09-02 10:48: USD bounces back vs all but GBP
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?
BULLISH
WHAT?!?!
Jamie: I just bought a shit-load of Puts
Whale: Be careful!
LLLLLoyd: God Damn It!!!! I wanna sell somthin
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.
Looks like we get to 100% youth unemployment in Spain and Greece sometime around 2017.
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.
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
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.
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
Publish the list of where they live. Bet it overlaps gun ownership or totership on the 'hired help'.
They will hit 200% soon. 200% means: 2 guys out of work, one working.
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 !
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.
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.
Exactly, this isn't some kind of youth bulge like in the Middle East - so no revolution.
Youth bulge... I used to get those in class every once and a while... waistbandtuck ftw
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".
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.
Meh, unless you get rid of child-labor laws, someone's gotta take care of the little rugrats...
Completely correct.
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.
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.
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.
So true (and nicely said). Well done!
EUR...otrash, bitchez!
need moar paper routes!
Kick the War machine in overdrive problem solved..
Yep war is the employer of choice for the elites.
This is fucking ridiculous. Lazy fuckers...there's tons of demand in Molotov Cocktail manufacturing for both these regions.
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.
Substitute Red Bull for Coke in kalimotxo and it's on!
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.
Got all their asses enrolled in colleges this semester.
Got all their asses loaded down in college loan debt.
fixed it...
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!
Maybe your oldest son reads Krugman. Sympathies.
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
ahah nice "it's a worthless degree but i'll still hire him for cheap" try !!!
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.
"The Art of Computer Programming," vols 1 thru 3, by Donald Knuth is more than an adequate
substitute for a lot of computing theory...
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.
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?
Hockey stick ... as the man said 'bullsih' ..
Hockey sticks are useful weapons in revolutions.
i dont want a holliday in the sun...
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
idiotic response really ! when there is NO job, there is nothing to miss
My Big Fat Gold Bubble
http://chartistfriendfrompittsburgh.blogspot.com/2013/01/my-big-fat-gold-bubble.html
Although they probably won't call them this: they could put them into Hitler Youth Camps.
What do you think universities are, in a land where professors do not need to hide their Marxist sympathies.
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. :)
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.