It seems the media has gone quiet about the eurozone credit crisis, as I don’t hear much about it these days in the mainstream news. Maybe they are relieved about the European Central Bank ’s (ECB) announcement about its plan to do whatever it takes to save the eurozone—even if it includes printing more money. Read it here and read it loud: the eurozone credit crisis is far from over. Its economic slowdown is only going to get worse. The unemployment rate in the eurozone reached another high in November of 2012—11.8 % compared to 10.6% a year earlier. In October, the unemployment rate in the eurozone was 11.7%. (Source: Associated Press, January 8, 2013.) Particularly hard hit has been Greece, as its unemployment rate hit a record 26.8% in October. The unemployment rate for youth aged 15 to 24 is 56.6%. A record 1.34 million Greeks are unemployed. (Source: ELAST, January 10, 2013.) The stronger nations in the eurozone are weakening at an accelerated pace. Consider Germany. Factory orders there fell more than expected, down 1.8% in November of 2012 from October. (Source : Bloomberg, January 8, 2013.) Germany is a major economic hub of the eurozone, but it’s not safe from turmoil in the region. My question: what happens to the eurozone economy if Germany deteriorates further? The eurozone is in a recession for the second time in four years. The economic slowdown in the eurozone due to its credit crisis is more severe than it appears on the mainstream news. People are affected across the board. Birth rates are falling. In Portugal, the number of births in 2012 is expected to be at its lowest level in 60 years. (Source: Wall Street Journal , January 7, 2013.) Coupled with slowing birth rates, Italy, another one of the major economies in the eurozone, has been experiencing a severe slowdown. Car sales in Italy were down 20% in 2012. (Source: The Globe and Mail, January 8, 2012.) It’s important to know that 16.8% of the eurozone’s gross domestic product (GDP) is generated by the Italian economy. (Source: Financial Times , November 16, 2011.) Suffering for people in Italy has gotten to a point where they are struggling to pay their bills. So many are resorting to selling what gold they have. More and more stores are putting up signs that say, “We buy gold.” According to the Eurispes think-tank, the number of shops buying gold has quadrupled in the last two years. (Source: Telegraph , August 2, 2012.) The economic slowdown in eurozone is slowly worsening and it is still a major threat to the global economy, especially to the U.S. economy. Michael’s Personal Notes ... Read More