Racing To The Revolution: Spain Vs Greek Youth Unemployment

Tyler Durden's picture




 

Spanish and Greek youth unemployment surged to yet another new record as joblessness among the under-25 cohort is now above 55% for both of these troubled nations. "We haven't seen the bottom yet," one analyst notes as the BBC notes that the youth unemployment in these nations is more than double the euro-area average. As we have noted many times, this ludicrous state of affairs (in nations that proclaim the worst is past) is by far the most-concerning for European stability. Even Frau Merkel opined this morning in Davos that:

  • *MERKEL SAYS EU YOUTH UNEMPLOYMENT BIGGEST BURDEN, NEEDS TACKLED

Yet, there is nothing being done. Across the 27-nation bloc, there are 5.8 million people aged under-25 that remain long-term unemployed. This has always and forever led to extreme events and social unrest, as we warned here (must read). As the year warms up, which nation will 'spring' first?

 

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Thu, 01/24/2013 - 13:47 | 3182983 Say What Again
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BULLISH

Thu, 01/24/2013 - 13:47 | 3182990 Lohn Jocke
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WHAT?!?!

Thu, 01/24/2013 - 13:51 | 3182998 Say What Again
Say What Again's picture

Jamie:  I just bought a shit-load of Puts

Whale: Be careful!

LLLLLoyd:  God Damn It!!!!  I wanna sell somthin

Thu, 01/24/2013 - 13:57 | 3183014 Say What Again
Say What Again's picture

Bernanke:  Tell everyone your buying AAPL.

Cohen:  Damn!!!  It NEVER stops snowing here!

Liesman:  No worries...  I'll write a piece about the great earnings forecast.

 

Thu, 01/24/2013 - 14:03 | 3183045 Buckaroo Banzai
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Looks like we get to 100% youth unemployment in Spain and Greece sometime around 2017.

Thu, 01/24/2013 - 14:32 | 3183131 economics9698
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Calling Dr. Paul Krugman, calling Dr. Krugman, Dr. Krugman respond at once.  /sarc

If they were smart they would find out where the bankers live, and hang them. 

Thu, 01/24/2013 - 15:13 | 3183295 macholatte
macholatte's picture

 

They'd probably murder a minimum wage retail clerk and then go back to their tabloid coverage of the Royals and swoon.  I'm not optimistic they have a clue. I am ready to be pleasantly surprised.

 

The optimist thinks this is the best of all possible worlds. The pessimist fears it is true.
J. Robert Oppenheimer

 

The nice part about being a pessimist is that you are constantly being either proven right or pleasantly surprised.
George Will

 

Thu, 01/24/2013 - 15:37 | 3183372 bobnoxy
bobnoxy's picture

But Obama says the bankers did nothing illegal. That they've paid over $2 billion in settlements is apparently just another show of their never ending good will.

Thu, 01/24/2013 - 18:59 | 3184044 HoaX
HoaX's picture

The president of the Dutch Banking association made a nice statement today:

"Banks do not need to say sorry '
AMSTERDAM - The Dutch banks have their business ''for 98 percent" in order. Boele Staal, chairman of the Dutch Banking Association (NVB) says Thursday in an interview with the AD.
Photo: Reuters

'' Our members have done much in recent years. But society is in disbelief, "said Staal.

The blame for the financial crisis should, according to Staal not only be sought from the banks, because they responded primarily to a question from the market. '' Society also wanted that abundance of credit. The banks had to recognize the problem, but it is caused by a society where "it is never enough" is a core principle. "

Now the banks have put things in order, according to Staal an apology is no longer needed. ''We must now show that we have learned the lesson. "

Translated from Nu.nl

Thu, 01/24/2013 - 16:13 | 3183517 Joe Davola
Joe Davola's picture

Publish the list of where they live.  Bet it overlaps gun ownership or totership on the 'hired help'.

Thu, 01/24/2013 - 15:06 | 3183269 Nussi34
Nussi34's picture

They will hit 200% soon. 200% means: 2 guys out of work, one working.

Thu, 01/24/2013 - 15:51 | 3183426 Super Broccoli
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well if you ever get over 66% (so 2/3rd) of youth unemployment and stay there for more than a few weeks, then the government is in big trouble !

Fri, 01/25/2013 - 05:21 | 3185059 Stuntgirl
Stuntgirl's picture

The Spanish number at least (can't say for the greek) is bullshit. It is much closer to 60%, if not 65% already.

Kids know the will not get employment so they desperately extend their university time, some enroll in 2nd university degrees, even non-college students return to education.

Watch the budget for education sink, and direct costs to students soar. After June, most won't be able to afford their next year of uni or professional training or languages courses.

This summer will be fun.

