I do think we have already seen the peak of business cycle in the world and world growth is slowing. In democracy, no politicians want to swallow poison pills and their intention is to stay in power by kicking down the can (problems) further rather than solving the problems. German unemployment is rising. Germany is the only hope for EU Zone support.
World is sitting on a volcano, created by central bankers money printing machine, that is going to erupt someday. We are already facing the higher cost of living in many parts of the world.
Italy's roughly 120 percent of G.D.P., its growth-hobbling government debt is second only to Greece’s among euro zone members. Although it has run a budget surplus, minus debt costs, for several years, the Italian government spends about 16 percent of that budget on interest payments — a bill that began to rise in the summer of 2011 as investors and creditors began to fear that Italy cannot escape Europe’s debt crisis.
Italy is often now described as Europe’s “too big to fail’' economy. The amount of its debt held by foreigners — nearly 800 billon euros — is more than that of Greece, Ireland and Portugal combined.
Economy is sliding back into a double-dip recession in 2013 unless Obama policies are swiftly reversed, which is very unlikely. But now even the Washington establishment CBO is pealing the air raid siren as well of the Crash of 2013.