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Ugly, but I think it's more to do with a weak earnings season and mass strikes and riots across Europe as austerity ushers in despair and hopelessness.
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"austerity ushers in despair and hopelessness"....TRANSLATION: people are being told they will have to work for their money and they are mad about it.

Mark

PS I use the term 'people' loosely since we are talking about European 20-something hipsters.
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