 

Thu, 01/24/2013 - 14:05 | 3183056 true brain
true brain's picture

youth unemployment= adult unemployment= permanent adolescents = childless bumps=social security dependent, bitching and whining old assholes demanding more and more social security.

 

They are digging the graves, mass gigantic graves for their countries. In 30 years, all these youth will become old whining, childless assholes.  No more young generation in 30 years. Good bye Europe.

Thu, 01/24/2013 - 14:13 | 3183080 magpie
magpie's picture

Exactly, this isn't some kind of youth bulge like in the Middle East - so no revolution.

Thu, 01/24/2013 - 15:12 | 3183293 MachoMan
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Youth bulge...  I used to get those in class every once and a while...  waistbandtuck ftw

Thu, 01/24/2013 - 15:47 | 3183409 walküre
walküre's picture

Why do you think they remain childless? Being unemployed gives them more time to fuck and breed. Who cares about the cost of feeding more kids when government is there to step in. Every case study shows that there is a decrease in wealthier countries because of a lack of care, time and energy to breed.

Europe's biggest problem has been declining demographics. Keeping people unemployed and on welfare might just fill that gap. Not that it would make any sense whatsoever but the current motto of Central Bankers around the world is "have printer, will use it".

Thu, 01/24/2013 - 18:38 | 3183976 Terminus C
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Highly educated impoverished people will not have babies...  The strongest co-relation to birth rate is level of female education.  Want babies, make dumb, powerless women. 

Thu, 01/24/2013 - 22:26 | 3184560 StychoKiller
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Meh, unless you get rid of child-labor laws, someone's gotta take care of the little rugrats...

Fri, 01/25/2013 - 05:23 | 3185060 Stuntgirl
Stuntgirl's picture

Completely correct.

Fri, 01/25/2013 - 06:10 | 3185086 Harbanger
Harbanger's picture

I read somewhere that the #1 most popular boys name in England was mohammed.  So in 30 yrs the new Queen may be wearing a burka.

Thu, 01/24/2013 - 13:51 | 3183000 The Juggernaut
The Juggernaut's picture

To have a proper Revolution, send these people Ron Paul videos.

 

Is anyone on the ground there to see if there are any rallies?!?  That shit would be awesome.

Thu, 01/24/2013 - 16:45 | 3183643 Totentänzerlied
Totentänzerlied's picture

There are indeed! Pick your flavor: Marxist rallies, Maoist rallies, Socialist rallies, Stalinist rallies, Fascist rallies, Syndicalist rallies, why, there's something for everyone!

Anyone who thinks a revolution is coming to Europe soon is out of there ****ing mind. But when it does come, it will, I promise you, be progressive/socialist in some form. Do not take my word for it. Go to any gathering place in Europe and inquire of the locals their political beliefs. Make sure to bolt your fucking jaw shut first or it will be dislocated when it smashes into the ground.

Thu, 01/24/2013 - 21:21 | 3184374 Non Passaran
Non Passaran's picture

So true (and nicely said). Well done!

EUR...otrash, bitchez!

Thu, 01/24/2013 - 13:49 | 3182999 inevitablecollapse
inevitablecollapse's picture

need moar paper routes!

Thu, 01/24/2013 - 15:11 | 3183292 1100-TACTICAL-12
1100-TACTICAL-12's picture

Kick the War machine in overdrive problem solved..

Thu, 01/24/2013 - 15:31 | 3183358 Colonel Klink
Colonel Klink's picture

Yep war is the employer of choice for the elites.

Thu, 01/24/2013 - 13:51 | 3183009 LongSoupLine
LongSoupLine's picture

This is fucking ridiculous.  Lazy fuckers...there's tons of demand in Molotov Cocktail manufacturing for both these regions.

Thu, 01/24/2013 - 13:55 | 3183020 reload
reload's picture

AH....first smile of the afternoon, thanks.

My money is on Spain to kick off first, no science - just a feeling. They have always done civil war so well.

Thu, 01/24/2013 - 15:34 | 3183368 Joe Davola
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Substitute Red Bull for Coke in kalimotxo and it's on!

Thu, 01/24/2013 - 13:52 | 3183011 q99x2
q99x2's picture

Well it won't be the US. Got all their asses enrolled in colleges this semester. They make a decent living that way and don't piss off the folks.

Thu, 01/24/2013 - 14:03 | 3183043 LongSoupLine
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Got all their asses enrolled in colleges this semester.

 

 

Got all their asses loaded down in college loan debt.

fixed it...

Thu, 01/24/2013 - 14:23 | 3183109 tango
tango's picture

 My son has an "A" average in computer engineering but is considering a masters.  The job market in technica fields really rewards a Masters.  Ironically he has worked retail since he was 16 and they want him for a mgr (six figures).  

