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Greek Unemployment Hits New Record High, Youth Jobless Rises By 5% In One Month To 64.2%

Tyler Durden's picture





 

The Greek economic depressionary catastrophe continues to merrily chug along. Hours ago, Greek Elstat reported that February unemployment rose to a new record high of 27.0%, with the January number revised from 27.2% to 26.7%, up from 21.9% in February 2012, and almost as if unlike the Greek BLS is not even trying to fudge numbers anymore and wants to show a deteriorating situation (or, as it was called in the Old Normal - "reality").

That said, if the numbers were indeed gamed, the Greek statistical bureau had person-level detail: "The number of employed amounted to 3,568,186 persons. ?he number of unemployed amounted to 1,320,189 while the number of inactive to 3,358,649.... The number of employed decreased by 270,766 persons compared with February 2012 (a 7.1% rate of decrease) and by 28,650 persons compared with January 2013 (a 0.8% rate of decrease). Unemployed increased by 245,021 persons (a 22.8% rate of increase) compared with February 2012 and by 11,663 persons compared with January 2013 (a 0.9% rate of increase)."

Looking at the Shadow economy, the number of people who are inactive, or "neither worked neither looked for a job", hit 3,358,649. This number is just shy of the total people employed, meaning in 2-3 months, the Greek shadow economy will be greater than the official, taxed-one. A gender breakdown shows that females have never had it worse with 31% unemployment, compared to 24.1% for men.

But the most stunning number was the number of unemployed Greek youths (15-24), which hit a record 64.2%, the highest number on record, and a mindblowing 5% increase from the 59.3% youth unemployment reported in January, and a 10% increase from a year ago (and compared to 16.9% in neighboring Turkey).

Remember: all those unemployed people according to CNBC are just employed people on the sidelines, and is a bullish sign of pent up jobs. And sooner or later, they will reemerge as victorious workers in some European Kolhoz bringing victory and prosperity to the latest European KomIntern.

 


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Thu, 05/09/2013 - 07:53 | Link to Comment fractal trader
fractal trader's picture

The good thing is that once it reaches 100% it will finally stop.

Thu, 05/09/2013 - 07:59 | Link to Comment Slightly Insane
Slightly Insane's picture

And upon hitting 100%, then recovery can begin, it is mathematically assured.

Thu, 05/09/2013 - 08:03 | Link to Comment jbvtme
jbvtme's picture

that sucks.  i falafel...

Thu, 05/09/2013 - 08:54 | Link to Comment fightthepower
fightthepower's picture

What a bunch off pathetic losers the Greeks are.  64% unemployment among youth but no energy for a revolution. 

Thu, 05/09/2013 - 10:27 | Link to Comment Ghordius
Ghordius's picture

you need a goal and a strategy for a revolution. and the seeds for a new system. when did your country have the last revolution? Greeks had the last one in the 70's

Thu, 05/09/2013 - 10:47 | Link to Comment Sandmann
Sandmann's picture

The Greeks are not the issue, it is across Europe. The only viable option is National Socialism with bankers being disempowered and executed. An authoritarian regime which would have local national colourings but be essentially a nationalist and socialist oriented political culture hostile to any super-arching structures, currencies or politics

Thu, 05/09/2013 - 11:18 | Link to Comment shermacman
shermacman's picture

Do you actually believe in what you just wrote? Or are you missing a /sarc tag?

Thu, 05/09/2013 - 12:02 | Link to Comment cohiba smoker
cohiba smoker's picture

I believe him. A seismic shift WILL occur in Europe.

The present political elites have abandoned their people for globalist utopian mirages. At some point the majority finally will fathom this "esoteric" fact.

Then any third positionist patriotic movement will look better than the cadres of the present evolving chaos.

 

Thu, 05/09/2013 - 13:32 | Link to Comment EINSILVERGUY
EINSILVERGUY's picture

We haven't had a revolution in over 200 years primarily becuase we hadn't fucked this country up until the last 20 years

We are over due

Thu, 05/09/2013 - 15:56 | Link to Comment dtwn
dtwn's picture

Plus they have to be starving.  Until acquiring food becomes a severe problem, I'm less inclined to think there will be revolution any time soon.  However, if food inflation continues, then . . . . . . . 

Thu, 05/09/2013 - 09:09 | Link to Comment i-dog
i-dog's picture

Mar 28, 2012 - Mario Monti: "The worst of the Euro crisis is nearly over!"

Nov 19, 2012 - Spanish PM: "The worst of the Euro crisis is nearly over!"

Dec 28, 2012 - German FinMin: "The worst of the Euro crisis is over!"

Jan 28, 2013 - Greek FinMin: "The worst is nearly over for Greece!"

May 4, 2013 - Greek FinMin: "The worst is over!"

What a relief! ... It's all smooth sailing from here on in Europe!

Thu, 05/09/2013 - 10:25 | Link to Comment Ghordius
Ghordius's picture

imagine what relief this Continent will have when Ze Germanz have finally their General Elections

Thu, 05/09/2013 - 08:16 | Link to Comment Never One Roach
Never One Roach's picture

No, no, no...in todays controlled world of numbers it can go to 120% unemployment....

Thu, 05/09/2013 - 08:29 | Link to Comment DeadFred
DeadFred's picture

They need a BLS blackbox to generate their numbers. In a couple minutes the US version will churn through the important factors such as S&P at high, poor 10 year auction yesterday, 30 auction at 1PM and viola, 366K pops out <my guess>

Thu, 05/09/2013 - 08:35 | Link to Comment NoDebt
NoDebt's picture

Yeah, let's focus on that.  I don't really want to hear any more about Greece.  I get the picture.  

