Economist Daniel Lacalle offers his thoughts on the European economy in a YouTube video. 

What LaCalle says about the Eurozone also applies to the US. 

What's Next for America?

For a 20-point discussion of what to expect, please see Nothing is Working Now: What's Next for America?

No V-Shaped Recovery

Here's the correct viewpoint: The Covid-19 Recession Will Be Deeper Than the Great Financial Crisis.

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Simply put, a quick return to business as usual is not in the cards.

Inflation or Deflation?

Meanwhile, the debate over inflation or deflation continues.

Will it be Inflation or Deflation?

If you believe the answer is inflation, then you do not understand the importance of credit and demand shocks. Click on the link for discussion.

Mike "Mish" Shedlock

Largest Collapse in Eurozone Business Activity Ever

The Eurozone economy has collapsed, led by services.

Financial Fragmentation of the Eurozone in Pictures

Eurozone fragmentation is massive. Target2 imbalances are just part of the picture.

Retail Apocalypse? Deflationary Collapse?

Through the third quarter, 6,752 locations were scheduled to shutter in the US according to the International Council of Shopping Centers. That's more than double the 2016 total and is close to surpassing the all-time high of 6,900 in 2008, during the depths of the financial crisis.

Italy Openly Defiant of Eurozone Stability Pact, Deliberately and Knowingly

Eurozone officials and the ECB are in a quandary over Italy's deliberate defiance of budget rules.