Aggressive reality cancer hits Europe

European slump seen to be accelerating exponentially

The Eurozone’s April retail sales were down a full 1% compared to the March figure. The ‘expected’ fall was -0.1%. Year-on-year, the number predicted was -1%. The actual figure has come in at -2.5%.

These figures are open to just the one interpretation. Think about this:

1. Expectations of a one per cent fall between 2012 and 2011 show the half-asleep eurocrats again hoping that (a) annualised declines would be 2.5 times slower than they really were; and (b) that the latest deceleration would be ten times slower than it was.

2. Far from decelerating, the rate of decline is in reality increasing dramatically: that rate of acceleration is now seen to be fourfold in twelve months.

Just averaging that out versus 2011/2010, it means all the projections for 2013-15 are complete nonsense. The train is heading for the cliff, the brakes are shot, and the driver jumped out some miles back.

Every Troika analyst, central banker an Exchequer boss in the Western World needs to think again. These figures are disastrous, and will start to spook (and spike) every Sovereign bond market in Europe.

Yes, it’s another triumph for Pristine Lowgrade & the Troikanauts.

Related: At three minutes past midnight, Merkel shifts her position