Thu, 05/09/2013 - 08:43 | Link to Comment W T F II
W T F II's picture

bullish

Thu, 05/09/2013 - 08:43 | Link to Comment Shizzmoney
Shizzmoney's picture

This was all planned based off of the IMF's economic doctrine: "The Path to Full Unemployment"

Thu, 05/09/2013 - 07:54 | Link to Comment the not so migh...
the not so mighty maximiza's picture

at least they still got the Euro, its all worth it.

Thu, 05/09/2013 - 08:05 | Link to Comment Ghordius
Ghordius's picture

yup. particularly because Greeks notice things like... comparable youth unemployment in Turkey

Thu, 05/09/2013 - 08:17 | Link to Comment Terminus C
Terminus C's picture

Who... also wants to join the Eurozone...

I know you defend the Euro from what you see (rightly in many cases) as Pro American bias but I don't see how you don't see that the Euro is done.  I would agree with you (as would most of the posters here) that America is also done but that doesn't explain your seemingly inexplicable defense of the Eurozone...

Thu, 05/09/2013 - 08:38 | Link to Comment Ghordius
Ghordius's picture

I'm ProAmerican, AntiMegaCorp, AntiMegaBank and against the misuse of monetary and military weapon systems

Are you familiar with Bastiat? The "Seen" and the "Unseen"? You see the eurozone, but do you see what would have been without the EUR?

I belong to a group of people that supports a non-national, non-offensive currency as a response to the inevitable future conclusion to Nixon's Shock (which shocked us foreigners, btw)

Financialization is a force that can't be resisted frontally, too much of it is cultural and too much of it is embedded in shared imperial interests.

But keeping options open and not falling into a complete USD orbit is our equivalent of a shelter/bunker.

Look up how much fun were our "competitive rounds of devaluations" before the currency grids, and how fat financial speculation got from them

Thu, 05/09/2013 - 08:50 | Link to Comment SamAdams
SamAdams's picture

Europe was shocked at America's second default?  I would have supposed Britian, France and Germany would be well versed in the antics of the criminal bankers...

Thu, 05/09/2013 - 09:32 | Link to Comment Ghordius
Ghordius's picture

eh, remember that the magnitude of those antics has increased exponentially

even old Lord Rothschild was... dependable. a market maker and preserver, not destroyer, as Mr. J.P. Morgan, too

in comparison to the modern bunch, that is - and mostly because of the effect gold has on finance

Thu, 05/09/2013 - 13:20 | Link to Comment Jack Napier
Jack Napier's picture

You mawst be jowking.

One market is made at the expense of another(s). Wealth can never be created or destroyed, only transferred, transformed, or extracted.

There is no such thing as making a market without destruction occurring elsewhere.

Fri, 05/10/2013 - 15:48 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Depends on if we're talking fraud or time-frames. If it's fraud then you're right. If it's time-frames, upon which production happens faster, cheaper, better quality of goods, of extraction of resources at lower costs from INPUTS being traded properly (e.g. oil input to gold or copper output) then you're wrong. Wealth is created by transforming resources and sometimes they must move first to be adequately processed.

Thu, 05/09/2013 - 11:03 | Link to Comment tango
tango's picture

One of the most basic cultural memes is the nation state.  Europe may not like this considering her wretched history of constant war and fighting but it's the reality.   A non-nation non-offensive currency is an oxymoron.  Currencies are inherently biased - supported by either PM or "trust" from a State (not an idea).  The goal should not be avoiding the evil dollar.  It should be maintaining a viable currency backed up by more than trust (and the Euro is about as far from this as possible). 

But what can you say when big majorities in places that the EU has destroyed -  Crete, Greece, Spain - WANT to retain the status quo?  

Thu, 05/09/2013 - 12:49 | Link to Comment Ghordius
Ghordius's picture

OK, how "evil" is the non-national currency... gold?

Thu, 05/09/2013 - 09:00 | Link to Comment Ghordius
Ghordius's picture

"I don't see how you don't see that the Euro is done" - well, I could argue that as long as the eurozone has a slight export surplus it's quite difficult to kill the EUR, but let's try a different argumentation

a fiat currency is like... a credit card. on which you can eventually default - but you don't have to

now have a look at Uncle Sam, brandishing his Platinum Global Reserve Fiat Currency, which finances all his deficits and is currently also filling up debt holes of several kinds

and now look at the eurozone, with a shared Golden Regional Fiat Currency, financing some fill-up of debt holes

now look at the sovereigns of the eurozone (imagine them like we do, tall matrons in Roman Garb with Walled Crowns on their heads - and in the case of France of course flashing her bare tits). They all have another credit card ready to use - just in case. BareTitties the Silver Franc Card, Blondie the DM, the gal with the curls the ITL, etc.

the whole fight between the girls is about how much they can draw from the family Gold Card - none of them wants to go now to their fall-back solutions, in the same way as none of them wants to go back to the even more remote fall back solution of... gold

Thu, 05/09/2013 - 09:04 | Link to Comment SamAdams
SamAdams's picture

Do I understand correctly, that Uncle Sam fills holes while Ms France flashes titties?  Who knew debt finance could be so lascivious?

