Sunday, December 22, 2013

Europe Moving Toward Totalitarianism

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Europe is shifting away from a market-based economic model and is heading for Soviet-style totalitarianism, says Steen Jakobsen, chief economist of Denmark's Saxo Bank.

In a report obtained by CNBC, Jakobsen provides a series of extreme forecasts, including zero economic growth for the United States and a plunge in oil prices next year.

While Jakobsen acknowledges that the "probability of any one of the predictions coming true is low," he notes they are "based on a feasible — if unlikely — series of market and political events."

As for Europe veering toward communism, Jakobsen says the eurozone will continue to suffer from economic stagnation.

More @ Money News

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