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The truth is that this has been a dismal earnings season for all US multinational companies, and they all point to Europe as a major cause. Even GM has been hit hard by poor European performance ( http://www.ibtimes.com/general-motors-earnings-preview-european-losses-cutting-profit-855916 ).

In case you haven't been paying attention, Europe is teetering on financial collapse because of decades of government debt caused by massive social spending. Even Germany is beginning to feel the pressure because it cannot support the rest of Europe.