Thu, 05/09/2013 - 09:12 | Link to Comment Ghordius
Ghordius's picture

correct ;-)  Ms Marianne France is an allegory of Liberty and Reason - two powerful arguments for her to flash her two powerful arguments

meanwhile Uncle Sam wants you to do something. perhaps you should have kept Columbia with her revolutionary cap and blonde hair

Thu, 05/09/2013 - 09:24 | Link to Comment SamAdams
SamAdams's picture

Columbia is but a concubine, Semiramis is always first lady.

Thu, 05/09/2013 - 11:50 | Link to Comment tip e. canoe
tip e. canoe's picture

true dat

"Semiramis, that ancient queen who was the first person to castrate male youths of tender age" 

Thu, 05/09/2013 - 09:13 | Link to Comment Terminus C
Terminus C's picture

Interesting way of lookng at things. 

I understand why these countries, and the US, are running up as much credit as they can, while they still can.  They know the game is done, a mathematical certainty, so they seek to draw as much credit from the old system before the game ends. 

From this scenario, with which I agree, I can only see it ending in war.  We will have to see who will war with whom as I don't think the sides are yet picked, which is why countries are still able to "draw from their credit lines".

Interesting times ahead.

Thu, 05/09/2013 - 09:44 | Link to Comment Ghordius
Ghordius's picture

your reference to war as an inevitability is another reason to keep a non-offensive, non-national currency

as long as Uncle Sam throws gold bars at Uncle Wei and Uncle Wei throws bundles of USD at Uncle Sam all we really, really want is to keep critical parts of our real economy intact

if the wall around your city is destroyed but it kept your city whole... you can rebuild. we have some experience in rebuilding

and so the EUR is... expendable. without too much drama and damage, that is

Thu, 05/09/2013 - 09:56 | Link to Comment rpc
rpc's picture

Nice CC story Ghordius, here is another one:

You have a golden CC but you only use it the thrifty way.
Your neighbor has a CC too, but he lives an extravagant life, so he is always broken.

Since you live in the same building, he asks for your card, would you give it to him, even if he is a friend of yours?

Now imagine you are Germany, and your neighbor is Greece?

Thu, 05/09/2013 - 10:22 | Link to Comment Ghordius
Ghordius's picture

the only issue with your comparison that I have is that it does not take in account the other guy using his platinum card - which is the one thing that destabilizes the whole neighborhood - codename: hot money

having said that, Greece is having deficits, and those deficits are being paid for by the "family", of which Greece is a bit like the old loony aunt

yes, lots of ugly manouvers in the consolidation of Auntie's debt. family squabbles are ugly even without bankster's additional ugliness

nevertheless... I fail to see a different course I could give as advice to Greece, at the moment, and most proposals I read of go in the direction of a big, huge... splat! which Greeks don't want, but many speculators wish for

Thu, 05/09/2013 - 10:34 | Link to Comment rpc
rpc's picture

That's the problem, all members of EZ have platinum cards. The ones that use it the most, win. Moral hazard in it's most pure form.

Thu, 05/09/2013 - 10:58 | Link to Comment Ghordius
Ghordius's picture

yes and no. I shifted some business cash from Greeks and Spanish bank accounts to German ones, for a while. And so I contributed to the famous Target 2 imbalances, too

does it make me less... European? more German? less Spanish and Greek? Don't let the fact that we have lots of national statistics cloud your perception that a strong majority of continental europeans feel themselves in the same boat, as family

in the same way as I was reading an article I don't find at the moment where this Italian guy was moaning about the EUR - and making the comment that all his friends have a studio in Berlin (if I find it I'll post a link, I've found it originally at Jesse's Cafe)

balanced budgets, bitchez - and nobody draws from the card - except for emergencies (I know, I know, for politicians everything is an emergency and a crisis, that's their modus operandi - but they need an electorate that believes it)

Thu, 05/09/2013 - 12:03 | Link to Comment rpc
rpc's picture

I see no real future for the Euro. No democratic elect central government (please don't tell me you accept Barroso as appointed "President"), no common civil law, different approaches to what states should be responsible of, broken rules and laws, no real intention to reforms (France? Italy?), rising resistance in nearly all member states, and the most important: ruling elites want to keep their power.

It doesn't really appear France and others will give up major parts of their sovereignty, nor is there a fast reachable way to make the EZ an optimum currency area (according to Mundell).

I don't know if it is a good idea to buy real estate in Germany hoping to save ones buying power. Many people expect a new version of a forced mortgage (see "Lastenausgleichsgesetz") after the Euro-crash.

Fri, 05/10/2013 - 15:37 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

hot money is not the problem : imbalances from wage-parity needs are the problem, and fraud. Lots of fraud. The eurozone is built on fraud so it must collapse. it's a poor analogy to use credit cards unless you're talking about someone using cards written in fictional names to someone else's address. Then it's right on

Thu, 05/09/2013 - 08:11 | Link to Comment azzhatter
azzhatter's picture

Geez, I thought Greece was fixed.

Thu, 05/09/2013 - 10:13 | Link to Comment krispkritter
krispkritter's picture

They've been neutered alright...

Thu, 05/09/2013 - 08:43 | Link to Comment W T F II
W T F II's picture

bullish

Thu, 05/09/2013 - 07:56 | Link to Comment joak
joak's picture

Greece can't just kick people out of the active population, like everybody ? Unless they are already doing it...

Thu, 05/09/2013 - 07:57 | Link to Comment ziggy59
ziggy59's picture

They need to hire someone from the BLS...
...one letter too many by the way..

