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European Unemployment By Country

Tyler Durden's picture





 

While the biggest surprise out of Europe this morning was the fourth consecutive sub-1% inflationary print...

...  lack of soaring prices is hardly a bad thing for the millions of Europe's unemployed (if not so good for its banks drowning in trillions of non-performing loans which they desperately need to inflate away).

Which incidentally is the topic of this post:  for those curious how the most devastation depression in the history of the Eurozone is "improving" some four years after the first Greek bailout, look no further than these charts. For those who live in Spain and Greece - we know you have no job, but please ask your government to change not only the definition of GDP but also unemployment. After all that is the only way things will ever improve in your country.

 


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Fri, 01/31/2014 - 08:27 | Link to Comment Peter Pan
Peter Pan's picture

Tax increases and no pay increases to bridge budget deficits are obviously going to deflationary. Why are they surprised and terrified. It's their own stupidity that is doing all this.

Fri, 01/31/2014 - 08:44 | Link to Comment Ghordius
Ghordius's picture

your sentence makes no sense at many levels

tax increases: which countries? it's 18 in the eurozone and 28 in the EU

budget deficits: same question, and note that they are decreasing

surprised and terrified: who? banks who try to show that decreasing new debt is a bad thing? well, it is... for banks

fact is that the eurozone is pulling the EU in general in one direction, with the UK as the outlier

fact is that in general the policies adopted are more from the Austrian School (they actually aren't, but are similar enough) than Neo-Keynesian ones like the UK's

fact is that this kind of policies have the ugly connotation of "taking the pain now", instead of "kicking the can further"

fact is that this kind of adjustments take often five to seven frigging years

fact is that several eurozone countries are having unemployment levels which are unimaginable in the US or the UK, and this led many ZH commenters to shout "the end! now!" for years

fact is that the other option is printing and devaluing. no lack of international megabanks that would prefer that

fact is that nobody mentions that the ECB balance sheet is going in the opposite direction of popular understanding

Fri, 01/31/2014 - 08:52 | Link to Comment new game
new game's picture

central planning is not an easy task!

Fri, 01/31/2014 - 09:02 | Link to Comment Oldwood
Oldwood's picture

And the beauty of a centrally controlled economy is that it IS whatever they say it IS. Personal observations are purely anecdotal.

Fri, 01/31/2014 - 09:12 | Link to Comment Peter Pan
Peter Pan's picture

Ghordius,

Budget deficits are decreasing but in the case of Greece it is by virtue of more and more taxes and they are also fudging by not paying many goods and service providers to government.

In nominal terms Greek national debt is increasing.

The EU is not pulling the EU in a general direction. It is simply pulling on the rope that is around its sickest member states.

These countries are not factoring in the effect of policies which allow outsourcing and they do not allow for the fact that increased technologies are often reducing jobs faster than they can be created.

Fri, 01/31/2014 - 09:38 | Link to Comment Ghordius
Ghordius's picture

so we are switching the argument from the EU to the eurozone to little Greece? which still makes some 2% of the relevant statistics? I decline. Greece had the most prolonged fiat binge drinking malinvestments debt accumulation excesses of Europe. Any kind of cure/healing will take time

my argument is that the eurozone is going in one direction, most are following - including all the countries with currencies currently pegged to the EUR - and the UK is the outlier

meanwhile outsourcing is an effect of globalization, aka free trade. who is the free trade champion of Europe? a tip: it's also the champion for EU enlargement, and the country which would mostly like to leave the EU, and the country that is most favourable to international banks, and the champion of re-hypothecation, and, and, and...

Fri, 01/31/2014 - 09:44 | Link to Comment Bobbyrib
Bobbyrib's picture

Reading from the first few comments, you would think Bernanke is more popular on this site. Europe seems to be taking its medicine, while the US pops pills and lives on its high. If ZHers really believe in the free markets, who do you think will recover first? The countries that try to print their way out (Japan,US, England, China), or the countries who allow deflation and economic restructuring to occur?

Fri, 01/31/2014 - 10:53 | Link to Comment befuddled
befuddled's picture

To much bold and italic, dude, a clear sign of special pleading and  distinctions without a difference. You and your kind of eurowanker are painted into a corner from which there's no painless escape, and maybe no escape period.

All Brussels/ECB has left is jaw-jaw and a rusty magazine half-filled with blanks. The EU elections in May will be real interesting. Any predictions? 