BUT - he will graduate with zero debt.   We invested in the TN education progra) when he was young and by the time he went his original value had tripled.  My oldest son who moved out some time ago now has $30K in student loans and counting.  He is switching schools because "President Obama" will pay for his education (loan) with spending money (grant) along with food stamps.  I've argued until I am blue but he sees absolutely no problems with debt!

Thu, 01/24/2013 - 14:27 | 3183123 Jena
Jena's picture

Maybe your oldest son reads Krugman.  Sympathies.

Thu, 01/24/2013 - 14:54 | 3183221 Double.Eagle.Gold
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Colleges produce professors, not computer programmers.

After 32 yrs. as professional programmer, 20 in commercial SW houses, 1/2 that at MSFT, I can assure you a CS degree does not f'in matter. What matters is whether they can think creatively.

The _only_ SW Company that gives a rat's arse about college is Google. Have him apply there for an internship, do it now.

I retired, became bored after couple of years, started a small SW shop and now have more work than I can handle. If your son has any actual mad skills, have him contact me thru support@saintssoft.com

-john

 

Thu, 01/24/2013 - 15:56 | 3183440 Super Broccoli
Super Broccoli's picture

ahah nice "it's a worthless degree but i'll still hire him for cheap" try !!!

Thu, 01/24/2013 - 21:18 | 3184358 Jadr
Jadr's picture

Are you in software development or are you just talking out of your ass?

While my evidence is merely second hand and anecotal, I have discussed the value of computer science degrees with several friends (whom are employed in software development) who have echoed the sentiments of the poster you are deriding.  Like most college degrees, only a minimal portion of the education has a direct relation to the necessary skills for actual jobs.  One of my friends stated that the most valuable part of his CS education occurred in his first two years of schooling and his upper division courses provided minimal real world applications.

Thu, 01/24/2013 - 22:30 | 3184572 StychoKiller
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"The Art of Computer Programming," vols 1 thru 3, by Donald Knuth is more than an adequate

substitute for a lot of computing theory...

Thu, 01/24/2013 - 16:50 | 3183662 Totentänzerlied
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Europe is no different, as I'm sure you know, they push college just as much and (yadda yadda yadda) it's """free""" or nearly so, for the student. Perfect way to keep them preoccupied.

Fri, 01/25/2013 - 05:28 | 3185061 Stuntgirl
Stuntgirl's picture

They do push college, but it's not "free".

College costs to students nearly doubled this year in Spain. So did "professional training" costs (mechanic, etc) Guess who can't afford to enrol aftel this June comes around?

 

Thu, 01/24/2013 - 13:52 | 3183012 Ident 7777 economy
Ident 7777 economy's picture

Hockey stick ... as the man said 'bullsih' ..

Thu, 01/24/2013 - 15:28 | 3183345 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Hockey sticks are useful weapons in revolutions.

Thu, 01/24/2013 - 13:55 | 3183016 fourchan
fourchan's picture

i dont want a holliday in the sun...

Thu, 01/24/2013 - 14:00 | 3183028 Racer
Racer's picture

And how they are trying to keep youth unemployment low in the UK?

Why force even graduates to take ANY job or else they get their benefits stopped... that's how.

If you miss 3 appointments in a row you get no benefit for THREE years

Thu, 01/24/2013 - 15:57 | 3183444 Super Broccoli
Super Broccoli's picture

idiotic response really ! when there is NO job, there is nothing to miss

Thu, 01/24/2013 - 14:02 | 3183037 q99x2
q99x2's picture

Although they probably won't call them this: they could put them into Hitler Youth Camps.

Thu, 01/24/2013 - 16:53 | 3183682 Totentänzerlied
Totentänzerlied's picture

What do you think universities are, in a land where professors do not need to hide their Marxist sympathies.

Thu, 01/24/2013 - 14:18 | 3183038 Mercury
Mercury's picture

Across the 27-nation bloc, there are 5.8 million people aged under-25 that remain long-term unemployed. This has always and forever led to extreme events and social unrest, as we warned here (must read).

Well not always. Places like Saudi Arabia have had massive youth unemployment for decades.  I'm sure they're not happy about it but nonetheless their nation remains fairly stable.  Look at it this way: in addition to dwindling liberties and a massive state security apparatus NEMA youth will have that much less to be jealous about or hate the West for PLUS this contributes to greater equality among peoples of different nations.  And THAT means we're winning the war on terror! Root causes: gone gone and gone!

Now that’s the kind of big picture thinking and leadership from behind that can only be accomplished by central planning. :)

Thu, 01/24/2013 - 15:15 | 3183304 MachoMan
MachoMan's picture

Stability is simple a temporary phenomenon, predicated upon defying economic gravity...  those tribute payments to the mob (welfare) are going to bounce soon enough...  this is the problem with induction.

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