Summer vacation is over and things are about to get very interesting in Europe. Most Americans don

Summer vacation is over and things are about to get very interesting in Europe.  Most Americans don t realize this, but much of Europe shuts down for the entire month of August.  I wish we had something similar in the United cruising tips States.  But now millions of Europeans are returning from their extended family vacations and the fun is about to begin.  During cruising tips August economic conditions continued to degenerate in Europe, but I figured that it wouldn t be until after August cruising tips that the European debt crisis would take center stage once again.  And as I wrote about last week, if there is going to be a financial panic, it typically happens in the fall .  The stock market has seen quite a nice rally over the summer, and many investors are nervous that we could see a significant correction very soon.  The month of September cruising tips has been the absolute worst month for stock performance over the past 50 years , and it has also been the absolute worst month for stock performance over the past 100 years as well.  Of course that does not guarantee that anything is going to happen this year.  But things in Europe cruising tips continue to get worse.  Unemployment rates are spiking, manufacturing activity is slowing down, housing prices are crashing and major financial institutions are failing.  What is happening in Europe right now appears to be an even worse version of what happened to the United States back in 2008.
Well, just remember what happened back in 2008. When the U.S. financial system started coming apart at the seams it sparked a devastating worldwide recession which was felt in every corner of the globe.
#3 French automaker PSA Peugeot Citroen has announced that it will be cutting more than 10,000 jobs .  But of course major layoff announcements like this are coming out of Europe almost every day now.
The central bank of Spain just released the net capital outflow numbers and they are disastrous. cruising tips During the month of June alone $70.90 billion left the Spanish banks and in July it was worse at $92.88 billion which is 4.7% of total bank deposits in Spain. For the first seven months of the year the outflow adds up to $368.80 billion or 17.7% of the total bank deposits of Spain and the trajectory of the outflow is increasing dramatically. Reality is reality and Spain is experiencing a full-fledged run on its banks whether anyone in Europe wants to admit it or not.
#7 The yield on 10 year Spanish bonds is up to 6.85 percent .  This is an unsustainable cruising tips level, and if rates don t come down on Spanish debt soon it is inevitable that Spain will end up just like Greece.
#8 On Monday it was announced that Spanish banking giant Bankia will be getting an emergency cash injection of between 4 and 5 billion euros .  Apparently cash injection sounds better to the politicians than a bailout does.
#9 The housing crash in Spain just continues to get worse.  It is being reported cruising tips that some homes in Spain are being sold at a 70% discount from where they were at the peak of the market back in 2006.  At this point there are approximately 2 million unsold homes in Spain.
#10 There are persistent rumors that the government of Spain will soon be forced cruising tips to officially ask for a bailout from the rest of Europe. cruising tips But who is going to bail them out?  Most of the other governments of the eurozone are on the verge of bankruptcy themselves.
The downturn that began in the smaller periphery members of the 17-nation bloc is now sweeping through Germany and France and the situation remained cruising tips dire in the region s third and fourth biggest economies of Italy and Spain.
Larger nations like France and Germany remain in reverse gear the (manufacturing) sector is on course to act as a drag on gross domestic product in the third quarter, said Rob Dobson, senior economist at data collator Markit.
Markit s final Purchasing Managers Index (PMI) for the manufacturing sector cruising tips fell from an earlier flash reading of 45.3 to 45.1, above July s three-year low of 44.0, but notching its 13th month below the 50 mark separating growth from contraction.
#17 The suicide rate in Greece is more than 30 percent higher than it was last year.  People are becoming very desperate in Greece and there is no end in sight to the economic depression that they are going through.
cruising tips Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency.
Every time European leaders get together they declare that they have a plan that will solve the problems that Europe is experiencing, but as we have seen things cruising tips in Europe just continue to get worse with no end in sight.
A key date is coming up in the middle of this month.  On September 12th, Germany s Constitutional Court will determine the fate of the recent fiscal pact and the ESM.  According to UniCredit global chief economist Erik Nielsen , if the court rules against the fiscal pact and the ESM the fallout will be catastrophic .
But that does not mean that things are going to be easier for the United States cruising tips than last time.  We have never even come close to recovering from the last recession.  Most Americans families are just barely getting by.  In fact, 77 percent of them are living paycheck to paycheck cruising tips at least part of the time.