Thu, 05/09/2013 - 08:01 | Link to Comment Slightly Insane
Slightly Insane's picture

If they hired someone from the BLS, they would then have to revise the unemployment report indicating that a recovery was underway.  (If you hire a clown, by default, you have to have a circus).

Thu, 05/09/2013 - 08:44 | Link to Comment W T F II
W T F II's picture

Exactly...BLS would get them to 59.9%

Thu, 05/09/2013 - 07:59 | Link to Comment jubber
jubber's picture

why haven't these kids burnt Athens Banks to the ground?

Thu, 05/09/2013 - 08:04 | Link to Comment Slightly Insane
Slightly Insane's picture

Because it is made from ground up rocks .... the kind that don't burn .... and the unemployed kids have to have surplus fiat with which to purchase the matches .... and doing so one would be labeled a "terrorist"

Thu, 05/09/2013 - 08:55 | Link to Comment Chief_Illiniwek
Chief_Illiniwek's picture

During my lifetime (58 years) there have been many countries/lands where "social unrest" seemed probably/likely.  Yet, nothing of consequence happened.  ...Venezuela, Pakistan, Zimbabwe, Mexico, Soviet block comes to mind.  Sure, there have been sudden regime changes in various basket-cases - Egypt and Libya - for example.  But the societa/economicl environment remains the same.

Are the revolutionary forces which created the US gone forever?

Thu, 05/09/2013 - 10:58 | Link to Comment Sandmann
Sandmann's picture

So you missed the collapse of Poland with Solidarnosc and Martial Law ? You missed the Leipzig Protests and collapse of the GDR ? You missed Tienanmen Square ?  You missed  the ongoing riots in Bahrain because your TV won't show them. You missed the riots in Turkey recently. You missed the riots in Spain. You think France has to start funding revolution for the world to behave like SOME Americans in 1776 - basically the Scots Colonists as opposed to the ones that went North to Canada.

You really should review world history and stop watching CNBC

 

Fri, 05/10/2013 - 15:33 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

You also missed then how white farmers were ripped from their land in Zimbabwe based on nothing in contract law or evidence of a crime but based on race-selection alone. THAT IS social uprising and it was very bad.

Thu, 05/09/2013 - 08:03 | Link to Comment Dr. Engali
Dr. Engali's picture

The fact that their aren't bankers and politicians being drug threw the streets amazes me.

Thu, 05/09/2013 - 08:12 | Link to Comment Shell Game
Shell Game's picture

So many powder kegs, so few sparks..

Thu, 05/09/2013 - 08:23 | Link to Comment negative rates
negative rates's picture

We got a plan to round um all up at once.

Thu, 05/09/2013 - 11:15 | Link to Comment Temporalist
Temporalist's picture

What's the plan?  Use defenseless babies and pensioners as bait in a public park then surround them when they go in for the kill?

Thu, 05/09/2013 - 08:04 | Link to Comment somecallmetimmah
somecallmetimmah's picture

Some of the dynamic that's happening (as yet unacknowledged) in Greece, Cyprus, Spain, et al, is the blossoming of 'underground' & blackmarket employment & industry.  Difficult to measure this stuff, because the people "in" it don't want to talk about it, the government doesn't want to admit its existence, and there's no tax revenue to quantify it.  Eventually, we will 'see' it, however.

It will reveal itself in the form of gang/"mob" activity, prostitution, drugs, slavery, smuggling, etc.

Have fun with your never-ending pursuit of socialist utopia, asshats!

Thu, 05/09/2013 - 08:25 | Link to Comment newworldorder
newworldorder's picture

Your comments on the shadow economy may be true. Your comments  blaming the Greeks as socialists, - not so much.

Greeks like others in Europe borrowed money, expanded their country infrastructure, bought the weaposns that NATO told them to buy, (mostly from Germany and the US,) and had their one grand frevolity - the 2004 Olympics.

Their only other fault was believing in the concept of EU solidarity. They bought the concept of a New Grand Europe, sold to them by the bankster hucksters and the political hucksters of Germany, France and the US.

Thu, 05/09/2013 - 08:25 | Link to Comment somecallmetimmah
somecallmetimmah's picture

"They bought the concept of a New Grand Europe..."

Exactly.  It's THEIR FAULT!  They made that choice!

Thu, 05/09/2013 - 08:36 | Link to Comment newworldorder
newworldorder's picture

Well, if as you say, "it's their fault," they have good company. Check out Spain, Portugal, France and Cyprus, as well as others on the brink of implosion in this Grand Alliance. Check out the comments of the previus German Chancelor, who admitted acting like a dictator to convince the Germans and Europeans to accept the EU. 

Yes, the Greeks were at fault for wanting EU memebership, but like Spain, Portugal Cyprus, they were led to the slaughter. 

Thu, 05/09/2013 - 09:26 | Link to Comment somecallmetimmah
somecallmetimmah's picture

You're certainly right.  They have LOTS of company, including the U.S.  But that doesn't mean they're helpless little girls, dragged into this mess kicking & screaming.

They wanted to believe the lie.  They wanted 'something for nothing'.  Now they reap the pain they've choosen for themselves.

