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Europe's Scariest Chart Leaves 1 in 4 Young People Unemployed

Tyler Durden's picture




 

While near record low sovereign bond spreads and near record high equity prices have been taken as vindication by the European elites that all is well and 'we just need a little less fauxsterity' to be done with this crisis; the data, as it so often does, says the exact opposite. European unemployment just broke above 12% for the first time ever and European youth unemployment remains miserably above 24%. And while 1-in-4 under-25s unemployed is a bad enough statistic in terms of likely emergence of social unrest, the individual countries are in general deteriorating once again at a faster rate. French youth unemployment has risen for 13 months in a row to a record 26.5%; Spain (at 57.2% of under-25s unemployed) is catching up fast to Greece's stunning 59.1%; but perhaps the most concerning for the broader economies is the fact that Italy's youth unemployment has now topped that of Portugal at 38.4%. The only nation to see a drop in its youth unemployment was Ireland - which fell back modestly to January levels. Not a rosy picture, but then again, it doesn't matter...

Ugly...

 

and even worse for the youth...

 

but does it matter?

 

Charts: Bloomberg

 

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Tue, 04/30/2013 - 09:02 | 3513332 GetZeeGold
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Socialism......rocks.

Tue, 04/30/2013 - 09:04 | 3513355 TideFighter
TideFighter's picture

CIA employees are outing Obama, he is in full damage-control mode. Skeeter to give press conference at 10:15 a.m. This appears to be big, big, big.

Tue, 04/30/2013 - 09:17 | 3513400 Sudden Debt
Sudden Debt's picture

like that will ever happen... it will probably be something about that Alien invasion thing...

Tue, 04/30/2013 - 09:29 | 3513423 GetZeeGold
GetZeeGold's picture

 

 

Alien invasion thing

 

That's a pretty big freakin deal.....right up there with gun control. Four percent of the population is pretty freaked out about both topics.

 

We are talking about outer space aliens here......right?

Tue, 04/30/2013 - 09:37 | 3513465 francis_sawyer
francis_sawyer's picture

Who do you want to work for anyway?... The government?... No thanks... I'd rather be destitute...

Tue, 04/30/2013 - 10:01 | 3513552 GetZeeGold
GetZeeGold's picture

 

 

Well.....we just lost Noam Chomsky.

 

Things are looking worse by the minute.....

Noam Chomsky: Obama’s Inexplicable ‘Attack’ On Civil Liberties ‘Goes Well Beyond Anything’ Imagined

http://www.mediaite.com/online/noam-chomsky-obamas-inexplicable-attack-on-civil-liberties-goes-well-beyond-anything-imagined/

Tue, 04/30/2013 - 09:37 | 3513466 AlaricBalth
AlaricBalth's picture

Alien invasion? Oh my! Paul Krugman just had an orgasm.

Tue, 04/30/2013 - 09:44 | 3513492 GetZeeGold
GetZeeGold's picture

 

 

 

False alarm. It's just another bug hunt.

 

REPORTER CALLS 'RIGGED GAME'...

http://www.weeklystandard.com/blogs/obama-take-questions-press_720211.html

Tue, 04/30/2013 - 09:32 | 3513447 the not so migh...
the not so mighty maximiza's picture

they would never risk their pensions.  Thats the way they roll.

Tue, 04/30/2013 - 09:04 | 3513356 kridkrid
kridkrid's picture

Socialism may suck, but debtmoneyexponentialism is to blame here.

Tue, 04/30/2013 - 09:05 | 3513360 ATM
ATM's picture

It's Authoritarianism cloaked in feel good socialism. 

Poor kids have all been indoctrinated to beleive socialsim is the answer for the future but it only places power ina few hands and locks them into a life of servitude.

How long before the Europeans start the youth brigades and forced national service? Grab a shovel Giovanni, Alexander and Raul. You got some digging to do.

Tue, 04/30/2013 - 10:25 | 3513686 NEOSERF
NEOSERF's picture

Seriously it would be nice to see just HOW these countries measure this statistic which is so manipulated here.  Perhaps the numbers are better as the unemployment safety net there has no end and so people are correctly counted forever?

