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Exodus from the Eurozone Debt Crisis
Wolf Richter www.testosteronepit.com
Unemployment is a staggering problem in those Eurozone countries that are at the core of the debt crisis. Spain’s jobless rate jumped to 22.8%. Among 16 to 24-year-olds, it's an unimaginable 51.4%, up from 18% in 2008 when Spain’s crisis began with the collapse of its housing bubble. In Greece, youth unemployment reached 46.6%. In Portugal, it’s 30.7%, in Italy 30.1%.
And optimism, that essential source of energy for the younger generation, has been replaced by pessimism. Gallup reported that 80% of the people in the EU had a negative outlook on their local job situation. Crisis countries were at the extreme end of pessimism: in Portugal, 84% thought it was a “bad time” to find a job; in Italy, 91%; in Spain, 92%; in Ireland, 93%; and in Greece, 96%.
These numbers convey a sense of utter hopelessness. For young people, the vision of a good life that their society has imparted on them has gone up in smoke. A bitter irony: it’s the best educated generation ever—and the most pessimistic.
People deal with it the best they can. Some retrench. Even 35-year-olds move back in with their parents. They delay plans and wait for the situation to turn around. But others, the most energetic and entrepreneurial, those that the country needs to rebuild the economy, they don’t have that kind of patience. They pack up and leave to find a job elsewhere. And they are doing it in massive numbers.
Spaniards are heading mostly to Argentina whose economy has been booming over the last few years, though troubles are everywhere. The exodus reversed the flow from Argentina to Spain following Argentina’s bankruptcy in 2001. For many years a magnet for immigrants, Spain registered a net emigration of 50,000 people in 2011.
Portuguese prefer their former colonies. Angola, whose official language is Portuguese, has a wealth of natural resources, particularly oil and diamonds. Since 2002, after a quarter century of civil war, the economy has grown in the double digits every year, and Luanda has become the most expensive city in the world. According to the Organization for Economic Cooperation and Development (OECD), 70,000 Portuguese sought their fortunes in Angola in 2010 alone. Similar numbers are expected for 2011. For Portugal, with a population of only 10.5 million, it’s significant.
Other Portuguese try their luck in Brazil whose economy is in need of engineers and experts of all kinds. Brazil recently softened its immigration restrictions to attract the educated elite—and others have taken notice. For example, the number of Spaniards immigrating to Brazil jumped by 45% in 2011.
Ireland has had a net outflow of people since 2009. First, Polish immigrants who could no longer find work returned home, but then the Irish themselves set out mostly for Australia and New Zealand, which have favorable visa agreements with the EU. 40,000 left in 2011, many of them women.
Greeks head to Germany, an irony of sorts, given the bad will that mushroomed out of German efforts to impose proper accounting and strict austerity on Greece. Germany’s reluctance to do ever more to bail out the Eurozone has made it a global punching bag. Yet the numbers are already staggering. Read.... Germany Frets As Bailout Risks Balloon.
When educated and entrepreneurial young people leave their country in massive numbers, it impacts the economy for the long term. Their country invested heavily in their education, an asset, and now they put this asset to work in another country. There, they earn money, pay taxes, consume goods and services, and rent or buy a home—the exact activities that their own country must have to get out of the economic quagmire. Sure, emigration reduces the expenses for unemployment compensation and other services, but it drains the economy of energy, entrepreneurial spirit, can-do attitude, and knowhow.
And it worsens the debt crisis. For national debt to remain “sustainable,” young people need to stick around, start a productive career, consume, build up assets, move into those vacant homes that banks are holding, and pay taxes. But the exodus underway now doesn’t bode well for a long-term solution of the debt crisis—assuming that a country like Greece, well....
"The case of Greece is hopeless," Otmar Issing said. He should know. He was on the Bundesbank and the ECB. Another substantive voice in an increasingly loud chorus. But it’s legally impossible to kick Greece out of the Eurozone. So he suggested a procedure—a procedure that has been happening all along. Read.... Kicking Greece out of the Eurozone.
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I urge you to watch this video,
at 3:34-13:25 you will watch the ONLY GREEK Politician who opposes- with facts- to the new European Dictatorship.
