The last time we plotted European youth unemployment…Spain was actually worse off than even Greece…Following the latest economic…update from Greece, however, things are back to normal, as Greek youth unemployment is officially the second one in Europe after Spain to surpass 50%. In other words, Europe’s scariest chart just got even scarier [as seen below]. Words: 370
So reports Tyler Durden (www.zerohedge.com) in edited excerpts from his original article* which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has edited further below for length and clarity – see Editor’s Note at the bottom of the page. (This paragraph must be included in any article re-posting to avoid copyright infringement.)
Durden goes on to say, in part:[It would appear that,] while the Greek economy is in tatters…that’s only the beginning. It now appears that a terminal collapse of not just [occurring in] the Greek financial sector, but [in] its society as well…[as shown in the chart below].
[According to the] Athens News:
The average unemployment rate for 2011 jumped to 17.3% from 12.5% in the previous year…[with] 41% more unemployed than in the same month last year.
For the first time on record, more people between 15-24 years were without a job than with one. Unemployment in that age group rose to 51.1%, twice as high as three years ago.
Budget cuts imposed by the European Union and the International Monetary Fund as a condition for dealing with the country’s debt problems have caused a wave of corporate closures and bankruptcies.
Greece’s economy is estimated to have shrunk by about a fifth since 2008, when it plunged into its deepest and longest post-war recession. About 600,000 jobs, more than one in ten, have been destroyed in the process.
Things will get worse before they get better, according to analysts. “Despite some emergency government measures to boost employment in early 2012, it is hard to see how the upward unemployment trend can be stabilised in the first half of the year,” said Nikos Magginas, an economist at National Bank of Greece.
When will the Greeks ask themselves if the complete and utter destruction of their society is worth it, just to pretend that life as a European colony is worth living – especially now that pension funds have been vaporized?
Editor’s Note: The above article has been has edited ([ ]), abridged, and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
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A monumental change is coming, and for most Americans, it will be painful—especially for the unprepared. [Let me explain just what is happening, why it can not go on as is and what we can likely expect in the future.] Words: 1144
The almost universal consensus, even among mainstream orthodox economists, is pessimistic regarding the world economy. Even though their predictions understate the scope and depth of the crises, there are powerful reasons to believe that we are heading toward a steeper decline than what was experienced during the Great Recession of 2008 – 2009…[Let me explain.] Words: 1656
The kind of impact [our economy is] going to have will not be like flying into the side of a mountain. It will be the kind of crash that skids over land, clipping trees and buildings until the plane ends up wingless in a smoldering heap. I just hope the fuel tanks don’t ignite when the long rough ride is over. [Let me explain.] Words: 832
It really is hard to find the words to describe the true horror of the national debt of the U.S. The U.S. government has been on the greatest debt binge in all of human history, and a day of reckoning is coming that is going to be so painful that it is going to shock America to the core. We have lived so far above our means for so long that none of us really has any concept of what “normal” is like anymore. The United States has enjoyed the greatest party in the history of the world, but now this decades-old party is ending and the bills are coming due. Our current system is headed for an inevitable collapse. There is no way of getting around it – a horrific economic collapse is coming [and] it is going to change the world. You better get ready. [Let me explain further.] Words: 1771