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Europe Deal Pumps Markets, But What Holds the Future?

The Europameisters have a deal that rallied the markets today, but the devil is in the implementation according to the reports I’ve heard. Waiting for Krugman to speak on it. Ultimately Europe is still pursuing austerity as policy (so too are we), and as that austerity kicks in fully there is simply less money churning, less economic activity, less demand, fewer jobs, no recovery in sight. That’s what I’m afraid Krugman is going to say, regardless of his view of the EU’s latest maneuver.

How household spending has changed during our Great Recession. Nice chart via The Economist.

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