Thu, 05/09/2013 - 10:29 | Link to Comment Ghordius
Ghordius's picture

"the previus German Chancelor, who admitted acting like a dictator to convince the Germans and Europeans to accept the EU"

slightly incorrect bordering to the absolutely incorrect. Kohl wanted Re-Unification. Great Britain was against it, Uncle Sam... undecided

France and Italy made a deal with Germany: their support for German Re-Unification in exchange with German partecipation to the EUR

this has little to do with the EU, which had and still has strong support in Germany

hell, even the EUR has currently over 60% of approval in the eurozone (and 14% in the UK)

Thu, 05/09/2013 - 10:51 | Link to Comment Sandmann
Sandmann's picture

Amazing how many people have no idea about Kohl and spout total rubbish. Both Monetary Union and the EU preceded Kohl getting into power in 1982. I suppose our friend who cannot spell previous had no idea of the Werner Plan ?

Thu, 05/09/2013 - 11:08 | Link to Comment tango
tango's picture

I keep pointing out that despite the disasters that overtook their countries, vast majorities of citizens in Italy, Spain, Crete, Portugal and Greece want to preserve at all costs the status quo.  ZH is yelping about revolution and the masses are praying for a larger EU.  LOL

Thu, 05/09/2013 - 08:44 | Link to Comment Straw Dog
Straw Dog's picture

Their Prime Minister, at the time of the initial collapse, was George Papandreou, educated at UC Berekley, and head of the Socialist International. Could it have been any more scocialist.

Thu, 05/09/2013 - 09:23 | Link to Comment Shizzmoney
Shizzmoney's picture

Here's a tip: when a government is run by a certain "type" of party, or ideology.......it's usually anything but.

The whole "ism" thing is a constrcut to gut out a divide inside people to create divisions that those who loot at the top can use to game the system while distracting the people.

Greece is just as much Socialist as America is "Free Market" Capitalist. Meaning NONE.

Hilter's Germany wasn't pure Fascism; it was "State Corportism" (otherwise known as a "Dictatorship").  Ditto with North Korea.  Everyone works not for the state....but by those WHO RUN THE STATE.  THERE IS A DIFFERENCE!!!1111

99.9% of countries today are run under corportized, neoliberal, STATIST rule. 

By the bankers, for the bankers, for the corporations.

There is no Socialism.  There is no Capitalism.  There isn't even Communism (i.e. China: the worst Communists, ever).

There are only SERFS, OWNERS, and MILITARY.

When you understand this, then it all makes sense.

Thu, 05/09/2013 - 09:25 | Link to Comment Non Passaran
Non Passaran's picture

> Their only other fault was believing in the concept of EU solidarity

Well, so that's what he said: socialism.
Why are you disagreeing that they're believers in socialism?

Fri, 05/10/2013 - 12:21 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

NO, pay attention. What was promised was economic stability & fair trade - capitalism - but what came after was breaking all the contracts & treaties from bonds to Maastrict to Lisbon and all the games of Goldman in this among others.

Thu, 05/09/2013 - 08:44 | Link to Comment fiftybagger
fiftybagger's picture

Every winter I still get a few kids who knock on the door and want to shovel my driveway for a few bucks.  I never turn them down.  When will these people figure out how to get things done, at 90%?  Word to the wise.  If you are waiting around for someone to hire you, you still don't get it.  Coming soon to a neighborhood near you.

Silver For The People

Thu, 05/09/2013 - 11:00 | Link to Comment Sandmann
Sandmann's picture

Funny how Americans made such a big deal of the Great Depression then - Steinbeck must have gotten it wrong. Boom times were available in the orange groves and that is what revived the US economy.

 

Thu, 05/09/2013 - 08:05 | Link to Comment dobermangang
dobermangang's picture

I'm still predicting civil war in either Spain or Greece for 2013.  I might be a year or 2 early though.  Massive amounts of young, idle minds with nothing to do usually doesn't bode well for stability in a country.

Thu, 05/09/2013 - 08:33 | Link to Comment Ethics Gradient
Ethics Gradient's picture

Without an android or facebook app for it, it won't happen.

I think you overestimate the motivation of today's yoof.

Thu, 05/09/2013 - 08:46 | Link to Comment Shizzmoney
Shizzmoney's picture

I also think my generation is a bit too nice.

Yet again, they don't have guns in Greece.  I understand that maybe throwing a rock at policemen with batons, guns, and sheilds, who protect the politicians and bankers, might not be the best idea.

What a Catch 22 the Euro has dug Greece in.

Thu, 05/09/2013 - 09:04 | Link to Comment PontifexMaximus
PontifexMaximus's picture

Will not happen, summertime ahead and no need to move.

Thu, 05/09/2013 - 09:22 | Link to Comment Non Passaran
Non Passaran's picture

That's the stupidest thing I heard this week.
Military government, maybe.
But your "prediction" is garbage.

Thu, 05/09/2013 - 09:24 | Link to Comment forwardho
forwardho's picture

Even a beaten Dog will not bite the hand that feeds it.

Shutup, and eat your slice of bread!

Thu, 05/09/2013 - 11:16 | Link to Comment tango
tango's picture

I'm still predicting civil war in either Spain or Greece for 2013. 

Like most prophecies, this is wish fulfillment and not fact.  Every single poll confirms that huge majorities in these countries want nothing more than to stay in the EU and keep the Euro.  Where is the impetus for revolution?  Europe reminds me of the French royals worried that they were appropriately dressed for their beheading. 

Thu, 05/09/2013 - 21:46 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

No, they want to eat much more and it turns out these choices exclude each other.

Thu, 05/09/2013 - 08:05 | Link to Comment short screwed
short screwed's picture

hmmm... I haven't heard much about Greece on the MSM. I thought it was all fixed.