The euroweenie MSM appear to be under strict instructions to look elsewhere (Whatever you do, Basil, don't talk about the War!!). Well, fool some of the people all the time...you know how it goes. 

The euro is a political currency only, a cruel and bitter joke. Socialist bullshit won't save it: deflation, end of austerity, zero growth, massive social unrest all at hand and getting worse fast. The French especially get creative around lamp-posts. Good luck.

Fri, 01/31/2014 - 12:58 | Link to Comment Ghordius
Ghordius's picture

Too much bold and italic... dude, do you read Tyler's articles at all?

My kind of eurowanker? There are several kinds of us, are you sure you pigeonholed me?

Brussels is Brussels (EU). the ECB is in Frankfurt. the latter is shrinking it's balance sheet, btw. not a sign of a "rusty magazine half-filled with blanks", imho

which euroweenie MSM do you follow? in which languages? there are differences

btw, the euro is not a "political currency", because it's not under one nation. think about that

Fri, 01/31/2014 - 11:00 | Link to Comment befuddled
befuddled's picture

To much bold and italic, dude, a clear warning of special pleading and  distinctions without a difference. You and your kind of eurowanker are painted into a corner from which there's no painless escape, and maybe no escape period.

All Brussels/ECB has left is jaw-jaw and a rusty magazine half-filled with blanks. The EU elections in May will be real interesting. Any predictions? 

The euroweenie MSM appear to be under strict instructions to look elsewhere (Whatever you do, Basil, don't talk about the War!!). Well, fool some of the people all the time...you know how it goes. 

The euro is a political currency only, a cruel and bitter joke. Socialist bullshit won't save it: deflation, end of austerity, zero growth, massive social unrest all at hand and getting worse fast. The French especially get creative around lamp-posts. Good luck.

Fri, 01/31/2014 - 12:28 | Link to Comment mclant004
mclant004's picture

Come on man! give us a break with the Neo-Keynesian vs austrian. It is bullshit.They are all using fiat currency, all fiat currency goes to zero! Thats all we need to know!

By comparing models built on a broken system you are lending it your

There is no point discusing models of a system, when the system is broken.

I think its fairly obvious now that they will just bring out a new currency (SDR, bitcoin?) when this one is done.

Rinse and Repeat

Dont buy into it, just use real money.

 


Fri, 01/31/2014 - 12:58 | Link to Comment Ghordius
Ghordius's picture

did you read my comment carefully? yes, all fiat eventually goes to zero. the question is how fast. usually, it's expended for political goals

Fri, 01/31/2014 - 09:11 | Link to Comment Quinvarius
Quinvarius's picture

It isn't deflation.  The money is being redirected by mandate into inflationary reservoirs.  A key plank of Keynesianism demands that all the money they print go into sovereign bonds.  But it completely blows off the idea that the sovereign debt will go bad.  It has no answer for that except some flip response about how we all die eventually.  He was right.  That debt and the currency that was spawned from it will die.  In the end Keynesianism is not an economic model.  It is a political theory and an excuse for resorting collectivism.  A new obsfucated argument for trying something that has never in history succeeded. 

Fri, 01/31/2014 - 08:29 | Link to Comment buzzsaw99
buzzsaw99's picture

we don't need no steenking jobs!

Fri, 01/31/2014 - 08:34 | Link to Comment The Reich
The Reich's picture

Why are you showing us these manipulated statistics over and over again?

Fri, 01/31/2014 - 08:50 | Link to Comment Ghordius
Ghordius's picture

are they? if yes, in which direction? take Spain. 25%. what is your opinion of the truth? 35%? or... 15%?

remember that those national statistics are national affairs, eurostat only collates them. and Spain, for example, has always found reasons to slightly exaggerate those numbers since thirty years, for internal political reasons which you might find baffling

Fri, 01/31/2014 - 08:52 | Link to Comment Confused
Confused's picture

Here is something that would be interesting to know:

How do they account for the individuals that take advantage of the free movement of peoples? So the youth of Spain, for sake of argument move to Austria, does Austria figure them into the calculation? 

I would imagine these numbers are less reliable in many more ways then the US numbers. 