The Greek Nigel if you like.
http://www.youtube.com/watch?feature=player_embedded&v=tVkhHEU-qDQ#
PP
I hear what you are saying, but isn't part of our problem the "educated elites" who cluster in Washington and on Wall Street?
Education is not knowledge or wisdom, it is often an exercise in theology versus reality.
Ah, quite impressive.
Wooo, while US citizens can not address the issue directly, this article piles on numbers to show that once again, a new wave of colonization has been triggered.
Remarkably, the rhetorics is the same as usual: land of opportunity, adventurers (entrepreneurship)
Now for being more well rounded on the topic, maybe, an article addressing the other end, that is pensioners leaving homeland to get a much easier life from their relatively meager pension if they had stayed in homeland.
A bit more difficult though to sell that new wave of colonization as the big gamble made by adventurers.
Once again, that too much of people is going to be poured over the rest of the world. US citizenism at its best.
As US citizens speak of everything but what they do, to maintain an illusion of incertainty in their next move, here's the program.
This wave of colonization will once again be sold as progress for the locals, another step in advancing humanity.
But this time, the custodians of the land of promises are not Indians who conserved their continent. Nope. The land is already exploited, the resources sucked on.
It is going to be a struggle over the few best bits remaining as US citizens will want to get the best of their new places, their birth right so they will say.
US citizen goverments are going to pressure local governments in making specific accomodations for the troublemakers they expell from their country.
For those US citizen governments, as usual, the deal is simple: either they evacuate those ones and drop the bomb on a mobbing country or they keep that kicking bomb at home.
Easy decision, US citizen wise.
Expect US citizen economists to line up figures to show how profitable to the local economy all this migration is.
And, yes, do not expect US citizens migrating to those countries to merge.
They are civilization bearers so they wont condescend.
The same ones that have pushed the world to the brink perceiving themselves as the saviours, going to be good.
Let us not forget the Chinese rape of Tibet.
Americans conquered and occupied the lands of the Indians, Chinese conquered and occupy the lands of the Tibetans --- is there any difference?
Not to mention the lands of the Uighurs, and Mongols, and Manchus, and many others who are now occupied by cruel imperialist Chinese citizenism.
Chinese government, not happy with the pace of Han colonization in Tibet, forcibly removes Tibetans from their ancient homelands at the point of a gun to steal their homeland for themselves.
Tibetan's land is exploited by the Chinese, their resources sucked on by Chinese greed.
Tibetans can die for all the Chinese care --- and they encourage them to do so. Chinese empire is for ethnic Chinese citizens only --- the rest are nothing but filthy cattle to be slaughtered in Chinese citizens eyes.
Chinese citizenism government, not happy with a clean and healthy Tibet, decide to despoil the land to make it equal to their environmentally damaged and toxic rest of China.
Chinese citizens nature is to always invade, occupy, exploit and blob up.
Chinese citizens goal is always to destroy the environment, and breed like rabbits until the final collapse. Chinese citizenism at its ugliest and most perverse.
More examples of the eternal, hypocritical, ruinous nature of Chinese citizenism.
Ah,the great communauty of crime as wished by US citizens.
Alas, the Chinese in this regard, are small league players compared to US citizens.
So the differences among many:
-China has a historical claim on Tibet.
-Tibet size.
-China ended slavery when entering in Tibet (to be compared to US citizens who actually forced the few Indian tribes that repelled slavery to enforce it while the other tribes were compelled to adopt US citizen model of slavery)
-the utter destruction of native cultures (Chinese are really sucking at that, but really compared to US citizens)
Etc...
So again the same old overused trick by US citizens
-kick the can, do not address the reality at hand, find someone else to pass the bucket
-the great communauty of crime, the quest for symetry when it is so obviously asymetrical.
-camping, one has to be part of the current rival to state facts on the gang, a true US citizenship holder does not badmouth one's cherished US citizenship mecca with unarguable facts. One prefers controlled propaganda to do that (self criticism)
The very idea that facts could be uttered because they are facts is totally taboo in US citizenism.
There is nothing like Chinese citizenism. Another childish invention, another bad attempt to propagate.
'Americanism', US citizenism is real and designed by US citizens themselves.
Invoking fantaisy (chinese citizenism) to counteract a real set of beliefs. Laughable.
It clearly shows that once again there is no discontinuity of manners between the US citizen elite and their base.
Only a conflict over situation, one is elite,the other base.
