You've Been Warned. So says the European Central Bank about an impending collision between the never ending European debt crisis and Europe's increasingly slowing economies.

Risks to euro area financial stability increased considerably in the second half of 2011, as the sovereign risk crisis and its interplay with the banking sector worsened in an environment of weakening macroeconomic growth prospects. Indeed, several key risks identified in the June 2011 Financial Stability Review (FSR) materialised after its finalisation. Most notably, contagion effects in larger euro area sovereigns gathered strength amid rising headwinds from the interplay between the vulnerability of public finances and the financial sector. Euro area bank funding pressures, while contained by timely central bank action, increased markedly in specific market segments, particularly for unsecured term funding and US dollar funding.

Here's the money shot statement from the ECB. Things are worse than right after Lehman Brother's, the OMG Economic Armageddon global meltdown almost, collapse:

The transmission of tensions among sovereigns, across banks and between the two intensified to take on systemic crisis proportions not witnessed since the collapse of Lehman Brothers three years ago.

Here come the dominoes in the form of global economic malaise. Contagion is when one nation's economic disaster spills over and affects the globe. That's the United States folks.

Corporate offshore outsourcing lobbyists are on a roll, going on talk shows and writing propaganda plants as articles. White papers are falling like snow where even labor economics equations are manipulated. Every day we hear pure statistical fiction and politicians tout corporate lobbyist provided talking points, even in GOP debates. Why? Corporations are demanding more immigration and foreign guest worker Visas to displace Americans, repress wages, technology transfer and offshore outsource further.

Good Jobs First has released a new study which shows most state's corporate tax incentives and subsidies don't work to create jobs and pay living wages. Corporations are getting subsidies and tax breaks and instead of requirements to support the State's labor force, 43% of these subsidies are glorified corporate welfare. State corporate subsidies cost $11 billion a year and $7 billion worth of them do not require job creation and living wages. From the report, Job Creation and Job Quality Standards in State Economic Development Subsidy Programs:

• Fewer than half (98) of the 238 programs impose a wage requirement on subsidized employers, and only 53 of those wage standards are tied to labor market rates, which are a more effective benchmark for economic development than fixed amounts that can stagnate in the manner of the federal minimum wage.
• Only 11 of the wage requirements serve to raise overall wage levels by mandating rates that are somewhat above existing market averages for the geographic area or industry sector.
• Wage requirements, which can be found in 42 states, vary enormously—from just above the federal minimum wage to more than $40 an hour in certain circumstances for a handful of programs. Using the lower end for those with ranges, the average of the hourly wage requirements is $14.76; the median is $11.82.