Europe's Scariest Chart Hits Peak Scariness Levels, And Rising

Tyler Durden's picture


Things are rather unsurprisingly going from worse to worserer in Europe. Perhaps it is the anecdotal evidence we see in the now weekly riot-cams from Spain and Greece but just as we warned over a year ago, the truly scariest chart in Europe remains that of youth unemployment. The correlation (and causation) that runs from extreme levels of youth unemployment to general social unrest and anarchy is stunning throughout time (as we noted here and here). With Greek 'youth' unemployment jumping to a disheartening 58% (for August) - by far its highest ever - and Spain rising inexorably at 54.2%, the under-25 populations in these nations is truly set to burst (with overall unemployment rates of 25.4% and 25.5% respectively). Euro-zone youth unemployment overall has risen to 23.3% and while Greece jumped the most, Italy was close behind with a 1.2ppt rise to 35.1%. We are sure the austerity voted for last night by the politicians will 'help' - someone...



Data: Bloomberg and Greek Statistics Office

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Thu, 11/08/2012 - 10:07 | 2960122 Joe A
Joe A's picture

Yes and they are out for lunch.

Thu, 11/08/2012 - 10:30 | 2960229 gojam
gojam's picture

Just to correct, if the figures above are accurate then only between 7 and 8% of Greeks are working

Thu, 11/08/2012 - 12:25 | 2960746 tonyw
tonyw's picture

Most of them are just pretending to work.

Thu, 11/08/2012 - 10:27 | 2960215 schadenfreude
schadenfreude's picture

All of them for the Government.

Thu, 11/08/2012 - 10:28 | 2960218 Overflow-admin
Overflow-admin's picture

Nope, but I'm sure you can find some estimates following these links.

Thu, 11/08/2012 - 10:00 | 2960092 Salt
Salt's picture

Greece and Spain can solve that easily. Get them back in university. Train them for those high paying jobs which are on their way any day now.


Thu, 11/08/2012 - 10:36 | 2960255 goldfish1
goldfish1's picture

+10 Astute read on the scam perpetrated on America.

Thu, 11/08/2012 - 10:58 | 2960340 pods
pods's picture

And the loans required to do so will almost pay off themselves with your new earning power!


Thu, 11/08/2012 - 10:00 | 2960094 LongSoupLine
LongSoupLine's picture

what does reality and real people's situation have anything to do with banks maintaining their bonus pools?

Thu, 11/08/2012 - 10:01 | 2960096 Dr. Engali
Dr. Engali's picture

It's all good, Germany is holding up well.....I wonder just what might be different between Germany and Spain.......What big Spanish companies can I think of?,,.....none...Now how about Germany? BMW, Volkswagon,Audi, Siemens, many to list. I wonder why that is.?

Thu, 11/08/2012 - 10:10 | 2960138 Ghordius
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Perhaps because Spain is very focused on Latin America (where they are the second biggest foreign investor), on Europe and Asia

Thu, 11/08/2012 - 10:14 | 2960156 GetZeeGold
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Good luck with that. I don't think they're gonna get a dime from Latin America

Thu, 11/08/2012 - 10:29 | 2960223 youngman
youngman's picture

It is funny but Colombia just had a big meeting with Spanish companies and embassy officals  and were trying to get them to invest down the meantime they are dying at home.....

Thu, 11/08/2012 - 10:47 | 2960301 aerojet
aerojet's picture

Right, because Colombia is such a bastion of peace and stability and thus a great place to invest billions of Euros.

Thu, 11/08/2012 - 10:29 | 2960224 schadenfreude
schadenfreude's picture

Just ask Repsol about their engagement in Argentina.

Thu, 11/08/2012 - 10:31 | 2960172 Dr. Engali
Dr. Engali's picture

And we see where that is getting them. I wonder how many more of their companies will get nationalized. Here is a about creating an environment friendly to investment and innovation in their own country. Similar to what we used to have.

