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Visualizing The European Monetary (Dis)Union
While we are told day-after-day just how 'fixed' Europe is; just how 'past the crisis' they are; and just how close to banking union; the reality is the nations of Europe are as disparate as they have ever been. We discussed the dismal unemployment picture last week, but one glance at the chart below will highlight the growing divergence between the haves and have-nots in Europe. As Bloomberg's Niraj Shah notes, unemployment rates are diverging at record levels in the euro area.
The rate fell 1.9 percentage points in Estonia and 1.4 percentage points in Ireland while hitting euro-era highs in Greece, Spain, Portugal and Cyprus versus a year earlier. The jobless rate fell 0.1 percentage point in Germany and Malta compared with April 2012. Unemployment in the region is up by 1.64 million in a year to 19.375 million.
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Aren't Malta and Estonia the purple spaces just after you pass "Go"...?
No. That is Newark and Trenton.
Off topic - "Pools of Blood in Streets of Turkey after Massive Conflict"
Al-queda lovin', Israel supportin' - Turkey is showing the love Commie style. Warning, not suitable for US Jnews.
http://intellihub.com/2013/06/01/turkeys-taksim-square-drenched-in-blood-as-900-protesters-are-arrested-extremely-graphic-content/
"Does Al-Queda mean "the cheese of Al?" 'Cause my Spanish is not so good..."
Those two countries are also HUGE tax havens for corporations, especially e-commerce and gaming. Pokerstars for example has offices in Malta, and their main offices in Isle of Man. Hence: jobs (as the continued "race to the bottom" continues).
BTW, if this suprises anybody that Germany (the center of the EU Banking system) would be the main beneficiary of the Eurozone "union"......then I have a poker game I'd like to invite you to!
Hell anyone can see from the lessons of today that a job is for suckers! Go to Princeton and you just get to imagine money out of thin air!
At least they are taking care of their daily silver hit job right now. The world seems right again.
"The workin' man is a sucker"
Sonny, A Bronx Tale
Bernie and his EU counterparts can paper over the unemployment rate... no problem.
I think Estonia's unemployment rate went down because most of the unemployed left the country.
Estonian women are way too hot to bail on.
Are they using OAFS? (Obama Administration's Fudged Statistics) Or are these non-pretend numbers? Whoa! Greece: 'Lucia, you got some splaining to do....'
My suspicion is that they're mildly misleading (smoothed) because of the free movement of people within the EU (e.g. an unemployed person in Spain migrating to Germany reduces unemployment in Spain and increases unemployment Germany-- absent additional jobs and tax revenue being created in Germany.
Germany and a few other core nations have a higher education/vocational training system that soaks up many of the people who in countries without such a system (most EU countries) are counted as unemployed.
This does not make up for the entire discrepancy, of course, but they are playing statistics game, just like everyone else.
Good observation. 'Ausgezeichnet!' And you were right to put in a couple of qualifiers, as there isn't complete correlation. E.g. Finland and Slovenia consistently score higher in international academic competitions (5th graders?) than Germany -- and way, WAY higher than the US (which is a total humiliation in itself). Yet the economies of these two are much smaller and less diverse, and therefore more prone to employment swings.
I also can't help but note Germany's fortuitous geographic position smack-dab in the middle of Europe -- making it a natural transportation hub and having the shortest overall supply lines to its EU markets. For what it's worth.
Socialism is never having to say "I'm unemployed".
...or "I'm hungry"
...or "I'm sick and can't afford help"
...or "my property tax is too much"
Germany is pretty much at "full employment" everybody that wants a job can have it, other than that it's just socialist inflexible job laws that prevent additional employment
Well, there 3 million unenployed officially and additionally 3.5 million excluded from this stats due to several definition tricks. This makes an unofficial GERMAN unemployment rate of approximately 15.5%.
Not that great in Angie's socialist paradise!
None of their stats cover the "Asylanten". The Asylum people (who wait a long time for a Work Permit), who are not allowed to work (i.e. 'compete' with unionized German workers). They're the guys/gals who try to sell roses to guys & their dates in bars and restaurants, as it's an undocumented cash business. I'd imagine that there are at least a couple of percent of those in the country.
Europe is frozen until the German election. You can pretty much ignore European officials until then. After the election, shit will start happening and it's not going to be pretty. There WILL be major changes. This is an opportunity to make a lot of money for those who understand the situation.
Here's something which I know will interest you lot!
https://twitter.com/Beeb_BBerg
Bilderburgs meeting in London - at least the media could cover it!
For a second, my mind read: "Vandalizing the European Monetary (Dis)Union". Sort of a mid-course correction of the headline.