Tue, 04/30/2013 - 09:01 | 3513338 Ancona
Ancona's picture

Who needs a job when Obama says I can have TANF, SNAP, WIC, a free phone, subsidized health care and a raft of other free shit like rent control apartments, free child care, etc. I may work for cash from time to time to support my gambling habit and drug addictions, but other than that, it's X-box time bitchez!!

Cyprus? that's a kind of tree dumbass.....why the hell would I be worried about that?

Tue, 04/30/2013 - 09:10 | 3513366 DormRoom
DormRoom's picture

Cheap credit, and QE mostly pulls demand forward, robbing youth of future properity.  The new class struggle is between #baby boomers and the rest. 

Tue, 04/30/2013 - 09:09 | 3513369 GetZeeGold
GetZeeGold's picture

 

 

Fella could have himself a pretty good weekend in Vegas with all that stuff.

http://www.youtube.com/watch?v=F5qqfsQGYus

Tue, 04/30/2013 - 10:41 | 3513759 venturen
venturen's picture

Just like Europe...that worked out well didn't it!

Tue, 04/30/2013 - 09:01 | 3513340 jubber
jubber's picture

I would have thought the decline in Ireland is due to a mass exodus

Tue, 04/30/2013 - 09:13 | 3513387 Ribeye
Ribeye's picture

Correct, there are loads of Irish youngsters down in Oz and NZ,

Also the Irish numbers are heavily sautéed,

There's tons of kids on govt "training schemes" who are not counted as unemployed,

And soon, the scum unions are going to bring the entire public sector out on strike,

Doubleplusgood:)

Tue, 04/30/2013 - 09:21 | 3513404 Sudden Debt
Sudden Debt's picture

first is was... but they keep sending them back to Ireland...

 

Tue, 04/30/2013 - 09:01 | 3513341 buzzsaw99
buzzsaw99's picture

...yore young and you got yore health, what do you want with a job? [/evelle]

Tue, 04/30/2013 - 09:14 | 3513343 Mercury
Mercury's picture


The EU’s new, International anthem.

Tue, 04/30/2013 - 09:42 | 3513494 THE DORK OF CORK
THE DORK OF CORK's picture

This is better me thinks.

 

http://www.youtube.com/watch?v=MfP1v2j2Ve8

Tue, 04/30/2013 - 09:03 | 3513351 jeebus
jeebus's picture

There was a good documentary Vice did on Europe recently. Pretty scary stuff.

 

There is a "Youth with no future movement in Spain." All 20s younguns. They have no jobs. So they decided to graffiti the city of Madrid, trash ATMs, break things. Because, why not? 

 

In Greece, the Golden Dawn uses a sideways swastika and openly does the nazi salute. They have a propaganda book of Joseph Goebbels. They are known to target immigrants in the streets. 

 

As one of the Greek anarchists said who is "fighting" the golden dawn in a "street war"

 

It's just like WW2 all over again. The system reaches to the far right to defend itself. 

 

 

Tue, 04/30/2013 - 09:13 | 3513374 kridkrid
kridkrid's picture

The monetary system has reached terminal velocity, yet it requires perpetual growth... that's a problem that has no solution.  It's just like WW2 because it is just like WW2... there will be something new on the other side of WW3.  Maybe something bad... http://www.youtube.com/watch?v=tOEJvjK8TM0

Tue, 04/30/2013 - 09:12 | 3513385 Lebensphilosoph
Lebensphilosoph's picture

Excuse me? The system? Don't make me laugh. And your anarchist ... obviously such a wonderful little chap. Aren't all communists?

Tue, 04/30/2013 - 09:39 | 3513464 jeebus
jeebus's picture

It's people's natural instinct to survive. It's scary. Nothing to do with politics really.

Tue, 04/30/2013 - 09:58 | 3513557 kridkrid
kridkrid's picture

Exactly right.  And it doesn't matter if this is by design, or human instinct, the result will be the same.  I think it's a little bit of both... some design with the recognition that human instinct will take over.  But here is the trick... just make sure that whatever factions do arise, their anger must be focused on other factions, not the real culprits.  Anarchists vs. socialists vs. fascists vs. communists vs. whatever other -ist you want to throw into the mix.  Just keep them all away from the bankers.  Our Fisher Price version of this is Republican vs. Democrat... but that will soon give way to something more overtly violent, I believe.

