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Italy Labor Union Predicts Return To Pre-Crisis Employment By 2076
By now it is conventional wisdom that the Italian economy is foundering alongside all other peripheral European nations as a result of a failed artificial currency leading to an inability for external rebalancing, a flawed monetary system leading to a collapse in credit demand, and the lack of any structural reform (and sorry, but when your budget deficit is soaring alongside your debt it's anything but "austerity's fault"). However, there is hope. According to Italy's trade union CGIL, good news may be just around the corner as Italy looks set to recover its pre-crisis unemployment level... In 2076, or a brief 63 years from now. "So, you're telling me there's a chance."
From Quotidiano:
It will take 63 years to recover employment levels of 2007. Only in 2076 will Italy return to the 25,026,400 units of labor standards in 2007 from 23,531,949 in 2014. This is stated in the office economic study of CGIL, which takes as its starting point the current context.
Some other metrics may not need to wait three generations until they "recover", among which GDP, which should return to pre-crisis levels in 2026, investment - by 2024, and productivity should be back in a brisk three years.
So much for the good news.
Now the bad news: "the level of real wages will never recover."
We are not sure if this was the base case, or the optimistic one. In either case, at least Italy has the Euro, and all that No Plan B "political capital" backing it.
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Well worth paying those Union Dues for
too bad their population will be 50 million by then,opps. so even if employment numbers grow the % of employed will still shrink
That's not so bad. I'll only be a hundred and... WTF?
There's no plan B, and you ain't gonna like plan C!
"Just when I think they can't get any dumber,
...they do something like this, and TOTALLY REDEEM THEMSELVES!"
--D&D
hard to make up shit any dumber than this. brainless, gutless, totally morally bankrupt continent will implode this summer.
sweden riots popped up out of nowhere, now turkey popping up right outta nowhere. it's gonna be likw whack-a-mole when they start burning it down in a month or so.
a new group i hadn't heard of before has called for a national strike in portugal in july. their name? "Screw the Troika":
http://www.ivpressonline.com/business/sns-rt-us-portugal-strikebre94u10v-20130531,0,6436374.story
And yesterday a mass of protesters advanced on euro-zone central bank headquarters in Frankfurt, to block the streets and entrances, and intimidate the European Central Bank employees
Blockupy the ECB ! was the theme (block + occupy)
The people in the streets are targeting the banks and central banks now ... it will indeed get hot
Somebody may well throw an incendiary and try to blow up that giant 'euro' € sign in front of the Frankfurt Central Bank building
« Thousands of anti-austerity protesters have flooded the streets leading to the European Central Bank in Frankfurt in a so-called ‘Blockupy’ protest. »
http://rt.com/news/frankfurt-banks-updates-live-048/
and meanwhile nigel farage gains strength and even if he can't get contol anytime soon, he is totally changing the debate. love that guy. i wish the US had ONE SINGLE POLITICIAN with his clarity and ability to get the message across.
you wish for his clarity and ability to represent the Corporation of which he is a Fellow or the ones to take your country out of a trade union?
which reminds me: what is his position on the Transatlantic Trade Pact that Obama and Cameron want? it'd be a bit strange if he would not have noticed that...
meanwhile he enjoys being a MEP that represents his voters by abstaining on everything, as far as I'm informed. is this what convinces you? his voting record?
Thanks to Nigel Farage I can come here to ZH and see that there are still suck... err ... people that believe that words speak louder than actions - in this world.
Give the man a pint - he's providing a public service.
he sees clearly enough that he can tell that the EU is becoming a fascist dictatorship that pushes it's people into the gutter to prevent their banks from collapsing. he sees well enough that he can see that it WILL FAIL and therefore the sooner the better. this summer you will watch a struggle in your joke of an EU and when the group "SCREW THE TROIKA" in portugal shuts down the country again in July and riots pop up everywhere, you will get to watch your EU socialists go from socialist to fascist if they hope to put it down. Beppe Grillo will be waiting to take italy out of the euro soon enough. New Dawn is gaining strength in greece with a freaking swasitka for an emblem! how bad does it have to get before the people of europ decide that , yeah, the damn thing is broken?
are you fearing or cheering the Far Right?
