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Charts Of The Day: Greek Unemployment Hits Escape Velocity
It took one month for the 2013-2014 Greek medium-term unemployment target rate to be hit. The target rate? A grotesque, all time high 26%. Because as Elstat reports, this is what Greek unemployment already was in the month of September. Which means that at the time Greece was preparing its latest "Third Greek Bailout" projections in November, the rate was already well above the long-term target. Elstat also tells us that in September, the total number of actively employed Greek workers (including government) was a tiny 3,695,053. The number of persons unemployed: 1,295,203, while the inactive ranks swelled to 3,373,692. As a reminder, last month's 25.4% unemployment rate has been promptly surpassed in a few weeks. Finally, that powderkeg of conflict, youth unemployment, was a jawdropping 56.4%.
So without further ado, here are the charts that summarize this.
Total workers employed:
Total workers unemployed:
And the unemployment rate:
And yes, by returning to the Drachma, Greece would at least have some chance of curing the unfixable internal and external imbalances, which unless resolved, will send this rate into the stratosphere, and a far bigger chart will soon be needed.
Source: ElStat
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People need to stop complaining and be thankful the Goldman Cartel gives them a nickle. Lick my boots El Greco!
They're stopped complaining......and are atarting to take action
Men Busted For Tailing UPS Truck, Stealing Christmas Gifts...
Hundreds Of Donated Gifts Stolen From Church...
Baby Jesus goes missing...
Family robbed while decorating tree...
and all of that happened in a 1 block radius of Corzine's house...
In his defense....Eric Holder also lives close by.
+1 (a Holder trumps a Corzine)
"A Holder trumps a Corzine"
Actually, you can't have one without the other. Look under "synergy"
more like symbiotic parasites
http://www.hark.com/clips/tyvxghjblt-hes-going-vertical
They all live in the same two towns, the bastards...
Gonna make it easy to round 'em up.
I have a mental picture of a crown of thorns on a milk carton, now. LOL
Maybe part of the unemployment 'picture' in Greece is caused by Greeks saying FU to their gov/the bondholders/foreign banks/the EU/ et al... A general workers strike?
The Greeks are the guy in the Mitt Romney style video who get to wipe Mitt's ass as he raps on the toilet.
Guesses on the unemployment initial claims? I say 405k
390 then revised.
Ah yes, the revision... Mom's on the roof!
Haven't thought about that joke in a long time. Thanks for the chuckle.
Nice catch. Always break bad news slowly, softens the blow...
Not a bad guess, maybe a little high. Christmas help and government hiring may keep it lower. But starting in January we could see a million per month for a while. I definitely will be laying off workers in January as my taxes go up. My decision on whom to fire will be based upon the bumper stickers that I saw in November, elections do matter.
Sadly, I may be making similar decisions in January.
@Ookspay, I hear you. As a manager, I recently lost my own assistant due to changes in his personal family life. In addition, I already had to downsize my department and permanently eliminate another position entirely. I'm able to temporarily handle the workload for the short term, but if our taxes go up substantially in January, I might have to go one step further and hire a new assistant on only a part-time basis instead of the usual full-time (read that to mean less than 30 hours so that the company doesn't have to pay benefits). Definitely not something I want to do, but I'm being painted into a corner by the theatrical posturing in D.C. I only have so much money in my department budget at my disposal.
Anyone remember the "Luxury Tax" fiasco from the Dems back in 1991? The sharp rise in taxes (aimed at the wealthier demographic, but a rise nevertheless) resulted in an immediate REDUCTION in overall tax revenues, and killed an estimated 150,000 jobs in the marine industry until the tax was repealed in 1996. And here we are again, watching the circus from the sidelines as the D and R clowns play word games over how much they want to slap down American taxpayers. Politicians never learn...
...or should it be "we never learn", as we keep voting these clowns (or their similar ilk) back into office? (Sigh)
Your story and mine are all too numerous. My company just recieved a notice that under obamacare we will now be charged a .6 percent fee on the gross amount we pay in insurance that goes to obamacare. Death by a thousand cuts is coming, and I think it is obama's plan all along. Collapse the system and then rebuild it in a progressive utopia. NDAA will be utilized heavily to achieve this goal.
