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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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Sun, 03/11/2012 - 13:32 | 2245093 Don Diego
Don Diego's picture

Either Real Madrid or Barcelona will win the Champion's league...party on!!!!!

Sun, 03/11/2012 - 17:22 | 2245617 sun tzu
sun tzu's picture

Even during the great depression the football stadiums and movie theatres were full while there was 25% unemployment. The other 75% were still working and have money. That doesn't mean everything is fine.

Madrid is a city of 3.3 million people. If 1 million people are unemployed, there are still 2 million people to shop. Of course the central shopping district will be full, especially when it is a tourist attraction. That's like going to Vegas and staying on the Strip and claiming the economy in that city is just fine because there are tens of thousands of people walking around. The official unemployment rate there is 12.4% and the U-6 is over 20%. 

Sun, 03/11/2012 - 00:44 | 2244260 Clay Hill
Clay Hill's picture

No tengo trabajo ni denero... putaz

Sun, 03/11/2012 - 00:46 | 2244263 slewie the pi-rat
slewie the pi-rat's picture

utes on the margins

Sun, 03/11/2012 - 00:59 | 2244281 Urban Roman
Urban Roman's picture

out of every 2 utes, 1 is now unemployed

Sun, 03/11/2012 - 03:46 | 2244418 A Nanny Moose
A Nanny Moose's picture

The two, what? Did you say utes?

Sun, 03/11/2012 - 05:12 | 2244475 Harbanger
Harbanger's picture

Excuse me your Honor, two youds.

Sun, 03/11/2012 - 09:05 | 2244630 nmewn
nmewn's picture

What's a grit?

Sun, 03/11/2012 - 10:18 | 2244718 Gully Foyle
Gully Foyle's picture

nmewn

A John Wayne film

Sun, 03/11/2012 - 10:47 | 2244724 nmewn
nmewn's picture

Yes...and My Cousin Vinny ;-)

Vinny Gambini: [Vinny and Lisa receive their breakfast orders, Vinny looks at his skeptically] Whats this over here?
Grits Cook: You never heard of grits?
Vinny Gambini: Sure I've heard of grits. I just never actually *seen* a grit before.

Sun, 03/11/2012 - 14:13 | 2245178 wee-weed up
wee-weed up's picture

The reason most folks don't like grits is because it is rarely prepared properly. It must be cooked very slowly with lots of water - at least 4 to 1. There is no such thing as quick grits. That's just a Madison Ave creation. And it always ends up lumpy and tasting "gritty." Properly prepared grits are smooth and creamy. Just blend in some real butter and enjoy! Anyone who has tasted properly prepared grits knows what I'm talking about.

Sun, 03/11/2012 - 04:19 | 2244439 q99x2
q99x2's picture

You said utes. What the hell's a ute?

Do you mean a ute is half a two utes. Or, is that a half a two utes to me and a half a two utes to you.

Excuse me. I have a to ute or I mean to pee.

Sun, 03/11/2012 - 05:52 | 2244494 Tom Green Swedish
Tom Green Swedish's picture

Mark Mobius says invest in Ukranian public restrooms.

Sun, 03/11/2012 - 10:20 | 2244720 Gully Foyle
Gully Foyle's picture

q99x2

Ute

1.
a. A Native American people formerly inhabiting a large area of Colorado, Utah, and northern New Mexico, with present-day populations in northeast Utah and along the Colorado-New Mexico border. b. A member of this people. 2. The Uto-Aztecan language of the Ute. (Engineering / Automotive Engineering) Austral and NZ informal short for utility Australia and New Zealand

In Australia and New Zealand, the term 'Ute' (short for 'coupe utility') is most commonly used to describe a pickup truck. The Ute is considered an Australian / New Zealand icon since the coupe utility was originally invented there by Lewis Thornet Bandt in 1933 and were first built by Ford Australia in Geelong and were based on their 1934 V-8 Coupe. A prior patent application in 1929 by James Freeland Leacock describes a vehicle which some people claim to be the first "Ute' but it does not comply with the accepted definition of a "Ute" (and was never built anyway).[15][citation needed]

Holden and Ford are the two most popular Ute makers in Australia and New Zealand, with their best selling models only sold in Australasia. Australasia also has a big market for muscle trucks (see above) with the Australian HSV Maloo being the fastest currently in production.[16]

Australians define a "ute" as any commercial vehicle that has an open cargo carrying space, but requires only a passenger car license to drive. This includes coupé utilities, pickup trucks and traybacks (flatbed pickup trucks). An example of the broadness of this definition is that anything from a Ford F250 XL to a Proton Jumbuck can be called a ute.

Sun, 03/11/2012 - 12:55 | 2244967 Doña K
Doña K's picture

In Brooklyn, Ute= Youth

Sun, 03/11/2012 - 05:01 | 2244467 Sudden Debt
Sudden Debt's picture

It's okay, it means there are still 50% who can pay for all those bills

Sun, 03/11/2012 - 00:49 | 2244265 Dr. Engali
Dr. Engali's picture

Unfortunately TPTB are going to need a good war to kill off some of their troublesome youth.

