Daily: On Europe’s disintegration and Chinese economic data

The latest economic and political news out of Europe is quite discouraging. As you know, my base case for Europe is now a disorderly breakup because I believe events on the ground are moving quicker than politicians can adjust. Recent events bear this out.

In France, the country slipped into economic contraction in Q2, while Greece is expected to shrink 6.9% this year. Most of this can be laid at the feet of shrinking public and private sectors at the same time. The EU, for instance, e...


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