They won't leave the Euro unless they're kicked out. Cyprus is next right after their Greek cousins. Great move buying all of those Greek bonds. The gifts that keep on giving!
GS is long. /sarc
Do they not know how to maipulate statistics.
This chart is the product of already manipulated statistics..
Count your blessings it could be worse.....and probably is.
The really important revisions happen 15 years into the future.
"Do they not know how to maipulate statistics."
The pattern is:
- unemployment gets manipulated higher (to forestall austerity)
- revenue gets manipulated higher (to convince the troika some portion of the bailout is recoverable)
By next December they should be at 110% unemployment with revenue at 110% of target, regardless of the target.
There are many other broke countries in the EU, and the Greeks are getting the bulk of the bailout money, so, the answer to you question is: YES!
Exactly. Greece needs a BLS to hide this shit! What a bunch of amatuers.
And Spanish unemployment? Reverse Baumgartnering
Hidden Economy collapsing the last savings we have...
Next France...to crash
SPAIN IS IN DEFAULT = PERIOD
The entire world is in a state of default, it just doesn't know it yet.
Make good on your debt promises by printing = implicit default.
Exactly right.
The Default Bust began years ago, and is intensifying.
As the remnants of the sovereign economies circle the drain, the CPs have no choice but to print their balls off.
Garbage. The black markets are doing fine. Lots of people working outside the eye of a corrupt fascist system. Good for them.
Unemployment is a huge threat to the banking cartel. Nothing worse than people with a lot of time on their hands.
Maybe Greece should hike the booze tax and really get the ball rolling? Cutt off cable TV?
pods
Yes please, hike the booze taxes, the homebrewers, moonshiners and bootleggers in the real "free market" are looking forward to it.
No exit - see unemployment go much higher, though officially ....
At least they got the bailout ... all good now.
whole hedge fund industry has to be short selling FRENCH EQUITIES
And selling 2, 5 and 10yrs French Bonds
WHOLE NOW....
FRANCE IS THE BLACK SWAN
Japan.
Gotta get up to get down.
Drachma will solve nothing. Wtf zerohedge? Potatoes aint gonna grow if they throw drachmas to the ground. Greece needs to swift from crony capitalism to democracy, and to swift its economy to producing more goods that can be exported. This means that a whole generation of people in their 30s-40s are going to be unemployed.. This is the truth.
Export to whom? Not like there is some huge unfulfilled demand out there
yea but, the world would be rich if everyone just exported more than they import. Why don't people get with the program?
You'd think that people have actually figured out that the potato they grew themselves is actually worth more to them then the bullshit paper promise they will get in exchange? "Shocker".
Dude, farming sucks. Give me an office cube and Zynga - anytime.
Any real work sucks to some extent, what's your point?
"Give me an office cube and Zynga - anytime."
You can give me whatever you want after you put a bullet in my head. Til then, no fucking offices for me.
I'll harvest my avocados, dragon fruit, chili peppers, and everything else with the sun on my face. :-)
It is my sad duty to report that one now needs a "/s" flag due to an apparent and sudden increase in low IQ ZH "contributors".
yea, I hoped most would pick up on my sarc... /s defeats the purpose of the comment.
Obviously everyone can't export more than they import. Well maybe not obvious... there was a Alberta Minister of Education who said every Alberta student should be above average...
*sigh*
the "lake of fire" comment by a wild hose member was also a good WTF!
Its a zero sum game, welcome to earth
Jim "Glibness award 2012" Rickards and acclaimed author of "Currency Wars" says that there is no absolutely problem: Kraut company plants will be established in Greece financed by Chinese capital and will employ all those 18-25 year olds.
I generally like Rickards, though he seems a bit more optimistic than I am; perhaps he's just confident in the illuminati to carry out world government and unified currency; or perhaps his concerns stop with his Catholicism. Nobody's perfect. Twitter is generally pretty glib, but I can see where coming from. He certainly wasn't being glib here, however, in his presentation "Economics and National Security": http://vimeo.com/18160394.
