after an erratic first quarter that averaged 2.24%. That is in line with 3.5% in\u2026","rel":"","context":"In &quot;Deficit Spending &amp; Employment&quot;","block_context":{"text":"Deficit Spending &amp; Employment","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/deficit-spending-employment\/"},"img":{"alt_text":"GDPNow","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-06-gdpnow.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-06-gdpnow.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-06-gdpnow.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-05-06-gdpnow.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=10588"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10588\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=10588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=10588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=10588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}