Sun, 03/11/2012 - 02:25 | 2244366 carbonmutant
carbonmutant's picture

They may have one if they don't solve this problem...

Sun, 03/11/2012 - 09:41 | 2244664 surf0766
surf0766's picture

It is people over 35 TPTB do not want. The youth (useful idiots) are needed.

Sun, 03/11/2012 - 17:33 | 2245648 sun tzu
sun tzu's picture

People over 35 are easier to control as they have families and don't want to rock the boat. The useful idiot youth have nothing to lose. Most likely they will use the useful idiots as a hammer to kill off the elderly, who truly are useless to them. The they will pit the youth against each other in wars to cull the herd. 

Sun, 03/11/2012 - 00:49 | 2244266 valkir
valkir's picture

I simply dont know what to do.Even my wife dont trust me full.She doesnt want to hear bad news,she thinks i am negativ person.Most of my friends as well.Educated people,more of them masters in theyr degrees.I am lost.

Sun, 03/11/2012 - 00:58 | 2244278 Dr. Engali
Dr. Engali's picture

Some people are going to deny what is happening until the very end. Deep down they know it's bad but they choose to bury it. The best you can do is educate yourself and quietly prepare to protect and provide for you and your family. A lot of us have the same problem you described. When it comes to bad news I just keep it to myself because my wife doesn't want to hear it either. A lot of my friends know its bad but then they have the " what can I do about it attitude ?". So I just find like minded people and prep away.

Sun, 03/11/2012 - 02:08 | 2244348 DoChenRollingBearing
DoChenRollingBearing's picture

@ valkir

Dr. Engali is right.  YOU have to be the one to prepare.  You can do it quietly.  Almost all of us here have few who are listening...

I gave up trying to educate others about a lilkely looming catastrophe.

Save your money, be diversified.

Besides, it IS possible we are wrong...  But, that would be OK, better even...

Sun, 03/11/2012 - 02:55 | 2244390 LowProfile
LowProfile's picture

 

But, that would be OK, better even...

What?  You prefer a slow grind to tyranny?

Have to disagree with you here.

LET. IT. BURN.

Sun, 03/11/2012 - 05:08 | 2244471 UP Forester
UP Forester's picture

At least my wife has got through the crying, woe is me, "I don't want to live in a world like Walking Dead" phase, and is now making lists of shit we still need to get.

Life is getting better....

Sun, 03/11/2012 - 00:59 | 2244279 Ahmeexnal
Ahmeexnal's picture

Dump your wife, and find new friends.  You're not the one lost. It's them.

Sun, 03/11/2012 - 01:53 | 2244333 gdogus erectus
gdogus erectus's picture

OT - what we need is a prepper's dating site.  Wait, are there any women preppers?  Well, anyway - we could all use pictures like Ahmeexnal's avatar and say things about ourselves like; don't worry, the smell of smoke and bacon grease on my oilskin jacket masks the fact I haven't bathed in a while.  lol - sorry - cracking myself up.

 

I am serious about the doomers dating site though.  Ok, not doomers but how about awake and aware.  Hell, how about this.  Ask one question to qualify to get on to this dating site:  Was 9/11 an inside job?  That's it.  You are in if you answer correctly!  Come on.  Someone?  Anyone?  Wait, I'm married still....

Sun, 03/11/2012 - 02:18 | 2244361 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

There's Baby Blythe, but Slewie's got dibs on her.

Sun, 03/11/2012 - 06:43 | 2244513 francis_sawyer
francis_sawyer's picture

As soon as I finish with the Sugar Daddy dating service I'll get going with the 'Preppers' dating service...

Sun, 03/11/2012 - 16:03 | 2245397 Goldilocks
Goldilocks's picture

Joan Osborne - What Becomes Of The Broken Hearted - [STEREO]       
http://www.youtube.com/watch?v=gA0GcXV2njY (4:17)

Joan Osborne - Heatwave (Live)
http://www.youtube.com/watch?v=PTKFR3ra2ts (3:23)

Sun, 03/11/2012 - 02:28 | 2244371 aka_ces
Sun, 03/11/2012 - 04:27 | 2244446 jomama
jomama's picture

O_O

Sun, 03/11/2012 - 08:58 | 2244625 Zero Debt
Zero Debt's picture

Tactical bacon for dinner ....again???

Sun, 03/11/2012 - 09:10 | 2244636 nmewn
nmewn's picture

"The government needs to step in and protect "my right" to a ham sandwich at any muslim deli of my choosing. And provide it free!"- Sandra Flock

Sun, 03/11/2012 - 14:38 | 2245231 Landrew
Landrew's picture

Now that's what I call a wasted use of space. What a moron!

Sun, 03/11/2012 - 11:29 | 2244776 359766
359766's picture

what we need is a prepper's dating site.  Wait, are there any women preppers?

... of course there are ...