Fri, 01/31/2014 - 09:02 | Link to Comment Ghordius
Ghordius's picture

actually that's the least problem on the continent (in the UK it's slightly different)

you can't have an official, "white" job in the eurozone without being officially registered as resident nearby. so the Spaniard leaving Madrid and going to work in Berlin is subtracted in one place and added in the second one

so it's the numbers of official workers (typically from the Ministry of Employment or Economy) divided by the number of official resident (typically from the Ministry of Internal Affairs - previously known as Ministry of Police in the 19th Century)

what those statistics can't show is who works without registering his activity. and... it's a lot of people, in some regions

Fri, 01/31/2014 - 09:25 | Link to Comment Confused
Confused's picture

Yes, unregistered workers are a big problem near me. They come from all over (which is fine in my opinion) and work without papers. The frightening aspect of it, people are relocating for undocumented food service jobs. That thought alone is horrifying. 

 

Thanks for the reply. 

Fri, 01/31/2014 - 08:36 | Link to Comment BandGap
BandGap's picture

This is surreal. Not unlike The Black Knight from Monty Python. How can governments, supposedly "of the people", try to convince those same people how well things are going when the same fucking people receiving this fucked up message are the ones suffering? This is globally, from the assinine "State of the Union" tripe to statistics that seek to hide the obvious in Europe. When someone lies to me I understand it is very rarely for my own good. In fact, it's usually the opposite. I hate the cartoon world we are living in.

This is going to discombobulate soon, and I think in 30 days or less.

Fri, 01/31/2014 - 08:40 | Link to Comment buzzsaw99
buzzsaw99's picture

you wouldn't be so disgruntled if you had taken out a second mortgage and bought facebook shares like you're supposed to

Fri, 01/31/2014 - 09:07 | Link to Comment new game
new game's picture

it is like being at a party and watching everybody get drunk yet having a few near the keg. oh yea, it gets crowded.

then the fucker starts to float, then someone from upstairs heralds a  new keg, alas everyone gets happy, happy.

then someone yells the pigs are here! the mad scrabble to get out ensues! to the yard we go! get to the back of the crowd and chant "fuckin pigs! fuckin pigs!. a bottle gets thrown and out come the billy sticks. time to back up a half a block and find a new party...

oh the humor of yester years.

Fri, 01/31/2014 - 09:15 | Link to Comment BandGap
BandGap's picture

I disconnected years ago. I have less than 1% of the stocks I had just five years ago. I have zero debt. Not having a job now has me a bit down, but I have good people around me. I wish the same for everyone on these boards. Surround yourself with good people. It makes all the difference in the world. I'm a God fearing man, I think we are all being tested. Some may think it fate, but the remedy will be the same for everyone.

I told my wife this morning we will be at our best when things are at their worst. It is disjointed to think like this, but that's they way I set up our finances. I'd like to say let's get this party started but my insides ache at thinking about those that are going to suffer. Sigh.

Fri, 01/31/2014 - 11:17 | Link to Comment falak pema
falak pema's picture

I hope your wife understands moral hazard like the buzzard from the bank. 

When he comes to visit don't shoot blanks. 

Fri, 01/31/2014 - 09:58 | Link to Comment Flakmeister
Flakmeister's picture

Provided you rode out the dip, you are up nearly 50% from the IPO...

As much as I cringe to say it FB has absolutely bitched slapped Gold since going public...

Fri, 01/31/2014 - 08:41 | Link to Comment Peter Pan
Peter Pan's picture

The European strategy reminds me of the BBC crew that went to the wailing wall in Jerusalem to do a documentary.

The went up to a Jewish man who was praying and hitting his head against the wailing wall in the customary fashion.

They asked him what he was doing.

He replied in a typically Jewish accent: I pray for peace. Peace between parents and children, husbands and wives and Jews and Palestinians.

BBC Reporter: How long have you been doing this for?

Jewish Man: 35 long years

BBC Reporter: What is it like doing this for 35 years?

Jewish Man: It's like hitting your head against a fucking brick wall.

.......and this is exactly what Europe does, a total useless, destructive strategy aimed at saving banks but destroying people and ultimately the economy. The only problem in this case it is hitting the heads of its citizens against the wall rather than their own idiotic heads.

There should be simultaneous write offs of debt accompanied by simultaneous and equal write offs of shareholders equity, bond owners and savings. Then let interest rates be determined by the market rather than the FED. Once interest rates normalise the market will be better able to value all assets.

Fri, 01/31/2014 - 08:53 | Link to Comment Ghordius
Ghordius's picture

I fully agree with you. though only if you exchange Europe with... the UK. which has more reasons to save banks and care little about the rest of the economy

Fri, 01/31/2014 - 09:01 | Link to Comment Peter Pan
Peter Pan's picture

Like the old line of advice given to women prior to sex: Look at the ceiling and think of mother England.