Thu, 05/09/2013 - 08:12 | Link to Comment Rainman
Rainman's picture

With the whole world aflame with fraud and hidden insolvency, Greece is now just a brushfire 

Thu, 05/09/2013 - 08:16 | Link to Comment Silverhog
Silverhog's picture

The numbers will hit 100% and still drag on. Next problem please.

Thu, 05/09/2013 - 08:07 | Link to Comment horot
horot's picture

The greeks better dump the euro and go back to drachma. Oh wait...they can't!

Thu, 05/09/2013 - 08:13 | Link to Comment Ghordius
Ghordius's picture

would YOU finance their budget and trade deficit if they exit the EUR?

in the medium term they'd have to have mighty surpluses if they go the way of the Drachma, even while the existing debt would be devalued and so give some relief

nope, they have reasons not to leave the herd... the sound of wolfes in the night

Thu, 05/09/2013 - 08:20 | Link to Comment Terminus C
Terminus C's picture

Choose your poison.  German wolves... American wolves... Russian wolves... Chinese wolves...

Thu, 05/09/2013 - 09:30 | Link to Comment suicidalpsychologist
suicidalpsychologist's picture

the point of life for any kind of lifeform wether it is vegetal or animal, is to simply survive until you reach the ability to reproduce and pass on your genes. The point of life is to adapt to survive. And hapiness only happens when you dominate, not when you re dominated. You can stand being dominated if you envision yourself or your offsprings dominating later in life tho. Hapiness is being able to dominate, envision you re going to dominate. Sadness is losing, failing, being unable to be successful, which means being closer to death.

 

Once you have an offspring, the point of your life is to teach it how to survive giving it all the strategies of survival you learned to insure its survival , to insure it will beat the "competition".

Thu, 05/09/2013 - 08:19 | Link to Comment TeamDepends
TeamDepends's picture

Who says we can't!!!!*

*New battle cry soon to be heard around the world.

Thu, 05/09/2013 - 08:08 | Link to Comment rustymason
rustymason's picture

Wow, those Greek children are lucky. There is so much nothing to do, very few people have to work. Vacations for everybody!

Thu, 05/09/2013 - 08:51 | Link to Comment rustymason
rustymason's picture

It's a joke, Charlotte!

Thu, 05/09/2013 - 09:06 | Link to Comment SunRise
SunRise's picture

Yea - the vacations are great, except for the dumpster-diving part.

Thu, 05/09/2013 - 08:10 | Link to Comment BurningFuld
BurningFuld's picture

The shit hits the fan when they can't pay the Army. Instant Military Coup. Good luck Greeks!

Thu, 05/09/2013 - 08:40 | Link to Comment Calmyourself
Calmyourself's picture

The Army and Police always get paid and their families have security or they will not oppress..  Either the economy is depressed to the point where they will oppress for 3 hots and a cot or they get paid.  Btw coming to an American city near you once the ponzi falls.

Thu, 05/09/2013 - 08:11 | Link to Comment Never One Roach
Never One Roach's picture

Barry needs to send Larry Summers over there teach them about those "shovel ready jobs."

Thu, 05/09/2013 - 08:14 | Link to Comment short screwed
short screwed's picture

Let them eat gyros!

Thu, 05/09/2013 - 08:14 | Link to Comment ak_khanna
ak_khanna's picture

The criteria for economic recovery as reported by the politicians and central bankers is the profits made by JP Morgan, Bank of America, Wells Fargo, Citibank and the Goldman Sachs. The rest of the world population reeling under the impact of rising unemployment and poverty caused by crises created by these banksters do not form a part of any data. Such petty millions of people whether from Greece or Cyprus can be sacrificed to save the masters of the universe.

http://www.marketoracle.co.uk/Article40231.html

Thu, 05/09/2013 - 08:15 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

So Greece is Europes test case.  Is Europe scared yet?

Thu, 05/09/2013 - 09:06 | Link to Comment NEOSERF
NEOSERF's picture

Not until the loud boisterous talking in Greece around coffee stops and people start actually take action to push their leaders (by force if necessary) to abandon the euro...clearly the worst is NOT behind the Greeks at this point.

Thu, 05/09/2013 - 08:15 | Link to Comment rsnoble
rsnoble's picture

I hope it doesn't get any worse or Greece could soon enter a recession. LMFAO.  All those countries are going to get Cyprused but they'll still have their precious fucking Euro as it seems breakup just isn't allowed no matter how many starve to death.  And just think.......they are still pushing the North American union.  Sorry ass bastards.   All we need now is for a big middle east flare up and $25gallon gas that will surely slow down the massive economic recovery.

Thu, 05/09/2013 - 08:19 | Link to Comment Terminus C
Terminus C's picture

Remember that these numbers are the official statistics... so this is them trying to make themselves look good...

The real numbers are likely much worse.

Thu, 05/09/2013 - 08:21 | Link to Comment Oldballplayer
Oldballplayer's picture

The Greek men I know are all loud and boisterous. If this is indicative of the 64% of young Greeks without work, what could possibly go wrong?

Thu, 05/09/2013 - 08:22 | Link to Comment youngman
youngman's picture

The "jobs" are just going underground....no one is paying taxes....its all cash now....they are starving the beast...its self survival now....not for the good of the order....Greeks are never going to pay their full boat..its in their blood...they cheated to get into the EU..they will cheat now...its just the way they are....they still have a great salad....