There is no such thing as the "Far Right." One either wants Western Civ to survive, or he does not. Within that context, "far" or "extreme" have no meaning, except to the culture-destroying leftists who wish to mischaracterize those who want the West to survive the leftist attacks.
nicely said thing,
the political spectrum is not really a flat line like most think. it's a circle that comes together like in greece where the far right and the far left come together to push out the middle, the status quo. the EU is dying and the faster they fail, the better for the people but sadly, they have to much engrained status quo to let it go until it implodes. at least Farage recognizes the futility of a common currency in a totally uncommon group of people. it will have to end very badly before it will be fixed, i fear. it would take a Powerful lot of bribes to get anybody to join the EU after the disaster they are witnessing, but that too is happening.
Look for agent provocateurs to do exactly what you are talking about which will in turn justify the enforcement of a green zone around things like the ECB.
at least someone besides pussy-riot is yelling at the root source of the problem in the world financial markets and economies
These are just as good as cash, These are IOU's!
http://www.youtube.com/watch?v=deuC8GPr31A
but they said there was a recovery.....
Recoveries once were measured in months. How did we get to where they're measured in decades? And will any of us readers be alive then to check the prognostications?
...if there still is an Italy by that time.
"Holy Roman Empire." Move along...
Makes you wonder who will be the chair of the Fed of the US government by then? If there is a Fed. If there is a US government. Just wondering.
sunny
"the level of real wages will never recover."
This honesty is refreshing.
They need to take a hint from Obama...
Lie your ass off!
I see the resident Obama apologist is shitting in the punchbowl and running away without comment yet again.
Oh, boy.
Another confirmation of a HOT Summer - Friday Italy posted Quarterly Unemployment Rate at 11.9% vs. 11.2% exp & 11.4% prev (Rev from 11.2%)
No one is lending, no one is hiring, no one is (re-)investing.
Good job!
But still having a hard time to get a parking lot for ur car in Rome, Milan, Florence etc.
That's the increasing inventory. :-)
Return to full productivity in 3 years! There you have it.....we are fully productive with highunemployment.........time to reconsider the social contract......people need to be paid for being productive in other senses - parents are productive, for example. As are artists and gardeners. They should be paid for their efforts to make our lives more beautiful and for raising children....unrealistic you say? So we should just keep paying huge salaries/bonuses to bankers, ceo's and politicians - all of whom are vital to society, right?
Does anyone really take 63yr predictions seriously? It's hard enough to have confidence 3yrs out.. Plus whenever a union whines they always have an incentive to sound dire to shakedown some concessions from policy makers.. Put this "prediction" into ignore basket
Like 100 year bonds?
+ 100
what they were really saying was there will be no employment recovery till everyone but the very youngest are dead.
Says the piece of shit troll named Rimon. Go back to the cunt you crawled out of.
Thing is... just look back at what happened in the last 63 years... ya think the next 63 years are gonna be more or less eventful?? Your predictions that far out are worthless... but eh, it just shows the union mindset... if we say that's what's gonna be... that's what's gonna happen! Why? Because I said so! I'm from the union! I'm GOD!!
Sorry but this prediction is outright ridiculous and their PhD-eCONomist should be fired asap. According to my seasonally-adjusted excel numbers it will be in Q1 of 2074.
I think you're being a little too optimistic.
my excel numbers show Q3 of 2073 but I guess we're just splitting hairs and experiencing rounding errors.
and the budget will be balanced by 2176.
Whatsa madder you? You no like?
Green shoots...
First one who bolts from the shackles wins. As of now they are all on the Eu chain gang for the sake of unity!
I can hardly wait.
When I lived in Sicily in the early 80's unemployment was close to 40%. I guess they exported that model to mainland Italy. What a shame. Great country with great folks but shitty banker butt kissing leadership.
Sounds just like the US except we need to collapse this sovereign debt first and we will never be the manufacturing powerhouse with corrupt corporations, gangsters bankers and babbling idiots like we now have in DC..
So soon?
It will even take a 100 years as long as morons such as Camusso and Bonanni are heading the major unions. Never mind il bel paese will move along on the bumby road, even with 50 to 60% youth unemployment, they have hotel mama taking care of them. What to worry about.
Really, what's the hurry?
And they put up with this and not do an Iceland, why?
The media would rather ignore Iceland's 6.5% unemployment rate.
It doesn't quite jibe with the message they're trying to indoctrinate the masses with.
media would rather ignore Iceland's 6.5% unemployment rate...and that big fat juicy loan they took from the IMF
"Dumb and Dumber" The Jim Carey Story
Whenever the words "Plan B" are used on this site for whatever reason, I'm reminded of the over the counter, available to 15 year olds pill that let's you go PARTY the night before and then have no 9 month consequences to deal with.