Fri, 01/31/2014 - 09:15 | Link to Comment Ghordius
Ghordius's picture

the current advice from the British Government is actually to buy a house, or switch to a bigger house, and become rich

I presume sex is involved, at a certain point. Perhaps our American Cousins - who followed that advice to a fault - forgot the part about sex and Mother England?

Fri, 01/31/2014 - 09:25 | Link to Comment Peter Pan
Peter Pan's picture

There is a lot of sex in buying a house and in particular if you cannot afford it......in the end you are well and truly fu....ed

Fri, 01/31/2014 - 11:28 | Link to Comment falak pema
falak pema's picture

lets stop splitting hairs and heads and start splitting the banks...

As for ceilings the Gauls of France always thought the sky would fall on their heads one day. Didn't stop them from mating with their matrons who never wore aprons. Thats why the french men cook, 'cos their women won't wear any aprons around their naked butts. Very distracting in front of a hot oven. In fact the heat gets very contagious. 

They invented wine to tell the swine from the fine. The swine knocked their heads against the oven, the fine knocked their wive's butts. Now you know why the french say about wine : il a de la cuisse! 

Bit early to be hitting the bottle, hey! 

Fri, 01/31/2014 - 08:42 | Link to Comment Croatian Patriot
Croatian Patriot's picture

My Croatia 3rd place. Bronze medal!  No way to break through to the top. Competition is strong!

Fri, 01/31/2014 - 09:01 | Link to Comment TeamDepends
TeamDepends's picture

So the Czechs took the Tungsten medal?

Fri, 01/31/2014 - 09:22 | Link to Comment Balvan
Balvan's picture

In Bosnia it's 44.5%

Beat that

Fri, 01/31/2014 - 13:31 | Link to Comment SAT 800
SAT 800's picture

France unemployment twice what it is in Germany; that's a nice stable arrangement; no internal tensions there that I can see.

Fri, 01/31/2014 - 08:42 | Link to Comment Sudden Debt
Sudden Debt's picture

Glad I don't live in EL... where the fuck that may be...

Fri, 01/31/2014 - 09:06 | Link to Comment Doña K
Doña K's picture

My hubby is from there. Used to be GR. Does that help?

 

Fri, 01/31/2014 - 09:29 | Link to Comment Peter Pan
Peter Pan's picture

Now there's a bloody good thought.......change the name of your country and then tell your creditors you don't owe them anything.

Fri, 01/31/2014 - 10:35 | Link to Comment edotabin
edotabin's picture

Technnically the official name always was the Hellenic Republic or Hellas (In English).  In Greek it is Ellas which is internally referred to as Ellada*. So Ellas or Ellada, it should be clear where the EL comes from.

*The Greek language has undergone a gradual change over the past 35 years and many things have been simplified/altered.

Fri, 01/31/2014 - 08:49 | Link to Comment Racer
Racer's picture

When I go to buy food, unless I am very careful and only buy the 'offers' that are marked down to lure you in, I find that there is a LOT of inflation. Electricity prices have gone up by about 10% in the last year.

Hmmm, deflation? Bring it on! Then maybe prices will only go up by 5%!

Oh and my income has dropped, not just in inflationary terms, but in real terms by at least 5% so add the two together and where is the deflation the banksters are so worried about.

All a totally con and lies as usual

Fri, 01/31/2014 - 08:45 | Link to Comment Dubaibanker
Dubaibanker's picture

Since the inception of the EUR currency in 1999, when about 136m people were employed across the 'Eurozone', the total number of employed peaked at 151m in 2008 and now has been declining rapidly and about 145m are employed across Eurozone (back to 2006 levels). http://www.tradingeconomics.com/euro-area/employed-persons

If this trend continues which it must with many large car factories, oil refineries, electronic stores, department stores, shipyards and others shutting down and banks etc having major lay offs, we should soon be back to 2004!

Wonder how the new kids who graduated post 2004 are feeling? Guess, we can see that in the streets of Athens, Madrid, Kiev - not EU -  and others or in the confiscation of deposits and hiking of taxes across Eurozone to add to the Govt tax coffers to compensate for the loss of income tax revenues.

Hats off to the Cypriots who lost over 10,000 jobs in the Laiki bank closure, but not a word....nary a major protest....

