Despite record levels of unemployment across Europe (most specifically among the youth), record high (and surging) levels of loan delinquencies, and collapsing credit creation, the leaders of the EU continue to peddle their own brand of dis-information and willful blindness. While UKIP’s Nigel Farage tongue-lashings are normally enough, EU’s Barroso this morning unleashed the following:
- *EU’S BARROSO SAYS ECONOMIC GROWTH ‘SLOWLY RETURNING’
- *EU’S BARROSO SAYS EU AT TURNING POINT IN CRISIS
Unless the EUR weakens significantly, Europe’s major export growth markets will continue to weigh the region back into recession.
The strength of the Euro, notably against EM currencies was frequently mentioned in 3Q by companies missing estimates.
Asked whether such deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, Mr. Schuller, lamenting that the market had practically no confidence in pronouncements already, said “not at all.”
When Mr. Juncker, or European Central Bank President Jean-Claude Trichet, or French Finance Minister Christine Lagarde says something to the markets, Mr. Schuller said, “nobody seems to believe it.”
Mr. Juncker has voiced support for the practice of lying before.
The Web site EUobserver has video of Mr. Juncker, at a conference on economic governance in April, expounding on the practice and reasons for lying in financial and economic communications.
On the tape, Mr. Juncker says he has “had to lie” and, speaking about touchy economic topics, “When it becomes serious, you have to lie.