Buuuut.. isn't Greece the island of "Work less, earn more?"
The Drachma would allow them to deflate and get a reasonable amount of non-Drachmas for their potatoes, slick.
Only so long as those "non-drachmas" are backed by something fucking real. Greece, and the entire planet, is flooded with far too many bullshit paper promises already.
THANK you. Dollar makes wars for oil, and so it gets backed at least for a while. Drachma will get backed with the shit wiped out of greek asses.
wow, what an intelligent, well-reasoned and articulate response. < sarc off >
Well, sorry I don't speak excellent english thats true. But i thought we were talking economics in here. And the point is to spread the truth across all nations, and not only english speaking. And it wasn't even a "response", more like an addition to your arguement. But how did your higher intelligence miss that? <sarc unnecessairy>
Ahh yes, the good old export meme. FAIL. Nothing short of a complete forgiveness of all debt and execution of all those who have profitted from the fraud will save greece and the earth.
Greece, and the world, has gone far too long without seeing real consequences for bad behavior. If increasing exports would solve a country or the world's problems, answer one simeple question; exactly who would the earth be exporting to again and what would they be offering the world in exchange?
Stupid fucking sheep.
So your argument is that drachma would solve the earth's problem? lol
I agree with your thoughts about punishment. But then again, the incentives of everyone possibly involved in this punishment push them at a nash equilibrium of lack of punishment for the players responsible for this mess. The equilibrium under the current conditions is always in favor of the elites.
Export Greek pussy to the Germans for fucks sake.
I think this is how many families will survive.....there will be a huge increase in prostitution....
Jobless men can't afford prostitutes.
German tourists can
on yo back, i got some very special paper for you, you delicious little grape dumpling, you!
haaaaa, harraaaa, haaaaaaaaHAAAAAA HOOOOO!
when will we ever learn!
Only on a lease; be sure it gets returned.
The point is simple, all societies and monetary systems will fail unless the unit of monetary exchange implicity make it difficult for people to game the system. No shit, that there will always be bad or evil individuals, but, those systems and societies that insure there are always real consequences for bad behavior will always do better. It's a lot harder to "fake" an ounce of gold, or even a good potato for that matter, and you know dipshit? To a person who has nothing and no good prospects, the fucking potato is more desireable. Never back a wild animal into a corner, always leave them an exit route (preferably out of your house or garage) otherwise don't come crying to me to pay for your healthcare when you get your face ripped off. Clear the bad fucking debt and prosecute the fucking fraud.
Are you here just to call names on people, and keep rephrasing your arguement without reading the replies? You remind me of my 7 year old cousin.
It's alot harder to impose any consequence on more powerful people, can't you understand this? No government has an incentive strong enough to impose consequences to those that help them remain on power. Its a give and take. Please , if you reply again, try to understand what i'm typing before you clog your ears and go "lalalalala i cant hear you you dipshit "
Then provide a real solution and stop talking in circles, you sound like one of my cousins, an out of work MBA. Offered him a job on the farm, said it was too much real work for him.
I provide real and solid arguements that contribute towards a real solution. In the other hand you provide "solutions" that get rejected within seconds. Good luck flaming the rest of the forum
Greece depends heavily on tourism. Going back to the drachma would make visiting Greece more attractive.
Tell me how greeks would buy energy with a drachma backed by nothing. Cmon, hit me. Thats right they wont.
Shit, they can't afford to buy energy now (aside from cutting down their own trees and burning them), what's your point? Clear the bad debt and prosecute the fraud. Nothing will change until these underlying structural issues are addressed.
Name one country in the whole world and throughout the human history, that has achieved in a long term what you imply to be an easy and evident solution.
Again, just like my cousin, the out-of-work MBA, you completely miss the point. Go take a class in therodynamics, humanity is an unsustainable ponzi. There are no easy solutions. Now quit whinning and go affect some real change by actually doing something productive.
The most productive thing you've been doing for some hours now is editing your text so that it seems relevant. You are irrelevant and delusioned . I hope the best for you, barking doggy
Democracy! Because it works!
I'll just keep the good old fashioned Republic......thanks anyway.
to swift its economy to producing more goods that can be exported.
