Cherson & Molschky: Dope and Hookers Will Save Europe

Amsterdam Red Light District. Prostitution is legal in the Netherlands.

Europe invented an absolutely revolutionary method for getting out of a recession and boosting its GDP. It’s a magic wand that in a wink has increased Europe’s GDP by 2%.

Italy –wow! A true wonder- has avoided its third potential recession in the past six years, a likely relief for the government of Prime Minister Matteo Renzi, which has been struggling with reforms while trying to keep the deficit low in accordance with EU agreements. Italy’s office for national statistics (ISTAT) triumphantly announced that Italy’s GDP rose marginally from a 0.1 percent decline for the year’s first quarter to a flat reading. It means that Italy is no longer in an economic recession!

But miracles do not end here. Italy also noted that, “Compared to the first quarter of 2014, final consumption expenditure increased by 0.1 percent, gross fixed capital formation decreased by 0.9 percent; imports and exports increased by 0.8 percent and 1.1 percent, respectively”…