Fri, 01/31/2014 - 08:46 | Link to Comment blindman
blindman's picture

http://www.historyisaweapon.com/defcon1/zinncol1.html
A PEOPLE’S HISTORY OF THE UNITED STATES by Howard Zinn
.
“Chapter 1: COLUMBUS, THE INDIANS, AND HUMAN PROGRESS
Arawak men and women, naked, tawny, and full of wonder, emerged from their villages onto the island’s beaches and swam out to get a closer look at the strange big boat. When Columbus and his sailors came ashore, carrying swords, speaking oddly, the Arawaks ran to greet them, brought them food, water, gifts. He later wrote of this in his log:

They … brought us parrots and balls of cotton and spears and many other things, which they exchanged for the glass beads and hawks’ bells. They willingly traded everything they owned… . They were well-built, with good bodies and handsome features…. They do not bear arms, and do not know them, for I showed them a sword, they took it by the edge and cut themselves out of ignorance. They have no iron. Their spears are made of cane… . They would make fine servants…. With fifty men we could subjugate them all and make them do whatever we want.
.
These Arawaks of the Bahama Islands were much like Indians on the mainland, who were remarkable (European observers were to say again and again) for their hospitality, their belief in sharing. These traits did not stand out in the Europe of the Renaissance, dominated as it was by the religion of popes, the government of kings, the frenzy for money that marked Western civilization and its first messenger to the Americas, Christopher Columbus.

Columbus wrote:

As soon as I arrived in the Indies, on the first Island which I found, I took some of the natives by force in order that they might learn and might give me information of whatever there is in these parts.
The information that Columbus wanted most was: Where is the gold? He had persuaded the king and queen of Spain to finance an expedition to the lands, the wealth, he expected would be on the other side of the Atlantic-the Indies and Asia, gold and spices. For, like other informed people of his time, he knew the world was round and he could sail west in order to get to the Far East.

Spain was recently unified, one of the new modern nation-states, like France, England, and Portugal. Its population, mostly poor peasants, worked for the nobility, who were 2 percent of the population and owned 95 percent of the land. Spain had tied itself to the Catholic Church, expelled all the Jews, driven out the Moors. Like other states of the modern world, Spain sought gold, which was becoming the new mark of wealth, more useful than land because it could buy anything.” h.z.

Fri, 01/31/2014 - 08:51 | Link to Comment new game
new game's picture

the story sadens me deeply...

edit;..history sadens ...

Fri, 01/31/2014 - 08:47 | Link to Comment new game
new game's picture

like to see a chart of all 50 states, that is the real unemployment number, plez.

does 29.5 hours qualify as employed, plez.

 

Fri, 01/31/2014 - 08:48 | Link to Comment blindman
blindman's picture

Great Nations of Europe
http://www.youtube.com/watch?v=d_IA3stJRoE
.

Fri, 01/31/2014 - 09:01 | Link to Comment Doom and Dust
Doom and Dust's picture

Most of those countries ranking in the top 10 unemployed - and these are Eurostat's, not US fantasy figures - were dictatorial backwaters just twenty-so years ago, either communist or reactionary. They had huge black economies, even more catastrophic true unemployment figures, and third world currencies. Euro/EU membership has actually improved these countries' economies. Of course it's hard to tell when your horizon is a paltry fifteen years, and it's even harder when you're agenda consists of talking down European welfare states in favor of American-style corporatism.

Fri, 01/31/2014 - 09:05 | Link to Comment HRamos_3
HRamos_3's picture

In PT if you work for an hour a month you are not considered unemployed. Also, we have some courses that don't teach jack to anyone, but they pay around 300€/month, and while attending you're not counted as unemployed. Lots of the people my age are doing this.

Plus, were currently looking at emmigration numbers not seen since the 60's, if ever.

Electric power had an tax increase from 6% to 23% last year IIRC... And it was already rising thanks to renewable energy overcosts.

In one day most of food items that had reduced VAT tax (6%) rose to 23%.

So yeah, those do not accurately depict current situation.

Fri, 01/31/2014 - 09:03 | Link to Comment Balvan
Balvan's picture

EL is Greece? Didn't know that

Fri, 01/31/2014 - 09:19 | Link to Comment FullFaithAndCretin
FullFaithAndCretin's picture

Hellas

Fri, 01/31/2014 - 09:04 | Link to Comment arkady
arkady's picture

I am impressed that most ZHers know Eurozone abbreviations by heart, for those that do not, find them here:  http://publications.europa.eu/code/en/en-370100.htm

 

EL = Greece\

ES = Spain

HR = Croatia

Fri, 01/31/2014 - 09:06 | Link to Comment blindman
blindman's picture

thanks, i was wondering if there was a secret code
somewhere.