Gets my personal vote as the most ludicrous gibberish of the year.
Look at all that potential! Why isn't Goldman all over this bullish development with helpful advice on how to maximize profit by getting long some Greek thing or another?
What does any of this have to do with Hedge Funds changing the holiday party catering order for the better booze and caviar?
Where is Ben Bernankeopolous to save the day?
That chart is darn right depressing.
Ok so when everything gets like that in the US as the banksters take down country after country does gold and silver retain their value. You know like for bribes or would a gun be better?
Silver and gold are too valuable to waste on banksters. Your suggested alternative would be more appropriate.
Next question.
sunny
I'd start with a brain, otherwise the other stuff won't help you a bit.
Why would someone rate this article "poor"?
maybe golum reads zh?
Some like to shoot the messenger.
"You can't handle the truth!"
No truer statement has ever been made in Hollywood propaganda.
fat finger?
I did, because of the drachma thing.
They joined the Euro in what 2001~2002?
The bubble that was inflating to 2008ish2009ish artificially created jobs (probably in banking and service industries in greece) then when the bubble popped the true economic conditions of non-productivity and consumption were exposed and everything went into free-fall.
In America when the Bond+Financial institution bubble pops , I would expect a similar chart for America, we might hit a peak employement for the recession before it just starts to free-fall.
The problem with a service based economy (like america's) is that it only functions when there exists wealth to re-distribute/shuffle around, because most of the services are jobs that move stuff around/re-organize.
Its like we printed a shitload of money and everyone bought a bunch of crap, and it just made a mess, so we hire a shit-load of people to organize everything/move it around to where it needs to be, but when all is said and done, those people are no longer needed, factor in that Obama is making it so that its getting more expensive to keep human capital around.... people are gona get fired.
I agree 100% . But tell me, how is the drachma magically going to solve the services based economy? Especially in an economy thats depends heavily on external energy sources.
It certainly wouldn't happen because of magic. But how does any country that issues a new currency make it last? Most countries don't have much gold or energy, but they mostly all have currencies.
If it could be presumed that a re-adoption of the drachma was part of a legitimate and sincere effort to re-establish a thriving economy, then the government would need to undergo massive reforms to cut or eliminate entitlements, public employment, and other spending; at the same time, the newly issued drachma would need to be severely devalued to the Euro so that the purchasing power of the Euro would be much greater in Greece, coaxing an inflow of money. When opening businesses, hiring workers, and producing goods in Greece becomes cheap and efficient relative to international standards, then investments will return, and the country would be on its way to recovery. As I said, though, this is predicated as much upon governmental fiscal responsibility as well as noncorruption, both of which are human obstacles that tend to sink pretty much any political theory when put to practice.
Addressing the problems of a service-based economy can best be done with economic theories and political negotiations; addressing the problems of an entitlement-based society is another, more complicated, and uglier matter.
You're absolutely right, except that "most countries" thing, I don't think anyone can say Greece is just "another country" for the investing world right now...
Are you suggesting that the US doesn't need more "Life Coaches" that make $175k a year? What kind of world would this be without people telling me I'm good enough, smart enough, and darn it people like me?
LOL...meanwhile Greek PM Samaras said to German daily newspaper Bild that after the debt buyback (which according to him will be successful) Greece's debt levels will be sustainable.
As long as I get my mousaka and belly dancers.
Note: does not include black market employment.
Like What ? Manwhores ?
Nothing to see here, move along.
Problem is this feeds into the false solution of Krugmanism, rather than facing the fact that the real solution is to default on the fiat debt-money and rebuild from the ashes, and try to manage things so they don't get too nasty in the interim.
Which doesn't really work if you disenfranchise, enrage and generally radicalise and make everyone desperate and resorting to violence ... before you default any way.
you are right...soon there will be generation of "criminals"...people who work and live off the grid...black marketers..who will never pay taxes again....they are losing their "base"....if they fail now...take the pain...they might save the country....if they keep kicking the can...more and more people will go off grid.....and stay there
This is so important for people to realize. The governments are subserviant to the banks. Right now, in the USA, your .gov workers are actually working very, very hard.