But they are the same, they behave the same. They are uniform.
Alas for US citizens who want to keep thinking that they have somehow a birth right on following US citizenism, US citizenism is fast spreading in China.
Actually, in every other places in the whole world, US citizenism is about to become the dominant set of beliefs.
gimme a break, following this logic the european countries could construct back a claim on some 80% of the world
the Middle Kingdom is just another empire - the oldest, perhaps, but still an empire with it's imperial logic
I have yet to study a conquest that was not portrayed as "liberation".
I have yet to study a conquest that was not portrayed as "liberation".
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Or try Tibet. China when they entered put an end to slavery.
Yes, yes, I know that this stuff is hard to believe when you are a US citizen as US citizens maintained slavery when they go in or might even restablish it in countries like Libya.
But, ya, the Chinese did that when they entered Tibet.
Every Chinese citizen invader who illegally invaded and conquered Tibet should burn in Hell for all eternity. In the rape of Tibet we see the true insidious nature of greedy Chinese citizenism.
Chinese citizenism means only slavery to all "inferior" non-Chinese citizens. Remember that.
What claim?
And is it not what happened by the way? Another US citizen who switched quite easily the 19th century and following...
You have still to study a conquest that was not portrayed as liberation?
Try pre US citizenism times,thatis the most of human history, there are plenty of.
Your Chinese citizenism is a pile of steaming shit and ugly lies.
The world must unite to cleanse itself of the environmental travesty and slavery-spreading imperialist evil of fascist Chinese citizenism.
Excellent point!
Yes, just as how the USA "liberated" Iraq, and how NATO forces helped "liberate" Libya --- just before the disappearance of their 150 tonnes of gold.
It's funny how Chairman Mao Jr. (AnAnymouse) above doesn't like having to swallow a taste of his own bitter and toxic medicine.
The only thing I see is huddle times, guys spiriting them up to crush the 'enemy'
My own bitter and toxic medecine?
How?
You claim stuff like chinese citizenism.
You throw in China as it has to be something personal while actually, my connection to China is only facts.
US citizens always show their belief that noone can step in to state facts unless one is personally involved.
Comparing China/Tibet to what US citizens have achieved in terms of land grabbing is absolutely insane, it shows a complete disregard for any idea of proportion and/or magnitude.
Selling the idea that one has to be a Chinese to admit that fact is once again another feature of US citizenism.
Chinese citizens respond with complete hypocrisy when confronted with their imperialist crimes against the formerly free Tibet and the independent Republic of Taiwan, not being able to logically refute their innumerable crimes of aggression and enslavement against non-Chinese "vermin".
Only when the perversion of Chinese citizenism is wiped from the earth can mankind move forward in peace and harmony, led by the beacon of freedom, the USA.
well, ask him about Taiwan, in my experience it's enlightening what Chinese say about this "situation" ;-)
akak, have a look at this, it might put a smile on your face
http://www.zerohedge.com/news/im-bill-gross-and-i-endorse-ron-paul-presi...
well, ask him about Taiwan, in my experience it's enlightening what Chinese say about this "situation" ;-)
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Taiwan, you do not have smaller in mind?
And again, if something has to learn from Taiwan, it is how Chinese lag behind US citizens in terms of reducing diversity.
Chinese settlements and expansion started more than 800 years and still, right now, many live in the culture they inherit from times before Chinese settling in Taiwan.
800 years...
To be compared with US citizenism achievement in terms of pushing for comformity and uniformity over the last 200 years.
Calling on in Taiwan only exhibits the gap that separates the Chinese and US citizenism.
Only when fascist Chinese running dog imperialism is eradicated will the independent nation of Taiwan be free of the diabolical scourge of Chinese citizenism. Chinese citizenism means only slavery, greed and destructive.
The world community must act now to put a final end to this spreading plague of Chinese citizenism.
Oh, you mean the INDEPENDENT REPUBLIC of Taiwan?
The INDEPENDENT NATION that is NOT IN ANY WAY under the control of the mainland Chinese fascists and slave masters?
The INDEPENDENT REPUBLIC OF TAIWAN that is constantly under the threat of attack and invasion by the running dog imperialist forces of Chinese citizenism?
;-)
Made me laugh.
Devolution to the bottom.
One must love submission to accept that line of thinking.