Tue, 04/30/2013 - 09:04 | 3513352 THE DORK OF CORK
THE DORK OF CORK's picture

The young Irish rednecks are generally leaving these shores.

That may explain the above numbers.

 

However the population is not falling.

External workers in their 20s & 30s continue to look for any scraps available in the Irish economy.

 

Its the general plan of the fat controllers - a extraction of domestic labour value by any means .

 

When the Turks enter the Euro 9th circle things will only get worse for us.

 

 

Tue, 04/30/2013 - 09:06 | 3513354 Dr. Engali
Dr. Engali's picture

I heard China is looking to cut labor costs so they are going to start outsourcing to Spain.

Tue, 04/30/2013 - 09:31 | 3513444 AynRandFan
AynRandFan's picture

If only.  The Eurotopians will never drop the minimum wage no matter how many people are unemployed.

Tue, 04/30/2013 - 09:40 | 3513481 NoDebt
NoDebt's picture

Neither will we.

Don't forget that Europe is what the current administration is copying as it's blueprint.  Great fucking model to copy, huh?  Look there, close your eyes and count to 20.  Then it's here.

Tue, 04/30/2013 - 09:51 | 3513528 kridkrid
kridkrid's picture

You are on the wrong track.

Tue, 04/30/2013 - 09:07 | 3513359 ak_khanna
ak_khanna's picture

Unemployment in Europe is rising because the politicians elected by them make rules for the benefit of and work for the real rulers of the world, the top richest 1% of the population and the major contributors to their election fund.

They bail out the bankers and the rich corporatio­­­­­­­­­ns (who should not be in business because of their incompeten­­­­­­­­­ci­e­s­) without even changing their previous management because they fund the election campaigns and also place them in their organisati­­­­­­­­­on­s at exorbitant salaries once they leave office. This class alongwith the rich individual­­­­­­­­­s pay the minimum amount of tax while getting the maximum benefit of the tax collected from the rest of the population in the form of bailouts.

The rest of the population is least of their concerns. The only activity they do is pacify the majority of the population using false statistics and promises of a better future so that they do not lynch them and their masters while they are robbing the taxpayers.

http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in

Tue, 04/30/2013 - 09:06 | 3513361 Smegley Wanxalot
Smegley Wanxalot's picture

Well if the under-25 crowd there in Europe is like the college-hires here at my office, who all prefer to update their facebook pages while on the job all day rather than do their work, then having them unemployed isn't costing society all that much if society does the right thing and cuts their benefits too.

Tue, 04/30/2013 - 09:31 | 3513437 Sudden Debt
Sudden Debt's picture

NO FUCKING SHIT!

Whenever I walk through the office, I constantly see these young kids with their iPones texting and surfing.

And than I remember the evaluations every year where they ask for raises that are  just insane. They want more money but whatfor?

Every year we need to coach 2 young potentials and we can pick them out of the workforce.

I just can't find any! AIRHEADS!!

And the way you can piss me off during a brainstorming meeting with a topic like for example "increase sales topics"

EVERY FUCKING ANSWER IS: WE SHOULD DO MORE GOOGLE ADDWORDS! I'VE READ THEY WORK!

YEAH! NO SHIT! MAYBE THAT'S WHY I NEVER SAW ANY REAL RETURNS ON THOSE!

AAAAAAaaaaaRRRRhhh!!!

THEIR DATASET IS SOOOOooooo FUCKING SMALL!!

AND THEY ARE ALL SO CONVINCED THEY KNOW SOMETHING YOU DON'T!

And like 5 minutes ago, I gave some young kids a few tasks....

they're like 20 meters from my desk and all I HEAR IS: PPPPPPFfffFFFfffffff...Ffffffffff

WTF!!! LAZY BASTARDS!!!

AND IT'S NOT LIKE I'M ASKING TO DO SUCH HARD TASKS!!!

DATA ENTRY AND CROSS LINKING OF FUCKING SIMPLE EXCEL FILES!!

IT TOOK ME 30 MINUTES TO EXPLAIN THOSE MORONS WHAT TO DO!!!