Thu, 11/08/2012 - 10:16 | 2960164 Oldwood
Oldwood's picture

Because Germans are just mean and haters! They are working hard just to make the rest of Europe look bad. Everyone knows in our new progressive world that the truly good, nice and smart people don't really work. It interferes with their creative thinking time. Unemployment leads to creativity and technical as well as social advancement. All these working people are stagnating the world.

Thu, 11/08/2012 - 10:30 | 2960233 Urban Redneck
Urban Redneck's picture

The big Spanish firms I've worked with include OHL, Ferrovial, Repsol & CASA, so they do exist, but not to same the degree as in Germany.

Thu, 11/08/2012 - 10:01 | 2960099 semperfi
semperfi's picture

Riots accomplish nothing - storm the palace and get the job done.

Thu, 11/08/2012 - 10:08 | 2960127 Joe A
Joe A's picture

No, storm the banks.

Thu, 11/08/2012 - 10:39 | 2960264 goldfish1
goldfish1's picture

I think the strategy is storm the palace first, ie, cut off the head of the monster.

Thu, 11/08/2012 - 10:05 | 2960103 falak pema
falak pema's picture

the under twenty five are ALL employed in Europe, they get minimum wages for being unemployed which are 20-50 times a Foxconn worker in China.  Thats globalisation pay scale for you today.

What Euroezone cannot do is pay its youth at Chinese levels, in or out of work. That would mean revolution. 

Thu, 11/08/2012 - 10:07 | 2960123 semperfi
semperfi's picture

I didn't realize Obama was president of Europe also

Thu, 11/08/2012 - 10:11 | 2960146 Joe A
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One of the causes of high youth unemployment is high minimum youth wages. That prevents companies from hiring young people. And older workers don't leave the workforce so that there in no movement in the labormarket.

Thu, 11/08/2012 - 10:24 | 2960192 Spastica Rex
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Unrestricted child labor and debtors' prisons: great old ideas whose time has come again!

Thu, 11/08/2012 - 11:36 | 2960513 Joe A
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Yes because young working people in Europe and the US are really poor. But at least they show solidarity with their Chinese counterparts by buying the latest phones, buy Hilfiger cloths, the latest sneakers, etc. All made in China!

Thu, 11/08/2012 - 11:53 | 2960597 Spastica Rex
Spastica Rex's picture

I get the sarcasm. Well played.

The whole idea that the peasantry in the US and Europe (and NZ and OZ, and Canada, etc.) is at all "poor" is bullshit. Until the peasants in the West learn their place and get back to work competing with the Chinese (et al), the Lords will simply keep their castles in the East.

The rabble has had it good for a long time, a new day is dawning and they better get used to it. The Lords are sick of this shit.

Thu, 11/08/2012 - 15:39 | 2961638 Joe A
Joe A's picture

I arrowed you up for getting the sarcasm.

Through globalisation, the local elites around the world (whether capitalist/fascist or socialist/communist) found out they have a lot in common with eachother so they joined forces to keep the rabble at bay. The way to do this is to wipe out the middle class. That happens in the US, it happens in Europe. China does not have a sufficient middle class to begin with. If the sheeple wake up, just create some war or conflict. The times they are a changing alright.

Thu, 11/08/2012 - 10:28 | 2960187 Spastica Rex
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Chinese labor is out competing the rest of the world. If American labor was more competitive (easily achieved through improved education), they would be happy to pay the producers to work. They could put it on their credit cards.

Thu, 11/08/2012 - 10:29 | 2960225 semperfi
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If American regulations & taxes were more competitive (ideally zero) then business would relocate here in droves and the rest of the world's labor force would be fucked, especially the Chi-commies.

Thu, 11/08/2012 - 10:31 | 2960235 Spastica Rex
Spastica Rex's picture


Thu, 11/08/2012 - 13:29 | 2961054 cougar_w
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Rivers on fire.

