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Corruption scandals compound crisis economic conditions. Spain's banking system faces collapse. Italian bonds are imploding.
In 2012 Q IV, the Eurozone economy declined 0.6%. France is teetering. Powerhouse Germany shows weakness. Britain's in recession. Major economies are too big to bail out. Day of reckoning time may arrive sooner than expected.
Summers expects trouble in 2013. The Fed may begin gradually removing the punch bowl, he believes. Its January 3 minutes expressed concerns. Continued accommodation could do more harm than good.
Markets are disconnected from reality. They're near all-time highs. Protracted depression conditions affect growing millions.
Unemployment, homelessness, and hunger grow with profits. They're slowing but who cares. Anomalies abound. Something "doesn't pass the sniff test," says economist David Rosenberg.
US raw steel production is down about 6% year-over-year. Railroad traffic is negative. So are Port of Los Angeles and Seattle containers shipped.
Air carrier available seat miles are negative year-over-year. So are railroad ton miles. Truck tonnage is down. Real goods and services exports are marginally positive but heading south.
At the same time, positive investor sentiment is soaring. It's approaching dangerous levels. Major market reversals often follow.
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