Thu, 05/09/2013 - 08:26 | Link to Comment negative rates
negative rates's picture

Yea, some rabbits can go a whole day on a couple olives and some leafy lettice.

Thu, 05/09/2013 - 08:27 | Link to Comment short screwed
short screwed's picture

People of Greece, fear not! The Trioka will be sending an aid package soon. Your bankers will receive their salary and bonuses this year.

Thu, 05/09/2013 - 08:37 | Link to Comment pashley1411
pashley1411's picture

The future of Greece is to become one big theme park for the EU.   No lines!.

Actually, high youth unemployment merely shows, in our faux-economy of political favortism, that the youth have no political power.    In a political economy, there are the "ins", and the "outs", and right now (much more) "outs".

It doesn't get real until it hits government workers.  

Thu, 05/09/2013 - 08:30 | Link to Comment fiftybagger
fiftybagger's picture

Don't hear too many stories about how much better European benefits are anymore do you?  Why is that?

Europe: More Holidays and More Productive?

Pretty funny the way socialist utopian memes go down the memory hole when the rubber meets the road eh?

Silver For The People

Thu, 05/09/2013 - 09:17 | Link to Comment Non Passaran
Non Passaran's picture

Great quote from the first article :
----
Yet as many Europeans sun themselves on beaches from Croatia to Corsica, economic productivity will be the last thing on their minds. And by taking so much time off this summer, Europe's workers are sure to be well-rested just as the economy begins to show signs of recovery.
----

Problem is, it was written on 2009.
Keep relaxing, Europeans!

Thu, 05/09/2013 - 21:23 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

You inappropriately blame socialism when we've already established massive fraud by Goldman Sachs. it can't be both and we KNOW it's Goldman.

Thu, 05/09/2013 - 08:38 | Link to Comment Peter Pan
Peter Pan's picture

And yet their stock market has gone up by almost 6% in two days.

If that's not insanity then I don't know what is.

 

 

Thu, 05/09/2013 - 08:39 | Link to Comment Racer
Racer's picture

A multi-generational disaster thanks to staying in the EU and paying up to the bwankster criminals

Thu, 05/09/2013 - 08:42 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

The debt crisis is a illusion.

 

This is a simple case of resource extraction so as to feed the euro industrial entrepot center.

 

 

Thu, 05/09/2013 - 08:43 | Link to Comment Caveman93
Caveman93's picture

I personally won't be satisfied until that figure hits 100%. It's good to have goals.

Thu, 05/09/2013 - 08:45 | Link to Comment Peter Pan
Peter Pan's picture

The unemployment rate is far worse than the statistics indicate for the simple reason that there are too many public servants that should be sacked but aren't for the time being.

For a population of around 11 million they have 300 members of parliament which means that the USA should have had almost 8,500 members of congress given the population of the USA.

That alone gives you some idea of how much rorting has been going on for the last 20 years at least.

Thu, 05/09/2013 - 08:50 | Link to Comment W T F II
W T F II's picture

This is more of a sick joke as we go.

Here's Greece, already re-structured from their re-structuring and paying these unemployed some stipend from borrowed funds on borrowed funds from 'worked out' borrowed funds.

PLUS, the other inanity is the fact that Greece GUARANTEES the ESM Pro-Rata. So, they are ACTUALLY employing the 4th exponent of eating themselves....INCREDIBLE...!!

Yet, the vultures were allowed to clip them for even more.

Hedge Funds bot Greek debt @ 17 from French banks in Aug/Sept. Then the bright idea of a 'tender' was floated. Of course, the tender was @ 34 or so. A double on the trade..!! COMPLETE mismanagement  on the part of the Troika. How about arranging the tender BETWEEN the Principals @ say 25.5. Everyone wins...EXCEPT the hedge fund...NO, we can't have that, now can we..??

Thu, 05/09/2013 - 09:23 | Link to Comment newworldorder
newworldorder's picture

Your comments are well informed, clear and point to an understanding of what has caused the financial portion of the Greek disaster.

Greeks like many Europeans, are sick of wars, invasions, occupations and famine. They wanted what the EU consept promised. The banksters however only saw the financialy extractive possibilities. EU vision be damned.

Thu, 05/09/2013 - 08:56 | Link to Comment Peter Pan
Peter Pan's picture

There is no doubt Greece got herself into a mess.

There is no doubt that Europe was handing out subsidies and grants but hardly checking to see if things were done properly or at all.

There is no doubt that Europe bailed out Greece to save French and German banks.

There is no doubt that the austerity measures have made matters worse for too long.

There is no doubt that the politicians who fostered the problem continue to be the problem with their visionless bitching being apparent to all.

There is no doubt that the super rich continue to evade their taxes.

There is no doubt that Greek shipping owners could not give a rat's ass about Greece and hence contribute nothing to taxes.

There is no doubt that hardly anyone out of the politicians has been punished for bribes, misappropriation etc.

There is no doubt that things will get worse.

There is no doubt that sooner or later we are all headed in the same direction given the insane levels of malinvestment and malexpenditure  going on by governments.

 

Thu, 05/09/2013 - 11:17 | Link to Comment W T F II
W T F II's picture

And...Don't forget GOLD, man..!! helped them into the Euro by fancy fudge work on their #s, 'advised' by none other than Draghi himself back in the day...!!

Thu, 05/09/2013 - 09:04 | Link to Comment NEOSERF
NEOSERF's picture

Just a matter of time before a Neo-Mussolini steps in and provides "jobs" for those kids.

