Europe's Scariest Chart Just Got Scarier

Tyler Durden's picture

The last time we plotted European youth unemployment in what was dubbed "Europe's scariest chart" we were surprised to discover that when it comes to "Arab Spring inspiring" youth unemployment, Spain was actually worse off than even (now officially broke) Greece, whose young adult unemployment at the time was only just better compared to that... of the United States. Luckily, following the latest economic (yes, we laughed too) update from Greece, it is safe to say that things are back to normal, as Greek youth unemployment is officially the second one in Europe after Spain to surpass 50%. In other words, Europe's scariest chart just got even scarier.

And so while the Greek economy is in tatters, following another downward revision to its GDP as reported last week, this time dragging Q4 GDP from -7.0% to -7.5%, that's only the beginning, and it now appears that a terminal collapse of not just the Greek financial sector, but its society as well, has commenced, as the number of people unemployed in the 11 million person country is now 41% greater than its was a year ago. From Athens News:

The average unemployment rate for 2011 jumped to 17.3 percent from 12.5 percent in the previous year, according to the figures, which are not adjusted for seasonal factors.


Youth were particularly hit. For the first time on record, more people between 15-24 years were without a job than with one. Unemployment in that age group rose to 51.1 percent, twice as high as three years ago.


Budget cuts imposed by the European Union and the International Monetary Fund as a condition for dealing with the country's debt problems have caused a wave of corporate closures and bankruptcies.


Greece's economy is estimated to have shrunk by a about a fifth since 2008, when it plunged into its deepest and longest post-war recession. About 600,000 jobs, more than one in ten, have been destroyed in the process.


Things will get worse before they get better, according to analysts. "Despite some emergency government measures to boost employment in early 2012, it is hard to see how the upward unemployment trend can be stabilised in the first half of the year," said Nikos Magginas, an economist at National Bank of Greece.


A record 1,033,507 people were without work in December, 41 percent more than in the same month last year. The number of people in work dropped to a record low of 3,899,319, down 7.9 percent year-on-year.

When will the Greeks ask themselves if the complete and utter destruction of their society is worth it, just to pretend that life as a European colony is worth living. Especially now that pension funds have been vaporized?

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non_anon's picture

soylent spring


markmotive's picture

According to Russell Napier the world is still going through a debt deleveraging cycle.

Oh regional Indian's picture

According to me, the world is being prepared, at so many levels it boggles the mind, for a massive, irreversible paradigm shift. 

Here is the key:


The average unemployment rate for 2011 jumped to 17.3 percent from 12.5 percent in the previous year, according to the figures, which are not adjusted for seasonal factors.


Youth were particularly hit. For the first time on record, more people between 15-24 years were without a job than with one.Unemployment in that age group rose to 51.1 percent, twice as high as three years ago."


What do dis-affected youth, who are told that their conditions are someone else's fault do? They want to fight. And the fight can happen in the streets or wearing nice uniforms on the battlefields springing up like so many daisies in this Springtime from Hell(enia).

I would not be surprised at all if MMORPG war games are fertile recruitment grounds for what is straight ahead.

All the world has gone from a stage to a battlefield.



resurger's picture

Battle Field 3 says it all, have you played Tehran?


Oh regional Indian's picture

No resurger, but a what a way to get guys familiar with territory eh?


resurger's picture

i was referenced by a douche i know to check Byron King (Harvard Graduate) who says that in 2012 May expect a new techonology/Oil of some sort to come and make everyone rich!

in the first 5 minutes, i wanted to puke


btw hes great, he comes on CNBC, Bloomberg, FOX and any whore media that you like!!

I just love the sheeps


Doña K's picture

We need to discover or create a naturally occuring chemical process for extracting hydrogen from water without using lots of energy. Only then hydrogen will be the solution.

Mini nuclear power plants and hundreds of charging stations for electric cars can also do it. But we don't have vissionary politicians now we have self serving vultures.

trav7777's picture

you don't really do well with laws of chemistry and thermodynamics, do you?

Tao 4 the Show's picture

To the downvoters, Trav is right on this one. It's like hoping you spend less energy rolling a ball uphill than you will takefrom it when it rolls downhill.

overbet's picture

Speaking of chemistry, many youths have jobs which are in the black market. Long SMG

ovigia's picture

MIT engineers create LED that has 230% efficiency. Thermodynamics laws still in place

Overflow-admin's picture

Yeah, there are plenty of these "Infinite efficiency" designs. But they function only and at best in the nano-realm, which is just a factor of 10^9 too small compared to applications that suit hoomans.


The scale of the universe, bitchez!

tabasco71's picture

Loving the sarc  +1 for that.

A game changing new energy source is nothing to smirk at though... and it's out as early as May.  I knew there was a reason the governments kept pouring money - they had this gift up their sleeves all along and didn't want to disappoint us all.

Lucky us!

Newsboy's picture

That link seems very much like "zero point energy". There are LED resonant systems out there with claims of creating energy. It is either wrong, or we are on the cusp of a new discovery in physics (or both, but not neither)

Flakmeister's picture

You didn't read it very closely did you...

It sounds as if the band gap was comparable to the energy of the lattice vibrations....


Overflow-admin's picture

For once I have to agree with you. The only thing in which we're quite successful is rising the entropy.

Errol's picture

My team and I have discovered a naturally occuring chemical process that uses sunlight as the only energy input, and combines the hydrogen in water and the carbon from CO2 to make useful hydrocarbons!

As a bonus, the processing modules are self-replicating!

We were going to call them "green plants", but it turns out that Monsanto has already copyrighted that term for a chlorinated chemical production complex in Joisey.

Tao 4 the Show's picture

There have been various versions of this idea over the years with different efficiencies. I love the idea as it cobines conversion and storage. Can you provide a reference?

