I'm relatively bullish on America in 2012, but Europe is looking like a disaster with December stats indicating a fifth straight month of decline in manufacturing output.
It's worth dwelling on the perversity of the idea of a debt-induced recession. Debt occurs when you consume more than you produce. The solution to debt, then, is to produce more than you consume. Cutting production doesn't help. But when you attempt to cut consumption across the board with continent-wide austerity, this is what you get.
TODAY IN SLATE
The Most Terrifying Thing About Ebola
The disease threatens humanity by preying on humanity.
I Bought the Huge iPhone. I’m Already Thinking of Returning It.
Scotland Is Just the Beginning. Expect More Political Earthquakes in Europe.
Students Aren’t Going to College Football Games as Much Anymore
And schools are getting worried.
160 Countries Host Marches to Demand Action on Climate Change
- Protesters Take to the Streets to Sound Alarm on Climate Change in New York, Across the World
- Knife-Carrying White House Jumper is Vet who Feared “Atmosphere Was Collapsing”
- North Korea: American Sentenced to Hard Labor Wanted to Become “Second Snowden”
- Almost One in Four Americans Support Idea of Splitting From the Union