Flip it and you've got Italy. Same premise: No Plan B so their problems will just BALLOON until its way overdue and nobody remembers the genesis of the problem.
Year 2076 lmao...more like year 23 stone age or some bullshit like that. why in the hell do financial institutions operate on a 360 day year and the rest of us get fucked for another 5 days in a 365 day year???
WTF? They barely have any idea what'll happen in 3 years never mind 63.
Chef Boy-Ar-Dee commercial - 1953
This definitely makes Monsanto GM foods look silly and overpriced.
"There have been 4 jobs or activities which Man has engaged in throughout the centuries: Hunter/Gathering, Agriculture, Manufacturing, and Services. What's next? What category can you imagine in which billions of people will be working in the future?
It turns out that there is a final category. It is known as Unemployment.
As Agriculture, Manufacturing, and Services become more efficient in the coming months, workers will have nowhere to go but to the unemployment line. At some point, Man's artificial economic system will necessarily collapse. When that happens, the corporations which produce and deliver food will no longer have an incentive to do so. The cities will suffer great hunger and it will be the end of Man.
The current jobless situation you read about in the news is not an ordinary part of the business cycle. It is the final stretch of the linear trend that began with the birth of our species".
- Bill Gaede
That is the plan. Once everyone is on the unemployed government dole, you will be reclassified for job employment under government discretion. Those who fall short of requirements must go back to school to become certified. Get back in debt bitchez, your government told you so.
Crisis? What crisis? We haven't reached the crisis yet!
When the world does reach a crisis that's when people, out of desperation, finally decide that the majority of the politicians over the last 100 years are/were either criminally corrupt or, at best completely incompetent. I'll give them the benefit of the doubt and call them incompetent.
Hopefully the majority will come to the realization that socialism does not work; but only destroys economies.
By 20fuckin76 people won't be needed for employment.
It’s a good thing. I will be already be in my dirt nap laughing at the demise of society.
Hey, no problemo! The debt can be paid off with worthless Euros.
Around that time a cup of coffee will cost about 100 trillion Euros!
Why not ask a weatherman for a prediction? They're pretty good at predicting the future, about 2-3 days anyway.
But I'd wager any weatherman is better than any union at predictions.
If I save $10k a year for 100 years I'll be a millionaire.
and you'll be able to buy a loaf of bread while the blankfein/dimon ilk sail off in their 170 ft yachts after 3.5 years of "work"
This is an important point everyone.
Remember, the broken promises are always about the future.
Tomorrow you will be 22 years old and will have hot young women flocking to you (the reality is that tomorrow you will be 50 with a limp dick and a fat wife). Tomorrow you will be a billionaire (the reality is that tomorrow you will be broke). Tomorrow will be the best day of your life (the reality is that today is just about as good as it's going to get).
It's always about tomorrow in our modern world. It's a way for people to avoid the question of tough choices, about how they want to live their life right now.
Italy has got to be the biggest pile of shit in Europe. When are we going to stop giving these party animal pervert ass clowns money?
Lecturer of the day: the harmonius Sweden
And I'm going to have a threesome with two submissive bi Maxim models any day now...
With good luck and a fair wind, some of them there young Italians may just manage a coupla weeks work before it's time to retire!
On a long enough timeline Keynesian policies will succeed!
We've got forever to prove you doubters wrong.
I'll buy this after I invest in Goldman's latest securitization of 150 year reverse mortgages.
So... A 17 year old Italian can expect to have a good job by the age of 70. Awesome.
quit your whining.
"disabledvet" hit the nail on the head tho he did it kinda sideways.
"Holy Roman Empire." Move along...
The Great Catholic Monarch sleeps tonight in Central Europe awaiting his entry onto the world's stage and the New World Order will never know what hit them . . .
And hopefully by 2076 there won't be any half witted labor unions around to make grade school level comments like these.
Communist regimes were fond of trotting out 5 year plans that never worked over and over. The reason they failed was only partly because the planners were communists, the main reason was that they were designed by bureaucrats. Businesses often have long term plans that they achieve or exceed. Rational people do not put forth 10, 20, or more year plans because there are to many uncontrolled variables and they value their credibility.
Or .... we can get rid of the current paradigm of friedmanite economic/monetary philosphy and the intl bankers and politicians that support them and be in a full recovery within 3 years.