AND IT ONLY TAKES ME 2 MINUTES TO DO IT BY MYSELF!!!

AAAAQAaaarrrRRRRrhhhh!!

WHEN I WAS THAT YOUNG I COULD DO ALL THAT SHIT LIKE A PRO!!!

 

and yesterday...

I learned this young guy some stuff in SAP....

TODAH HE CAME TO ME, NO WITH ANY WORK THAT WAS DONE!!!!

NO!!!!!!!!!!!

THE MADE A DRAWING!!!!!!

A DRAWING ON HOW SAP SHOULD LOOK LIKE BECAUSE THE INTERFACE DOESN'T LOOK COOL ENOUGH!!!!!!

Tue, 04/30/2013 - 09:57 | 3513546 IridiumRebel
IridiumRebel's picture

Testify! When they lose their jobs too, they'll long for these days when they're bussing fuckin tables. "Sir can I get you more soda?"

Tue, 04/30/2013 - 10:30 | 3513712 Sudden Debt
Sudden Debt's picture

DO I LOOK LIKE THE KIND OF GUY THAT DRINKS SODA?!

Tue, 04/30/2013 - 11:20 | 3513950 Acet
Acet's picture

Well, your picture seems to indicate over-consumption of cafeinated drinks.

Tue, 04/30/2013 - 11:21 | 3513929 Acet
Acet's picture

The other day there was this article in the BBC website about how young people come out of school with tons of confidence which is totally unproven, to the point that a lot of them are pretty much just narcisists (link http://www.bbc.co.uk/news/magazine-20756247).

Clearly it's not just in the UK that the "Everybody is a special flower" kind of education has produced a generation of people who have huge belief in their own self worth (and the acompanying sense of self-entitlement and expectation that the world will just give them what they want) without having ever proved their worth in the real world in any way whatsoever.

 

Tue, 04/30/2013 - 12:02 | 3514214 FlyingDutchman
FlyingDutchman's picture

Sorry, but I see no difference in numbness and stupidity with the older generation.

The stuff we're talking about here on ZH is absolutely off the radar for 99.99% of the people I meet.

Tue, 04/30/2013 - 14:04 | 3514725 Sudden Debt
Sudden Debt's picture

Agreed, most people who I show Zerohedge quit reading after a few articles because it's to heavy.
Even to those who claim to have a interest in economics.

Tue, 04/30/2013 - 09:09 | 3513365 PontifexMaximus
PontifexMaximus's picture

that's what Europe needs: the higher this rate, the better for the markets, they all have their mobile phones with their twitter and facebook accounts, so, no worry, they know how to spend the day. SS will come up for the fees.move along.

Tue, 04/30/2013 - 09:10 | 3513368 Van Halen
Van Halen's picture

Europe may be in trouble, but there's no more unemployment for California now that they've got High Speed Choo Choo!

And look who's husband got the contract:

http://michellemalkin.com/2013/04/27/firm-dianne-feinstein-husband/

Tue, 04/30/2013 - 09:39 | 3513476 GetZeeGold
GetZeeGold's picture

 

 

Boom......WINNING!!!

Tue, 04/30/2013 - 09:10 | 3513375 The Second Rule
The Second Rule's picture

Peak oil leaves 1 in 4 unemployed. and it will leave 1 in 3 unemployed, then 1 in 2, then 1 in 1. And still you fuckers won't get it. It's about energy.

Tue, 04/30/2013 - 09:59 | 3513520 smacker
smacker's picture

 

I'm not aware of any credible evidence that "it's about energy", although I do believe energy is an important factor in where we are and political elites are in denial about it, as they have been for 15 years. Energy shortages are virtually a taboo subject inside the corridors of power in the UK & EU and of course the MSM Daily Slime.

Recall that during his first presidential campaign, Obama made great play about "getting America off oil" and promised to drive R&D of new, clean, green energy. Since then he has done very little of value in this area, preferring to focus on turning American into a socialist/fascist police state and using every dirty trick in the book to violate or by-pass the American Constitution.

My personal view is that the current crises is not caused by "Peak Oil", but recovery will be held back by it. But even that assumes the criminal political elites and their criminal cronies in central & commercial banking eventually produce a set of policies which open the way for recovery. That is unlikely in the foreseeable future.

