Monday, March 19, 2012

Europe: Brace for Impact

Q: How's that austerity thingamabob working out in Europe?

A: It was only the "worst February for new car sales in Europe since the turn of the century."

Now, it is beginning to hurt: The European new car market crashed in February. According to data released by the European manufacturers’ association ACEA, new car sales were down 9.7 percent in February. Two months into the year, car sales in the EU are down 8.3 percent from the same period a year earlier.

...The harmless looking percentages hide the fact that this February was the worst of the millennium. Only 888,878 units changed hands in the EU27 in February, the lowest level since comparing months made sense (going back further is futile, the EU was much smaller then…) Even during carmageddon, European had not seen a February as bad as this one...

Hey, I've got an idea! Let's mimic the failed European social Democrat welfare state model like Paul Krugman says! I'll bet that'll work out super!

Hat tips: Mish and BadBlue.

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