Sun, 03/11/2012 - 15:37 | 2245342 gdogus erectus
gdogus erectus's picture

Is that a picture of a .223 going through a steel target?

Mon, 03/12/2012 - 11:11 | 2247214 359766
359766's picture

nope ... that's just your fantasy. take a closer look ...

Sun, 03/11/2012 - 01:00 | 2244280 Buckaroo Banzai
Buckaroo Banzai's picture

Surprisingly, when it comes to properly assessing the world around them, there is rarely anyone stupider than someone with a high IQ.

Sun, 03/11/2012 - 03:06 | 2244395 LowProfile
LowProfile's picture

Anyone with high intelligence who bothers to examine the concept will quickly realize that intelligence tests are a piss-poor gauge of said.

The speed of integration and subsequent rational reaction to new information should be the determiner of how we quantify intelligence.

Because of the current abysmal method of determining "IQ", IMO the whole field should be scrapped and done over from scratch. 

...But what the fuck do I know?  I only test 115-125, depending on the test and how onry I'm feelin'... : /

Sun, 03/11/2012 - 14:20 | 2245186 Think for yourself
Think for yourself's picture

I'm very smart by regular standards. I used to test 142-148, which is about one in 500 people according to the bell distribution. Although not autistic by any means, my brain just sponges up academic content, correlates it and integrates it in a consistent whole very easily. Great for taking in relatively detailed overviews of broad areas of knowledge and quickly extracting understanding, i.e. systemic analysis.

However I wouldn't actually define myself as "smart". Just endowed with more rational analysis skills than normal. My creativity is stunted and I feel that my emotional intelligence is quite lacking. A 10 year old can probably express his feelings better than me be it in poetry or art. I've often met totally regular people (I'd estimate between 80 and 120 IQ) that looked at a basic situation we had in front of us and would say intuitively, "Oh, no worries, let's just do that" and bang comes the solution, while I was still out overthinking and trying to come up with something that would do the trick.

I now understand that rote learning and manipulation of information (external knowledge, "intelligence") and integration of intuition, understanding and personal experience (wisdom) are two altogether different things. You're right that the western understanding of intelligence can only be saved by scrapping it.

Your definition in bold is also very good. Eastern philosophies recognize intelligence as a wordless wisdom, a consciousness simply looking at a situation and intuitively knowing the answer from within. Originality, creativity, and instant reaction to the situation (or rather action in the moment) are key factors.  I've been trying to access this part of my psyche (or rather remove the excess obstructions of an hyperdevelopped mind) through meditation and other techniques (developping previously untouched aspects of my mind, be it poetry, music, dance or other arts) and I have to say that I am moving ahead on that front. Still, even my understanding of wisdom itself is cold, clinical, academic.

Am I rational? Surely. Smart? I couldn't say.

Sun, 03/11/2012 - 17:46 | 2245690 sun tzu
sun tzu's picture

You clearly don't have an understanding of IQ tests. IQ tests show a person's ability to create order out of chaos in a timely manner (how quickly you can solve problems or learn). You see the data and you react to it to get the correct answer. The fact is that people who score higher on IQ tests are wealthier than those who score lower. 

What the fuck do I know? I test in the 130-140 range. 

Sun, 03/11/2012 - 09:30 | 2244652 i-dog
i-dog's picture

 

"rarely anyone stupider than someone with a high IQ"

Exhibit A: Trav777

Sun, 03/11/2012 - 13:02 | 2244988 trav7777
trav7777's picture

ah, the cry of people with low IQs

You may have a point with people who are savantish but it's really that they don't like YOUR version of how society should be and they find you trifling and banal, as I do, but for different reasons.

A person like me however, I'm better than you at everything you do, even what you think you're good at.

Sun, 03/11/2012 - 13:57 | 2245155 dogbreath
dogbreath's picture

no you aren't.   You are doing what you are doing and I am doing what I am doing.   If you were really good at what you are doing instead of being an arrogant cunt, you'd have apprentices.

Sun, 03/11/2012 - 15:15 | 2245296 hadriansnightmare
hadriansnightmare's picture
My extremely high IQ has convinced me that you are boring, opinionated, and socially dysfunctional.- and probably 15 years old.  P.S. your choice of adjectives stinks.....your IQ is showing.
Sun, 03/11/2012 - 15:24 | 2245315 Tao 4 the Show
Tao 4 the Show's picture

Down votes warranted here. People with any type of superior ability and perspective
seldom need to behave as Trav does. He appears slightly better than average at best.

Sun, 03/11/2012 - 17:38 | 2245666 sun tzu
sun tzu's picture

Many of them are street stupid but booksmart. They can crunch numbers and analyze theories in the ivory towers. 

Sun, 03/11/2012 - 01:12 | 2244301 Koffieshop
Koffieshop's picture

Stop trying to convince people of anything.
Even the ones that think you might be right don't like it when you press the issue.

Sun, 03/11/2012 - 01:14 | 2244310 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Just tell them you have been buying PM for the last X amount of years and they'll shut up.

Do NOT follow this link or you will be banned from the site!