Tue, 04/30/2013 - 11:34 | 3514013 LawsofPhysics
LawsofPhysics's picture

"My personal view is that the current crises is not caused by "Peak Oil", but recovery will be held back by it." - Your personal view is irrelevant.  Go talk to an engineer in the industry.  World production has been flat since 2007 and each barrel being delivered is requiring more energy and capital input.  When the energy and capital input to recover a barrel of oil is less than the energy and capital returned, no company in their right mind will be in the business any longer.

from a common sense perspective it takes energy to do/manufacture/deliver any real fucking product.  Unless you consider financial "products" of mass destruction real products, I sure as hell don't.  No energy, no economy, period.  do you really think the energy available for consumption to mankind can continue to expand indefinitey?  Good fucking luck with that.  Full disclosurer;  I am long sharecropping and companies that manufacter riot gear.  7+billion people (and growing) competing for a better quality of life (that requires consumable energy).  Is the available consumable energy growing at an equal pace?  Please, use some common sense, humanity isn't just another ponzi, it's the ponzi.  Allocate your resources and capital carefully or die.  It's that simple.

Tue, 04/30/2013 - 12:37 | 3514344 smacker
smacker's picture

Whoooaaa. Teaching granny to suck eggs will get you nowhere.

FYI: for brevity, I did not add in my previous post that "my personal view" is derived from 8-10 years of following Peak Oil, so it's not irrelevant.

But unlike yourself, I do not allow the issue to cloud my evaluation of the problem. And I'm very well aware of EROEI issues, thanks. And also the alleged high level of water cut from Saudi's Ghawar oil field, revealed by Matt Simmons before his untimely death. etc.

But the issue I was responding to before was whether "it's all about energy" as the previous poster asserted. I don't believe it is. That's too simplistic. But it is ONE OF THE ISSUES and that is why I also said that energy issues will hold back economic recovery, assuming that the criminal elites ever put in place the right policies.

Tue, 04/30/2013 - 09:13 | 3513378 Jayda1850
Jayda1850's picture

I can't take it anymore, and I'm sure markets will close at all time highs. I'm gonna eat some mushrooms and watch Baraka. Sadly, its the only way this bizzaro world makes any sense.

Tue, 04/30/2013 - 09:38 | 3513472 BandGap
BandGap's picture

At first that sounds like fun, but when the ship goes over the falls I want to have my wits about me.

Tue, 04/30/2013 - 10:02 | 3513563 infinity8
infinity8's picture

I think if I dropped boomers these days I would seriously freak out. Shame, they were great fun. Then again, 'shrooms might be the way for me to understand what's happening with Spanish and Italian bonds.

Tue, 04/30/2013 - 09:11 | 3513379 THE DORK OF CORK
THE DORK OF CORK's picture

Irish gross national income per head  (Euros , current)

 

Y2007 : 37,384

Y2011 : 28,611

 

I think they have messed around with these figures a bit but take it Y2012 was down to 27,000 ~

 

Thats 10,000 euros per year per head taken out of the system since peak.

 

 

 

 

Tue, 04/30/2013 - 09:16 | 3513397 PontifexMaximus
PontifexMaximus's picture

and who cares: no riots, pubs still open, business as usual, move along.

Tue, 04/30/2013 - 09:32 | 3513407 THE DORK OF CORK
THE DORK OF CORK's picture

The pubs are closing boy.

http://trueeconomics.blogspot.ie/2013/04/2742013-bars-pubs-recession-craic.html

 

Irish pubs have been a general decline relative to other areas of the economy since 1980 ~

This was when wages reached a peak at 70 % of GDP

During the boom wages was in the mid 40% of GDP

 

The decline in the pub trade is perhaps thee major factor in Irish unemployment.

It functioned much like a crude french waiter system.

The money flowed but remained within the domestic economy.

 

http://www.youtube.com/watch?v=8o28aWtm-3M

 

Post 1980 we became a Imperial market for the cores products.

This is the real goal of the health & safety fascists.

 

 Eliminate Irish culture so that enough surplus is available to buy yet more fucking cars.

 

This was not just a Irish thingy.

The French post war drank 2 or 3 bottles of wine per day on average.