Taiwan is under threat by mainland Chinese.
And this should justify the large number of countries that are under threat of US citizens?
US citizens need an 'enemy' so yep, I think that those Somalia pirats will do.
Starting from the Kings of the 1780s (that is the vast majority of the world) down to Somalia pirats.
Alas,alas, US citizens bear no rival in their fields. They sit on the throne as the best extorter of the weak, the best farmer of the poor ever.
US citizens should not try play humble on themselves by bringing up some stuff like Taiwan or Tibet. It is missing the champion of the champions...
Chinese citizenism: a plague on the earth that must be stopped.
Chinese citizenism is the source of every ill and every wrong in the world today. Only with the complete elimination of the rabbit-breeding evil Chinese citizen will peace and justice arrive on earth.
Chinese citizenism = worse than Nazis
you are a naughty boy
He is not naughty. He is duplicitous and totally caught in his own spin.
Always it is the nature of Chinese citizenism citizens to lie and obfuscate with the goal of hiding the truth of the evils of Chinese citizenism from non-Chinese citizens. Such is the eternal nature of Chinese citizenism.
Such is my US citizens nature.
Chinese citizenism trying to justify its evil --- make me laugh!
It is the eternal nature of the rapacious Chinese citizen to deny his own crimes, and to always feel superior to the "round-eyed devils".
Chinese citizenism has turned China into a toxic wasteland, which now spreads its poisons around the world. But Chinese citizens do not care, it actually makes them feel good --- such is the nature of malicious Chinese citizenism.
Chinese citizenism citizens are scum who deserve to be wiped from the earth. Plus, they are always spitting and picking their noses, and have tiny penises (how they are able to breed like rabbits is a mystery to science). Chinese citizens are animals.
Chinese citizenism is a crime against humanity and nature.
Chinese citizens are the devil!
Woooo, you are crossing a line, here.
Nowhere you will find in any of my posts mine calling for the extermination of US citizenism.
On the contrary, I keep stressing that US citizens are human beings, one expression of human nature, not all.
Now, I know that US citizens revel in their ethnical cleansing stuff, with various calls to purge the world from useless eaters.
But on that matter, you will be welcomed to stop the masquerade and stop travesting your wishes under a so called set of beliefs, chinese citizenism, you invented to divert from the very fact US citizenism is at the core of the current situation.
So take your genocidal tendencies for yourself and stop painting them as they mirror anything I wrote.
Oh, wait, you are a US citizen and by such, takingresponsibility only comes for positive consequences.
Note to myself: stop requesting from US citizens what they can not deliver.
Another fine case.
It is natural for US citizens to gang up on anyone who question US citizens.
It is how US citizens look for social harmony, exporting their problems.
Two contributors to the case:
-one US citizen from Europe who regularly spreads PanEuropeanistic views adverse to US citizenship holders.
A nationality based approach.
-One US citizen from North America continent who tried to sell the idea I broadbrush people on terms of nationality and not allegiance to a set of beliefs.
It was a collectivistic attack of US citizenship holders. This US citizen told he knows nothing more disgusting.
Funny, funny.
And who is tagging up?
Once again, it shows that US citizens can only reach a kind of internal balance by relying on an exterior. This is their way.
It is a mattering point because US citizens love to sell some social virtues like loyalty to nation, race, team or whatever group that be when it is obvious that the thing that has held them up together is that ganging up to plunder an exterior.
As the exterior is collapsing...
Another blind Chinese citizen licking the balls of its fascist rulers and justifying their crimes against humanity. Chinese citizenism hypocrisy at its finest.
The world needs a Crusade against Chinese citizenism --- rapacious, environmentally destructive Chinese citizens must be exterminated to the last rabbit. Only then will the world be free of fascist, running dog imperialist Chinese citizenism.
Great article Wolf!
Indian outsourcing companies noted more work orders from EU. The Asian labor pool is going to destroy middle and lower classes in developed and soon to be undeveloped countries.
The best way out of the Euro debt crisis is for the southern countries to leave the Eurozone, thereby initiating its collapse. Their debts will soon be denominated in a crashing/defunct currency.
OOOOOOO
YYYYY
Hello Boys and Girls, Can We say "Bank Holiday"?
The frozen snowball is hitting the steeper part of the downhill gradient.
