What convinced him that this was a trend with legs was a visit to a tiny Texas mine called Vasquez, whose anticipated 400, 000-pound yearly output was a pittance.

FORBES: Money & Investing

Figures Thursday showed that output in Germany, Europe's largest economy, contracted by more than anticipated in the last three months of 2012.

NPR: Eurozone Recession Deepens As Germany Falters

In October, the German government slashed its forecast for economic output in 2013 to 1.0%, compared to 1.6% previously anticipated.

BBC: Merkel warns Germans of tough economic times ahead