 

The euro is all about a attack on domestic manual labour.

This frees up more surplus for profits.

 


 

Tue, 04/30/2013 - 09:14 | 3513381 DutchR
DutchR's picture

And somehow this whole ball of wax (ie earth) has going to work together....

 

 

Tue, 04/30/2013 - 09:36 | 3513463 BandGap
BandGap's picture

Yes! Let's start with same sex marriages!

Tue, 04/30/2013 - 09:44 | 3513499 shermacman
shermacman's picture

Did you see what Kim Kardashian was wearing yesterday?!

Tue, 04/30/2013 - 16:55 | 3515414 bichat
bichat's picture

Yes she finally stopped wearing heels!!!

OMGGG I can't wait to see her baby!!

OOOOO

MMMMM

GGGGGG

Tue, 04/30/2013 - 09:12 | 3513383 firstdivision
firstdivision's picture

Quick, someone tell them that they need to buy more toxic assets to lower the UE.  Its working well here in the US.

Tue, 04/30/2013 - 09:32 | 3513448 Yes_Questions
Yes_Questions's picture

 

 

Not a good thing.  If a critical mass of Euro's 20 somethings buy into a pre-packaged hate ideal, it will mean open violant war no doubt.  

Either the owner's have abandoned the herd, or the'ye fattening them up for the slaughter.

 

 

Tue, 04/30/2013 - 09:37 | 3513459 BandGap
BandGap's picture

If not pre-packaged, I am sure there are home grown hate deals springing up all over the place. Pissed off kids everywhere and I don't blame them a bit. What a mess.

Tue, 04/30/2013 - 09:41 | 3513484 RaceToTheBottom
RaceToTheBottom's picture

Everyone should work for a bank.  With all the bankster bailouts, that must be where all the jobs are....

Tue, 04/30/2013 - 09:41 | 3513485 jubber
jubber's picture

"Italy's youth unemployment has now topped that of Portugal at 38.4%."  so 10y Italy bonds hit a 3 year low 3.83%

Tue, 04/30/2013 - 09:45 | 3513493 frenchie
frenchie's picture

germans doing better... wonder why all others are fucked up ? hm...

Tue, 04/30/2013 - 09:44 | 3513500 tempo
tempo's picture

robots creates wealth for the wealthy, not jobs for our youth. Automation/robots eliminates millions of jobs worldwide. To offset the declining standard of living, trillions of new money is created by central banks. Rather than investing the funds in new factories/jobs its used to support food stamp, student aid, medicaid, etc. to support consumption (keep robots working) with a substantial portion going into the stock market. So regardless of the economic slowdown, equity prices go up and the elite rich get get rich while the vast majority are jobless and hopeless. Its going to get worse and overtime destory the West.

Tue, 04/30/2013 - 12:23 | 3514298 Floodmaster
Floodmaster's picture

Eliminate the bankers,Wall Street and the Military-Petroleum Complex. We can all live in a post-scarcity, egalitarian and stable society. Technologies can provide limitless material wealth and comforts for everyone.

Tue, 04/30/2013 - 10:00 | 3513569 bob_stl
bob_stl's picture

If the graph in the middle were in gray scale it would be easier to read.

Tue, 04/30/2013 - 10:21 | 3513654 babylon15
babylon15's picture

Why isn't this happening in Japan?  Their economy is just as bad if not worse but they dont' have 25% youth unemployment.

Tue, 04/30/2013 - 10:24 | 3513663 W T F II
W T F II's picture

Actuarial Nightmare = Demographic Holocaust = Mandatory Re-set

Throw in some angry soccer hooligans and some overly-committed "A"-rabs and you got yourself a S#!TSTORM...

Tue, 04/30/2013 - 10:29 | 3513693 NEOSERF
NEOSERF's picture

Well if there was ever a chart that indicated to the EU they should abandon austerity and print til the cows come home, there it is...expect Draghi to unilaterally open the printing floodgates soon...can't have Lake Como full of panhandlers..

Tue, 04/30/2013 - 11:20 | 3513947 brucyy
brucyy's picture

French yields actually went fucking negative.

still blame ze Germans ! 

Who needs a  job anyway ? 

 

 

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