Everyone is running away from the death of the EU or to be more specific the Western banking culture. And the frozen snowball is truly hitting hte steeper part of the hill.
Base propaganda works...until it doesn't. There is no going back once people no longer think you are incapable of truth...but know it. Needless to say we are well past "Hitler's phantom divisions." as Eisenhower famously said "I knew we had won once he believed in his own lies."
in the land fill with cheap stuff they bought from china
every day our office (in australia) gets multiple emails with resumes from spanish, greek and italian architects and engineers
Tell them to apply in India. Australian companies will outsource there too. Its raining jobs in India.
But is it not being trues that the jobs that are in the India raining also are not being paying more than the $8 per day that the peoples who being from the Australia and Greece and the Spain are not in the wantings? How you are the expecting that peoples of being rich countries such as the Spain and Australia are wanting to being moving to the India for the workings? Not to me making sense is that the doing. And then on top of all they are going to be having to unlearning their Englishes for to in place putting the Bangalore singsong accents anyways, not liking this I am thinking.
$8 = 8 * 49+ Rupees
The UK is crap enough that this trend started there when the economy was doing well:
"The UK 2001 census discovered 800,000 fewer young men than previously thought. The critical factor, according to government statisticians, appears to be emigration. "
http://www.emigratenz.org/bye-bye-blighty.html
(When democracy is broken, there's still the vote of the feet... )
the chickens are coming home to roost
Last one out of the restaurant, pick up the check. People don't sit still for being buried in taxes. The problem will be that the places to emigrate to will close up. The debt issues will multiply as markets decline and revenue shrinks.
http://georgesblogforum.wordpress.com/
I think phrasing this as an absolute is very misleading. The "openings" that "close up" first are usually the lowest skilled jobs. Folks with value producing skills (engineers, doctors, tradespeople, etc) required by a growing economy are quite liquid if they do their homework and are adventurous.
I would note that age counts against all immigrants, so don't wait til you are too old.
If you check out New Zealand for example, they have a whole scoring system (degree, industry, etc) where openings are based on economic needs. A very transparent and sensible policy.
Regards,
Cooter
If you don't care about earthquakes, NZ is a great place to be. Unfortunately not an option for me and many smart people I've met.
And with India mass producing just the sorts you mentioned it's just a matter of time when there will be too many of everybody in the ever reducing number of safe to emigrate places.
Time is critical and places do close up.
Where do Americans go when USSA goes tits-up?
Costa Rica?
By the time that the USSA goes tits-up, we will all be considered terrorists, so leaving would be impossible... unless we wanted to be known as the "wet backs".
Where do Americans go when USSA goes tits-up?
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What is triggered is a progressive motion.No huge exodus, much more constant ouflow year after year.
Where are they going as the US of A select the true US citizens from the fake?
On Earth. Nearly the whole planet is opened for US citizens of A to move in, with a status superior to locals.
I could see them aggregating in the former USSR satellites which are the best places for those seeking to live off a new colonization effort.
Big poppa commie was not that efficient in consuming those countries but still protected them from the greed of US citizens.
Meaning that these countries are less touched than the others countries of the exterior that are under severe US citizen imperium.
US citizen corporations foothold is less advanced, meaning more room for the US citizen small guy.
I could see large flocks of US citizens communauties flocking in those areas, all under the guise of teaching the locals how to develop, how to advance humanity.
Of course, the only humanity pieces to be advanced would be them, US citizens.
If you dont feel the heart of a US citizen pionner, that is a guy that will work to conform the new environment to US citizen tastes, well, you might wish to wait as communauties of US citizens, well separated from the riff raff locals, are going to rise.
Know, though, that this will come with a price and that previously and now well established US citizens will take their cut off you.
Such is the way of US citizens.
Chinese citizenism, sucking its own cock once again, even as it rapes and pillages the lands of those not belonging to the fascist Chinese regime, bullying and seeking to invade independent Taiwan, and poisoning and destroying its own environment in its short-sighted rapacious greed.
Arrogance and hypocrisy: such is the way of evil, slant-eyed, breed-like-rabbits, micropenis Chinese citizenism.
Oh relax we will sell California to China and India. This will cause a new country. USA will remain in name only. I already got my dual citizenship for India, its odd I am originally from there its a U turn.