Euro zone Dec trade surplus rises as imports sink

The European Union's statistics office Eurostat said the unadjusted trade surplus of the 17 countries sharing the euro was 11.7 billion euros ($15.6 billion) in December.

This was higher than 8.0 billion euros a year earlier, but was below the 13.1 billion euros economists polled by Reuters Forecast.

The statistics office also revised down November 2012's figure from 13.7 billion euros to 13.0 billion.
For the whole of 2012, the single currency bloc recorded an overall 81.8 billion euro ( US $ 108 Billion) surplus, with exports up 7 percent and imports rising 2 percent from 2011.

Note EU-Digest: In comparison the US had a trade deficit of $38.5b and Japan $ 2.8 billion, while China, a country notorious for data collection difficulties has not released all figures yet, but they are expected to show a growth of about 25%.


Read more: Euro zone Dec trade surplus rises as imports sink | Reuters

The Market Oracle: The Hyperinflationary Depression - by Eric deCarbonnel

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The Hyperinflationary Depression - by Eric deCarbonnel

Federal bailouts have worsened things. Dollar creation exploded. Crisis has been pushed into the future. Its enormity will be far greater, and foreign investors will get stuck with a lot of it. When it arrives in strength, capital outflow will follow, and dollar valuation will plunge with it. Williams believes that “both central bank and major private investors know that the dollar is going to be a losing proposition. They either expect and/or hope that they can get of (it) in time to lock in their profits (or for central bankers) that they can forestall the ultimate global economic crisis” as long as possible. Dollars are very vulnerable in this environment. If Treasuries are dumped, the Fed will monetize debt to make up the difference. Inflation will then accelerate, multi-trillion dollar deficits will worsen things, and a “self-feeding cycle of currency debasement and hyperinflation” will follow. Cash as we know it will disappear. A barter system and black market will replace it or possible introduction of a new currency. Since most money today is electronic, not physical, chances of it adapting “are practically nil.” With hyperinflation, electronic commerce would completely shut down and economic collapse would follow. Gold and silver will be invaluable. Holders could exchange them for goods and services.

Physical goods will also be precious for survival and as a medium of exchange. Anything with a long shelf life may be stocked in advance, and providers of essential services could barter them for goods and other services. Forewarned is forearmed. Safety and liquidity are crucial. Anything retaining value is essential. Real estate, other currencies for example. Foreign equities and debt to a small degree because US financial assets hammering will spill everywhere.