Thu, 05/09/2013 - 09:08 | Link to Comment newworldorder
newworldorder's picture

Not while the EU infrastructure monstrocity still exists in Brussels.

Thu, 05/09/2013 - 09:36 | Link to Comment Ghordius
Ghordius's picture

which is nothing else than a big redistribution scheme among sovereigns - financing infrastructure in countries like... Greece

Thu, 05/09/2013 - 11:18 | Link to Comment W T F II
W T F II's picture

"Golden Dawn" already doing it..!!

Thu, 05/09/2013 - 09:05 | Link to Comment NoWayJose
NoWayJose's picture

Sure, I can do that job for you. If you pay me cash and do not keep any records, then I will charge you 120 Euros. If you pay by check and report it to the government, I will charge you 200 Euros. Your choice... The Greek shadow economy was strong before the collapse and has only gotten bigger since. If you think in the US that debit cards, EBT cards, and electronic banking are for your convenience, just realize that these are in place to prevent the shadow economy from growing in the US.

Thu, 05/09/2013 - 09:08 | Link to Comment PontifexMaximus
PontifexMaximus's picture

Daily business in Germany and Italy already for years.

Thu, 05/09/2013 - 10:53 | Link to Comment Sandmann
Sandmann's picture

Where did the 120 Euros come from ?

Thu, 05/09/2013 - 09:25 | Link to Comment suicidalpsychologist
suicidalpsychologist's picture

Too many people, not enough jobs. You do the maths.

 

In fact there are too many unskilled and overskilled people at the same time, and not enough jobs -and less and less ressources-. Oh man the next decades are going to be brutal.

 

 

 

Thu, 05/09/2013 - 09:30 | Link to Comment zipit
zipit's picture

In Greace, doesn't "Too many people + not enough jobs = protests in the streets + votes for extremist parties who promoise to replace the existing government with their own?

Thu, 05/09/2013 - 09:42 | Link to Comment suicidalpsychologist
suicidalpsychologist's picture

There s just a problem; the situation is the same EVERYWHERE in the western/chinese world. Progress created all this dream life, but it cannot last indefinitly. The outcome is a brutal come back to a modern new kind of middle age and massive population reduction on earth because reality will strikes back as usual.

 

Life constantly creates inequality, if you want to end inequalities, you have to end life.

 

I think that in europe third world immigrants from black africa, the caucasus or muslim countries will replace the white catholic natives who have become full blown atheists and who stopped reproducing over time because it's "too much of a hassle to have kids". Most of the atheists are depressed assholes raised by feminist single moms who work shit jobs -for the very few who are able to, those who had a decent father figure still present - and play video games to flee reality and externalize their natural anger , all their free time left. They have no houses, own nothing, have bad relationships with fucked up dysfunctional families, develop no useful skills, they re going to get crushed by third world immigrants when SHTF. Europe will become an extension of africa, and will be mostly muslim. These people breed like crazy because they can sense the future is theirs. As simple as that. Atheist white people are tired of life and slowly, willingly disapearing leaving the vacant room to the third world heading north.

The funny is all of this is directly a consequence of abandonning ... God.  Faithful families are not concerned by all of this and are safe and will be thru the coming events.

Thu, 05/09/2013 - 21:19 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Actually I assure you if you split the worst afflicted between atheists and believers you'll see 99% of them are not atheists. Atheists like to rely on evidence. Now if you want to split hairs between those who can not believe vs those who did and THEN changed their mind (sort of) ... that may be another story.

Thu, 05/09/2013 - 10:29 | Link to Comment Camlon
Camlon's picture

I don't think all of these people are unemployed. I think a lot of people are just collecting benefits while they are being paid under the table. 

Jobs are going underground. It makes no sense for a small company to formally hire a worker. A legal business need to pay 23% in sales taxes. Then they and the worker need to pay 44% in social security taxes. And if they have any profit then they need to pay 25% tax on that. Also, hiring a worker underground means no red rape, and they can terminate their employment at any time.

By avoiding taxes a business can save 60% of their costs. Businesses can simply not afford to pay their taxes, so the employees have no option. Either they lose their jobs, or they accept payments under the table. At the same time they can collect unemployment benefits.

 

Thu, 05/09/2013 - 10:49 | Link to Comment Sandmann
Sandmann's picture

These businesses face rising Demand from Consumers no doubt - a but like Oreck vacuum cleaners

Thu, 05/09/2013 - 21:16 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Mr Panos has no idea what you talking about

makin' all funny faces lika mouse there

GENIOS GENIOS GENIOS!!

Thu, 05/09/2013 - 10:24 | Link to Comment markar
markar's picture

You know Greece will have hit bottom when the population is pouring into neighboring Albania, the perennial "leper" of Europe looking for work.

Thu, 05/09/2013 - 10:41 | Link to Comment suicidalpsychologist
suicidalpsychologist's picture

I am affraid all these youths will somehow figure soon that those who have the jobs are the older ones, and will slowly start to hate on them for this. Also I am affraid they ll sooner or later be bored of staying at home doing nothing but playing video games all year long. Especially when they wont be able to pay for the electricity, rent, food, that allowed them to play video games to kill time anymore. Like a rotten cadaver, it takes time before the rotting process leads to exploding bubbles emiting nasty gas.

Thu, 05/09/2013 - 20:58 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Too bad these kids didn't follow the easy instructions of the BernanQE and bought Treasuries and AAPL!

And yes, every real /sarc is an implied /sarc, dumbasses.

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