Thu, 11/08/2012 - 11:07 | 2960369 piliage
piliage's picture

Have you ever ran a company in Europe? Minimum wage in Belgium is 20k a year. for that money, 11k goes right to the government. Plus, on everything you buy, there is a 21% value added tax (soon to go up to 25% if the socialist piece of shit president of Belgium has his way).

Now, I know China ain't great, but c'mon, there has to be a middle ground between the insane labour costs of Europe and organized slavery? Can't you at least admit that the costs of labour in Europe are a problem?

Thu, 11/08/2012 - 11:16 | 2960380 Spastica Rex
Spastica Rex's picture

Middle ground is for pussies, and really - who's to say what it is?

The Enlightenment was nice while it lasted - kudos, world, for the experiment. Now it's time for the peasantry to get the fuck back to work.

edit: and sorry - no; I've never run a European company.

Thu, 11/08/2012 - 16:03 | 2961751 TSA gropee
TSA gropee's picture

Please qualify "out competing". I've been to China over a dozen times and so I have some insight on the subject.

Thu, 11/08/2012 - 17:20 | 2962123 Spastica Rex
Spastica Rex's picture

They compete by offering their labor at lower cost.

Thu, 11/08/2012 - 10:05 | 2960111 eclectic syncretist
eclectic syncretist's picture

Maybe one of the reasons why the US govmint is so willing to issue mountains of student loans is simply to keep the kids off the streets.  I wonder if similar demonstrations would happen here if student loans were suddenly non-existent?

Thu, 11/08/2012 - 10:17 | 2960145 dwdollar
dwdollar's picture

Duh... That's also why we have unlimited warfare. The young ones have to be given something to do so they don't attack the power structure. Of course it only works until the USD loses all value.

Thu, 11/08/2012 - 10:23 | 2960189 disabledvet
disabledvet's picture

Good question. Awful quiet around here all of a sudden. I say "calm before the storm" as well. Clearly this site should cheer more than most as it was the banks that lost big in this election...and yet no one wants to break out the confetti. Hmmmm. "Government Blues" here we come...

Thu, 11/08/2012 - 10:06 | 2960118 Never One Roach
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"Futures signal higher open......."


What a disconnect.

Thu, 11/08/2012 - 10:26 | 2960208 SheepDog-One
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Must. Pump. Futures.

Thu, 11/08/2012 - 10:07 | 2960119 Sheeple Shepard
Sheeple Shepard's picture

Is is me, or has this turd we call the world economy passed the event horizon and is now accelerating towards the now black hole sized fan we call society?

The only thing to fear is fear itself, right?

Thu, 11/08/2012 - 10:09 | 2960132 semperfi
semperfi's picture

The indicator for that event will be very clear - hyperinflation begins and causes shortages of everything

Thu, 11/08/2012 - 10:27 | 2960216 Spastica Rex
Spastica Rex's picture

I think in Rome, they couldn't pay the mercenaries.

Thu, 11/08/2012 - 10:07 | 2960126 resurger
resurger's picture

The rest to follow ...

Thu, 11/08/2012 - 10:09 | 2960131 Newsboy
Newsboy's picture

Greek Brid pop-ups, I'm still waiting to see Greek Bride ads on my screen.

Where are they?

Thu, 11/08/2012 - 10:11 | 2960144 semperfi
semperfi's picture

so 30 seconds ago

Thu, 11/08/2012 - 10:19 | 2960174 Alpha Dog Food
Alpha Dog Food's picture

Try looking here


Thu, 11/08/2012 - 10:10 | 2960136 Yellowhoard
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Nothing like a big ass world war to reduce the excess inventory of disaffected young people.

Cue false flag attack in 3 2 1.....

Thu, 11/08/2012 - 10:13 | 2960150 semperfi
semperfi's picture

Can we please start with a real attack on the Fed Reserve and UN ?

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