Why? Obama told them to implement COG (continuity of government) proceedures. And COG proceedures have nothing to do with maintaing the level of services .gov provides. It has to do with preserving .gov supply chains. (i.e. tax revenues). This is why they bought all that ammo. They will also be releasing all kinds of new reports showing how important they are in your lives. Like most statistics, they will all be fake.
They already used up the Bin Laden thing. Most people dont give a crap about syria. Obama phones were more devicive than supportive. We might actually, finally get a perp walk for a bankster (circus victim), and a some type of direct payment from the government based on some trumped up artifact of the fiscal cliff negotiation. (bread for the masses)
"and stay there" Bingo.
And why would I want to go back? Freedom from Big Brother suits me just fine.
You just *know* that once the 2nd derivative goes up, it will be used as a reason to pump the markets.
But until then? *markets whistle while looking the other way*
Shouldn'f that be a Lickle?
I predict in 5 years that number or % will become the new NORMAL
Those charts say "Parabolic Collapse". End of story.
Yes, but this won't happen in any other countries in europa ... it's just a Greekish thingy ...
wot? ... spains worse ... already?
LOL!?
Mr. Burns apparently writes for zh. [/excellent]
LOL!?
... I am finding that harder to be able to do anymore ...
My well-developed macabre sense of humour can not keep up! Of course, as things get worse & worse, the "opposition" matches that by also becoming worse and worse. The basic system of debt slavery automatically runs away to become debt insanity, and that then must result in psychotic breakdowns. From a sublime point of view, the absurdities become more and more amusing, LOL!? (Given the necssarily macabre sense of humour, required to laugh at evil.) It is practically impossible to imagine how more radical truth could ever emerge enough to become the cure for this kind of runaway debt insanity, driving social psychotic breakdowns. So far, the only thing happening is more and more money made out out nothing, as debts, born by more and more people, to be pumped into a system that is being destroyed by too much debt, due to operating too much on the fundamental fraud of money made out of nothing in the first place.
Of course, inside of a world that is controlled by those who are the best at being dishonest, where the fraud kings control what is happening, everything is as backwards as it can possibly be, so that something like 75% of the young women in Greece find it impossible to be "employed" ... Since the fascist plutocracy is a system of insane numbers, which were graudally built on top of patriarchal militarism, young women are the primary victims, and virtually nobody, including them, will ever be able to resolve that enough to provide genuine solutions to that social insanity.
Paternalism of the insane big daddies, destroying the lives of their young daughters ... while most of the fake solutions proposed by various controlled opposition groups tend to be merely more old-fashioned systems of big daddyism.
Since the real world is now almost totally controlled by triumphant runaway frauds, and Greece is one of the leading examples of the process of debt slavery transforming into debt insanity, of course that manifests as "unemployment" and the most unemployable are young women, since they are the furtherest away from the big daddies which were controlling society through huge lies, backed by violence, whose "success" automatically must become insane, and leads to psychotic breakdowns ... Then, in that context, under stress, people regress, and the "solutions" tend to be just more and worse regressions to big daddyism, as still somehow going to be the way to fix the problems caused by too much big daddyism for too long!
It really has all gone to ratshit in Europe
"Unexpected"
Whoever made that chart made a clever choice to shade them from light blue to dark blue; simple, obvious but direct way of suggesting their conclusions to the data.
Entering the Deep
[Note: that data presumably doesn't include the approx 1-2 million (?? figures wildly fluctuate due to source. i.e. Golden Dawn puts it closer to 2 million, Greek government just under 1 million) unregistered illegal aliens in Greece (via North Aftica, Pakistan and Afganistan largely), which Golden Dawn gets so upset about. Work those into there and the rate is higher. See here for American friendly version]
Obligatory: https://www.youtube.com/watch?v=EMoNXBeFrDI
At this point Greece is just an interesting social experiment on how bad it needs to get in today's society before meaningful daily demonstrations, riots and opposition leaders with megaphones get in the street. Xbox, iphone and ipod opiation so far seems to have kept the young males in check but there is always and inflection point and perhaps when the electricity goes off or the phone goes dead or the room temp hits 52 degrees, that people will get off their couches and demand to leave the euro.
