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Old 04-28-2008, 04:42 PM   #1 (permalink)
Simply^Ride
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Question Economy in Europe

I was wondering if any of our Europeans members can contribute here. Sure the world knows of the current state of the USA. But due per say our medias lacks of interest in international news, or more likely to say, that so they can control how we think and what we see, they really do not show much international news here.

I was wondering if Europe and other parts of the world are experiencing signs of a recession like we are in the states. Or is our economy state just connected to our wounder full presidential way of management.

This question also goes for our fellow Canadians, how is Canada doing?

Last edited by Simply^Ride; 04-28-2008 at 04:47 PM.
 
Old 04-28-2008, 06:52 PM   #2 (permalink)
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And now we go live to our Canadian correspondent, Perpetual3am!

Thanks Sno, it looks like our economy is fairing a bit better than the States even though the growth of our dollar has slowed down. There are predictions that it will be a slow year with economic growth slowing to just over a percentage point, but it looks like things are supposed to get better early 2009 so it doesn't seem like we're going into a recession. The Bank of Canada lowered its interest rates to help the slowing economy so hopefully that will help as well. Food prices are going to rise across the country up to 4% given the higher costs of transportation so I'm sure that will have an impact as well.

Here are a couple of articles I read recently that are much more detailed:

Is Canada recession-proof?

Bank of Canada cuts interest rate, growth outlook

I'm not the best person to ask as country economics are not my forte, but from my limited understanding things are slow but we aren't headed for a recession.

This is Perpetual3am signing off from another edition of Stoner Economics!

Last edited by Perpetual3am; 04-28-2008 at 06:57 PM.
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Old 04-29-2008, 05:34 AM   #3 (permalink)
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nowt happening over here really.

the main short term concern is over monetary movement. the merger of EU states meant that our eastern cousins flooded over in one of the biggest ever human migrations.

britain and many other western states are awash with romanians, polish and balkans. all more than happy to live 12 to a bedroom, earn minimum wage and still send more money home than they could ever before conceive possible.

and then they leave.

the upshot is, the money leaves our country, rather than being reinvested, ie in food, fuel or housing consumption. i guess this compares to america by your porous mexican border. y'all need illegals! cheap labour for cotton picking / bottle washing / litter collecting etc...

the long term concern is also over house prices. young uns cannot afford to buy a house purely due to the cost of the deposit. those who have got property have realised massive inflations in their value, but because it has been so high for so long, people are waiting for a crash. so these proud home owners who are virtual millionaires are beginning to lament the truism, that something is worth only as much as someone else is prepared to pay for it.

combine this with american rumblings of a credit crunch and imminent recession, and people are listening to rumours and are no longer spending so freely. it is a self fulfilling prophecy!

but thus far, aside from northern rock going kaput (momentarily) its all good. the Euro is gaining strength and no one is bothered by the US situation even in the slightest (despite the doom and gloom headlines). those opposed to the US (iran, south american states etc) switch from using the dollar and go for the euro instead, which is no bad thing. for our bidnis interests at least.... and of course we have the ever stable and friendly russia on our economic team!
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