TruthInSunshine's picture

The most heavy, main rain cometh during an inevitably defaulting Spain.

Germany has already abandoned the notion of saving Spain.

The squabbling, if the argument hasn't yet been resolved one way or the other, is how deep and resource intensive to dig the firewall around Italy.

If you can successfully predict the answer to whether Italy will be saved or not, you can make un sacco di soldi...


wee-weed up's picture

Currently driving my car on Obama-certified green algae. Need a fillup? I just drive it into the nearest scum-covered pond.

edotabin's picture

If you are ever running low, they tell me there is an abundant supply of scum in Washington.

Mayer Amshel's picture

I would like a ZH-analysis on Credit Suisse's 3 months of epic net buying in SEK OMXS30, can it be only wealthy PIIGS buying FRANC for EUR and SEK for FRANC or is there more behind?

cjbosk's picture

Boy, you're freakin' brilliant, what a genius idea.  Electric cars for all...then things will be just dandy!

How about the letting the free market decide what technologies win, not Obummer or some other greasy politicians, not that's a novel idea.

Piranhanoia's picture

What is the free market and where can one go to find it?

earleflorida's picture

The free market says oil, and at what cost? for God's sake if we would stop the useless wars that cost Trillions of $$$, and put that to R&D we'd be way ahead! But,... the free markets and Washington like the fucking prehistoric fuel. They like Uranium "Melt-Up/Down" Power? We don't need lithium we can go with Ni-Cad Batteries and have every vehicle coming off the assembley lines a hy-brid. Wake-up!!!

This is a NATIONAL SECUIRTY PROBLEM, period. Repeat after me: National Security Problem,... again, National Security Problem!

Nat-Gas is here to stay, and we own it! Yes,... we controll our destiny, not some mullah 3,000 miles away that wants our National Treasures, but also to bankrupt us! Wake-up AMERICA!!!

sun tzu's picture

What happened to the R&D from Europe and Japan? They aren't involved in useless wars and they are just as dependent on oil. Why aren't Europe and Japan rolling 100% of their cars off the assembly line as hybrids?

You want to use all the natgas for cars? Then what's going to run those power plants that were built to use natgas? We're using oil because it's cheaper. Try switching 100 million cars to Ni-Cad and the cost of batteries will drive car prices up to $100K each. 

Xkwisetly Paneful's picture


Military spending=higher R&D spending not lower.

JFC have no fear, the US is already decimating leading edge technology R&D for the sake of preserving the big government statists just like most of the rest of the free world.

 note that most of the free world hardly has a military left and are still broke as hell, since decimating military spending in favor of governmental black holes is so often called a solution.




Iwanttoknow's picture

Resurger,did'nt every one get rich in weimer?

BLOTTO's picture

solid post Oh.

Speaking of video games... when the highly anticipated 'Modern Warfare 3' was being pumped up by the media and had hollywood st*rs in commericals ie. Johan Hill (who btw sucked last night on SNL)... it has a huge cult following - and therefore is a big mind control tool.

The one main MSM commerical if you may recall at the end when it displays 'MW3' - it first shows 'WW3' - than the 1st 'W' flips over to show the 'M'. Why would they need to do that - show WW3 than MW3 if it wasnt for a reason.


Oh regional Indian's picture

Thanks Blotto. I don't watch TV anymore, but yes, that letter flipping kind of trickery si exactly what the bernays gang trot out. hidden in plain sight.


trembo slice's picture

In the first Modern Warfare game the intoduction sequence contains verbatim quotes from an Osama Bin Laden speech directed towards the American people from 2004.

Tao 4 the Show's picture

Along this line of thinking, the Chinese have an excess of some millions of males (due to the preference for male babies and perhaps infanticide of female babies). Excess males are ripe for enlistment with hopes of testosterone surges, raping and pillaging.

Silver Bug's picture

Sadly this chart is more than likely going to get a lot more scarier.

The_Nihilist's picture

This is my only source of newz, other than zerohedge.

DormRoom's picture

If it wasn't for Xbox, cheap & accessible weed, my generation would be rioting. 

Fedophile's picture

Good thing marijuana prices have been stable the last 2 decades.

FrankDrakman's picture

Last time I got high, I tried to eat my iPod.

Mmmm, crunchy..

wee-weed up's picture

Full of delicious Soylent-Yellow... Chinese worker body-parts.

dreadnaught's picture

actually FOXCONN also uses slave labor to assemble all things from: (courtesy Wikipedia) 


[edit] and many parts of Androids too via subcontracting to the various above


jiggerjuice's picture

It was back around high school when one oz of pot was the same as one oz of gold... This was back when I didn't care about the price of gold. I thought at the time how worthlessly cheap gold was.

Conrad Murray's picture

So true. I used to get high as shit in the morning and read the business section of the newspaper before school. One day it hit me, "Why does weed cost as much as gold?". That's when and why I started buying gold. Thanks weed!

trembo slice's picture

they're actually falling in real terms... since weed prices aren't increased to compensate for the depreciation of the currency!

Global Hunter's picture

the weed may calm them down on the outside but the reason they tried to ban it is because often people who smoke it begin to mock, laugh and generally stop caring about Babylon.  Double edged sword as far as the powers that be are concerned.

Gully Foyle's picture

"Spain was actually worse off than even (now officially broke) Greece"

I watch Benidorm, Spain looks fine.

Lots of fat Europeans though.

Zero Govt's picture

and i've just been through Madrid and the central shopping street was rammed, i thought it was Christmas (shopping) it was so freekin bizzy

as surprising was the age of the shoppers were roughly 70-80% under 25 kidding

if Spain has 50% youth unemployment then the other 50% either have jobs in banking/finance or very rich parents because they appear loaded with disposable income

JamesBond's picture

i saw the same thing in november 2011