Did you know Giving Tuesday got started, back in 2012, explicitly to fight against the commercial corruption of Thanksgiving with its Black Friday and Cyber Monday? That’s awesome! And what better way to mark the day than with a Giving Tuesday donation to Mother Jones that will help fight corruption of all sorts, day in and day out. Our finances are rough right now and we could really use a Giving Tuesday boost. Please help us make the most of this heightened day of giving if you can right now.
Did you know Giving Tuesday got started, back in 2012, explicitly to fight against the commercial corruption of Thanksgiving? That’s awesome! And what better way to mark the day than with a donation to Mother Jones that will help fight corruption of all sorts, day in and day out. Our finances are rough right now and we could really use a Giving Tuesday boost if you can help today.
The eurozone’s gross domestic product…shrank by 14.4% on an annual basis, far exceeding the 4.8% contraction in the U.S. economy over the same period. That largely reflects Europe’s earlier and broader lockdown….Some rebound in activity in the eurozone is expected in the second half of the year, but economists no longer expect the lost output to be quickly recovered. ECB economists expect the economy to shrink by between 5% and 12% this year, Ms. Lagarde said.
There’s not really much to say about this. These are Great Depression numbers. The only silver lining is that modern Europe’s social democracies are better placed to stay on an even keel than we are—though a lot of that depends on how they handle the crushing economic blow that CV19 has brought to southern European countries.
At the risk of sounding like a broken record, though, I’ll point out that I learned of this from the Wall Street Journal, which gave it modest placement below its main story along with a bland headline: “Record Contraction in the Eurozone Bodes Ill for Quick Global Rebound.” They would have paid more attention to a thousand-point drop in the Dow. It’s pretty obvious that no one is treating this like a “real” drop of 14.4 percent.
Can you pitch in a few bucks to help fund Mother Jones' investigative journalism? We're a nonprofit (so it's tax-deductible), and reader support makes up about two-thirds of our budget.
We noticed you have an ad blocker on. Can you pitch in a few bucks to help fund Mother Jones' investigative journalism?