I'd fine tune that:
We know how bad it has to get in a developing world country // Muslim countries, Greece is the test-bed for a 'second world', largely traditional family based, non-fundamentalist Religious / secular economic system, with attendant Corruption / Nepotism due to social structure, weak / co-opted local Government.
Note this: 46.9% internet penetration per ITU; 34.6% Facebook penetration. Here. I could dig up the mobile G network data as well, but approx ~ 50% of the population is "low information"
Capital city: Athens - population 752,971 (2010)
5,043,550 Internet users as of Dec.31, 2011, 46.9% penetration, per ITU
3,718,340 Facebook users on Mar 31/12, 34.6% penetration rate.
Attiki's (athens + close suburbs) population is more like 5 mil .
Given the total pop is ~10-11 million, that's an interesting correlation between urban % and coverage %.
Might be meaningless, but worth thinking over.
I'd also add that Greeks don't own guns.
The Euro boys (venetians) are the biggest most ambitious criminals ever to walk the earth.
Obviously, the Eurocrats will not rest until there is total chaos and revolution.
Maybe its time to give all of Southern Europe back to the Moors
Greece is now on the "Sachsma"
Greece needs to get all those unemployed and invade the rest of Cyprus.
Get the ball rolling for a bigger conflict with Turkey. Might as well do it now when they have the means to do it and very little downside if they fail to pull it off.
On the bright side, a depression will cure a nation's obesity problem....
This problem is contained. I have seen the best - official - data and I can say with full confidence that wise, but maybe somewhat painful decisions done in the face of this crisis will lead Greece to sustainable growth and get it's debt under control by 2030. Even on top of these great news - according to these prognosis based on our... ekhm on the best experts aveilable the Greek government will be able to pay it's debt down to the Drah... ekhm to the Euro in early XXII century. I see great future opening up before Greek people!
greeks pine for the good old days of 7% unemployment they had in 2008
It doesn't look so bad if you use a logarithmic scale...
The real story: GREECE HAS AN EFFECTIVE UNEMPLOYMENT RATE OF 64.8%! Not the young, sun-kissed youth population, but among the FULL FORCE of WORK-ABLE ADULTS
Here are the numbers:
Unemployed (those not working who are trying to find work): 1.3M
Inactive Unemployed (as defined by the most trusted Helenic Statistical Authority: "persons that neither worked, neither looked for a job"): 3.4M
Total number of REAL UNEMPLOYED in Socrates homeland: ~4.7M
Total number of Greeks employed (this includes GOVERNMENT WORKERS which of course means secretaries working for secretaries who type meaningless memos for bureaucrats who write reports on why Greece needs more German money): 3.7M
Total Labor Force: 5.3M (Another farce number - see below)
Total Population of Greece: 11.2M
Total Adult Population (15-65, i.e. WORKING AGE): 7.2M
So the BuLS*T (Bureau of Labor Stats) of Greece is saying that there are nearly 2 million of its citizens (Total Adult Population - Total Labor Force) that for some reason shouldn't be included in the Labor Force. So we don't seem totally heartless, let's acknowledge that there are some physically, mentally and politically challenged adults that CAN'T work. The UN estimates that around 10% of the world's population is disabled and slightly higher in 3rd world countries. Its probably less in Greece (unless you consider someone who is over-tanned to be disabled) but let's say 10% of Greeks really can't work. That's about 720K of working age adults that really need charity. That leaves - again generously - 7.1M total work-able adults. And for those EU bureaucrats who are insisting on robbing the rest of Europe's producers for the non-producers, we'll even deduct that full 720K from the Inactive Employed number. The results: 3.3M INACTIVE + 1.3M UNEMPLOYED = 4.6M NOT WORKING.
Here's why Zeus is curled up in a corner sucking his thumb: 4.6M non-working but able adult Greeks / 7.1M total work-ready adults = 64.8% REAL UNEMPLOYMENT.
Socratic wisdom for Prime Minister Antonis Samaras: Hemlock exists for a reason.
My Great Big Greek Problem