This might seem obvious, but it's worth repeating: European economic policy has been a complete failure. By every measure, things have been a disaster for years. Nobody is doing anything right. This coming Thursday we get the latest European GDP report, and the prognosis is really grim. Here's Carl Weinberg of High Frequency Economics telling it straight. If you don't want to read the full paragraph, you can just read the first, bolded sentence. For Euroland, the big picture is that the economy is in its seventh year of depression. On our estimate of a 0.7% contraction in the second quarter, GDP was still 3.2% lower ... (full story)