Europe's Economy Contracts At Rates Not Seen Since 1930s

European Central Bank

From The Telegraph:

Dire day for Europe as Spain's jobless blasts through 3m and German industry goes into "free-fall"

German exports and industrial orders have both plunged at the steepest rate since modern records began and Spain's unemployment has surged above three million, capping one of the most disastrous days for Europe's economy since the Second World War.

Joaquin Almunia, the European economics commissioner, warned that the picture would turn "dramatically worse" this year. The eurozone's confidence index collapsed from 74.9 to 67.1, the lowest since Brussels started collecting the data in 1985.

"It makes truly dismal reading," said Julian Callow, Europe economist at Barclays Capital. "Industrial sentiment has never experienced such a rapid slump. There is an implosion of demand."

Spain lost almost 140,000 jobs in December, pushing unemployment to 3.1m or 13.4pc. The Labour Office said the country had shed a million in jobs in 2008 as the building boom collapsed. This is equivalent to 7m job losses in the United States.

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My Comment: Throughout history .... in particular European history .... economic emergencies were always followed by civil strife and war. While I do not believe war will break out in Europe .... (if there is to be a European conflict it will be in either the former Republics of Yugoslavia, or between Russia and its former Republics) .... today's world economic crisis will severely disrupt and increase the likelihood of war in countries that are in Africa, the Middle East, Asia, and Latin America.

This economic crisis is going to be the mother that will give birth to a number of wars. The number ... the who .... and the when .... this will be known to us only in the months and years ahead.