German Unemployment hits 12%

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Posted Jun 27, 2013 by Martin Armstrong

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The unemployment in Germany is rising hitting 12%. This in indicating what we have been warning about – European economic growth will turn negative in 2013. Germany turning down marks the confirmation we have been warning that deflation is the major risk not inflation, which is reflected in gold prices. This has impacted the Swiss central bank which has lost a fortune with the decline in gold. Switzerland stands to loss big time for its balance sheet has been full of gold and euros.

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