Fri, 01/31/2014 - 10:27 | Link to Comment FrankDrakman
FrankDrakman's picture

Oh, shoot.. why did you guys tell him? blindman is not in the club!!

Fri, 01/31/2014 - 09:08 | Link to Comment Balvan
Balvan's picture

PT - Portugal

SI - Slovenia

SE - Sweden

IE - Ireland

Fri, 01/31/2014 - 09:11 | Link to Comment no more banksters
no more banksters's picture

Troika policies = Destruction

“... Greece, Cyprus, Portugal, and Ireland, the countries subject to Troika policies each suffered a hike in their unemployment rates, with a disproportionate impact on young people, leading to emigration, which more than doubled in all those countries. Many small firms have also disappeared.”

http://failedevolution.blogspot.gr/2014/01/troika-policies-destruction.html

Fri, 01/31/2014 - 09:18 | Link to Comment Ar-Pharazôn
Ar-Pharazôn's picture

well... probably it's exactly what they want.

 

it's a lot easier to control a population that is scattered.

Fri, 01/31/2014 - 10:29 | Link to Comment no more banksters
no more banksters's picture

True.

Fri, 01/31/2014 - 09:28 | Link to Comment Ulterior
Ulterior's picture

Lithuania numbers are off - they consider person unemployed after it was unemployed under half a year, then they just write it of the books. Real unemployement is around 25 percent

Sat, 02/01/2014 - 02:28 | Link to Comment Uni
Uni's picture

I live in Lithuania and would second this. There is also a huge difference between employment in vilnius/Kaunas and the rest of the country. I wouldn't trust anything resembling a count for the rest of the country.

Fri, 01/31/2014 - 09:34 | Link to Comment Umh
Umh's picture

EL  is a democratic, developed country with an advanced, high-income economy, a high standard of living and a very high Human Development Index.

Fri, 01/31/2014 - 10:04 | Link to Comment RazvanM
RazvanM's picture

This is a last man standing game. Because every country tries to inflate its economy out of recession, the countries that don't play the game will lack liquidity and will have their industries either destroyed or bought with newly printed money. So everybody prints, inflates and play the crazy dance. Until the music stops.

Fri, 01/31/2014 - 13:25 | Link to Comment Sauerkraut-Opinion
Sauerkraut-Opinion's picture

Germanys real unemployment rate is much higher than indicated. To justify and promote allegedly success of "Agenda 2010" - which includes coercive actions and low-pay-policy against 25% of the population - manipulation of unemployment numbers was needed.

In January we had official 3,16 Mio. jobless people. But additional we had nearly 1 Mio. in so called "measures". Job advisers are instructed to put unemployees from time to time in measures like application training (doesn't matter if it's training No. 7 and you are shortly before retirement age). This measures are extremly costly (about 9 billion Euro per year), but most of the times senseless. The only advantage is that people are dropping out from unemployment statistics.

Beside of this nonworkers older then 59 are not considered, the huge number in precariously jobs which are bulked up by tax-payer money, the huge number of practitioners, the huge number of unemployed in expensive employment programms, the huge number of people ashamed to claim dole (the discrimination is whooped up by neoliberal medias & politicians) etc....etc...

The real number of unemployed people in Germany is about 5 or 6 million - may be doubled as high as indicated.
And only 20% of the persons without job for more than a year find back in constant work. Experts believe that main reason is low motivation due to the low-payment-policy: There are a lot of cheap workers from South-East-Europe around, who can be squeezed because of lacking minimum wages in Germany.

The reforms didn't change the high rate of unemployed persons in Germany - they just conceal the real desaster. The only thing which works is neoliberal propaganda.

Sat, 02/01/2014 - 06:04 | Link to Comment befuddled
befuddled's picture

MSM: Same shit same smell, plus a few local turds.

Balance sheet baloney is played by Brussels gnomes (meaning all banks in the entire e-effing-zone) who add zeros and then duck for cover, all the while lying about the numbers (stress tests part LXVIII, anyone?)

Fluent in English and Spanish, nearly so in French, passable German (read-y no speak-y), smattering of Russian.

Bottom of the barrel are F-T and the Economist, both deeply anti-American and smug. As pres, my first executive action would be to kick their sanctimonious asses out of my press conferences for ever, to lotsa fanfare. I would then burn Matt Frei on the front lawn and drop FAE over Shepherd's Bush.

So what's your learned view about the elections, then?

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