The fiscal cliff beckons and, as previously predicted, a resolution is unlikely. So let’s ignore the cliff this week and consider what’s happening elsewhere.
Last week was a good week for Europe – at least in comparison to most weeks.
The Eurozone is in a recession; unemployment continues to rise, and both industrial production and retail sales have dropped even further than had been predicted.
So where’s the good news? Well, for starters, European leaders were given the Nobel Peace Prize. While we’re not sure what the sovereign debt crisis has to do with war and peace, at least Europe is not the Middle East. In what other continent do neighboring countries lend billions of dollars to each other when they have no hope of ever getting it back?