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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 - 01:53 | 2244334 Moneyswirth
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When people don't work they get bored.  When they get bored they get antsy.  When they get antsy they start throwing shit.  When they start throwing shit things accidentally hit passing German tax collectors in Athens.  When German tax collectors in Athens get hit you get World War III. 

Pass the popcorn.

Sun, 03/11/2012 - 13:27 | 2245079 trav7777
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don't get WWIII, get rid of cable and get DirecTV

Sun, 03/11/2012 - 01:55 | 2244335 non_anon
non_anon's picture

tonight, Evan Williams is a friend of mine

and yes, i do

Sun, 03/11/2012 - 02:09 | 2244350 SgtSchultz
SgtSchultz's picture

It's under rated.  I like it better than Jim Beam.

Sun, 03/11/2012 - 02:11 | 2244354 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You guys drink really cheap shit.

Sun, 03/11/2012 - 02:26 | 2244363 non_anon
non_anon's picture

times are tough out here on the streets


Sun, 03/11/2012 - 03:09 | 2244401 LowProfile
LowProfile's picture

God forbid you should stop fucking drinking, or make your own.

Sun, 03/11/2012 - 05:06 | 2244470 Nobody For President
Nobody For President's picture

In my experience, (reasonable amount, I'm  a country boy), moonshine is overated - even good moonshine.

ThoughIi prefer good moonshine to regular JackD.

Mostly I drink Brandy these days, seems a bit mellower than whiskey. Mostly Korbel at that - reasonably priced and reasonably smooth. (But not connysewer quality, fer sure.) After a real good week in the market (still have em from time to time) - Tuaca! Smoooooth...

Whatever you drink, enjoy it, damnit!

Sun, 03/11/2012 - 07:47 | 2244552 FrankDrakman
FrankDrakman's picture

Duff Gordon, a Spanish brandy, is quite good - spicy but without heat.

Best French brandy I've found is St. Remy - more depth than most, but regular price. Plus has the added benefit that if your friends are already drinking, they'll mistake it for cognac, and when they mix it with cola, who will know?

Sun, 03/11/2012 - 05:41 | 2244482 non_anon
non_anon's picture

white lightning!

Gloom despair and agony on me

Sun, 03/11/2012 - 12:05 | 2244828 jwoop66
jwoop66's picture


Sun, 03/11/2012 - 12:02 | 2244823 jwoop66
jwoop66's picture

I drink Beam, my friends drink Evan Williams.  When with them I don't hesitate to drink the Evan.   It's pretty good.  Don't know why I haven't made the switch? 

Sun, 03/11/2012 - 11:28 | 2244774 dwdollar
dwdollar's picture

Jim Beam is nasty shit. It tastes like they age it in plastic barrels or something. Evan Williams is great for the price.

Sun, 03/11/2012 - 02:17 | 2244353 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I'm drinking the beer I had left from last night, but it rained today, and it doesn't look like it'll let up, so I'll have to buy a bottle of bourbun tomorrow to warm my belly for what's left of winter. 

Soon spring will stick, and we can all warm our spirits in the sun, and then go and drink cold beer in the shade until we fall asleep.

Sun, 03/11/2012 - 02:27 | 2244364 non_anon
non_anon's picture

mix the two together/ win

we used to call them boilermakers, don't know what they are called today


edit: oh, by the way, cheers everyone!

Sun, 03/11/2012 - 02:28 | 2244370 carbonmutant
carbonmutant's picture

They're not going to get anywhere until they start breaking a few eggs...

Sun, 03/11/2012 - 02:52 | 2244386 MommyDearest
MommyDearest's picture

Or necks...

Sun, 03/11/2012 - 02:39 | 2244374 sasebo
sasebo's picture

Makes me think of my old grandpaw back in Mississippi in the 30's & 40's plowing his corn field with a mule. Some one asked grandpaw one day what was the hardest part of plowing with a mule. Grandpaw said, "getting it's attention" They then asked, "well grandpaw how do you get a mule's attention?" Grandpaw replied, "that's easy, you just hit it in the head with a two-by-four."

We just haven't gotten the attention of the fat cats running the banks & government. I can assure you one day we will. And just like hitting a mule in the head with a two-by-four, it won't be pretty.

Sun, 03/11/2012 - 03:14 | 2244404 LowProfile
LowProfile's picture

I'll supply the 60 penny nails

To decorate the business ends

Sun, 03/11/2012 - 03:28 | 2244410 non_anon
non_anon's picture

no carrot and stick?

Sun, 03/11/2012 - 09:46 | 2244671 i-dog
i-dog's picture

Only rabbits eat carrots. Everybody knows that.

Sun, 03/11/2012 - 03:10 | 2244403 CornSyrupSolids
CornSyrupSolids's picture

It would be interesting to see the USA under 25 unemployment line plotted on that chart, and I'm not talking about the BLS cooked numbers.  Wait, is the B[L]S even putting out real "Labor numbers" at this point, or have they dropped the "L" from their name/game - now just the BS?

Sun, 03/11/2012 - 03:35 | 2244412 ilovefreedom
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hopefully they just stay home and play video games all day... 

Sun, 03/11/2012 - 05:55 | 2244496 non_anon
non_anon's picture

ha ha, 48 yrs old and just played some fallout 3 and Minecraft, could start up Bioshock 2

Sun, 03/11/2012 - 04:11 | 2244436 Peter K
Peter K's picture

I think the author missed the larger point. This economic/social destruction should remind the readers of another point in time when the same mechanism was at work in a geography a little to the east of the present EuroArea. And that geography is the former Soviet Union. And that goal was the same, to save a economically/socially/financially unsustainable system. That system was called SOCIALISM. The present system that the EuroPols are trying to save is called SOCIALISM. Get it?

Sun, 03/11/2012 - 09:53 | 2244678 WonderDawg
WonderDawg's picture

The goal is implementation of Corporatism, and it is working quite well, thank you. If you're one of the Corporatists, that is. Just another flavor of fascism.

Sun, 03/11/2012 - 11:36 | 2244783 Global Hunter
Global Hunter's picture

With all due respect its hard to tell the difference between fascism and socialism, a few people control production, media, banking and government whether they use corporations or the proletariat as their cover matters little to me.

Sun, 03/11/2012 - 15:38 | 2245344 Marco
Marco's picture

On the other hand, unconstrained wealth accumulation results in feudalism, which ended in a lots of rolling heads ... can we meet somewhere in the middle with a little less slaughter?

Sun, 03/11/2012 - 04:45 | 2244444 Tom Green Swedish
Tom Green Swedish's picture

I'd say the ECB's balance sheet is even scarier.

Check out the ECB's balance sheet. They are buying gold at a ridiculous pace, up 170 billion euros in 2 years, but currency only increased 80 billion euros. Since 1999 ECB has increased gold holdings by 320 billion euros, and since World War 2 increased Gold holdings from 5892 tons to 15480 tons. UK decreased gold holdings by 72 while the largest increases were by Germany, Greece, Spain, France, and Italy each with over 1000 percent increases. It appears they are using gold as a hedge, either that or they are planning on making alot of jewelry. Up 1.5 trillion in liabilities in 2 years. Is it any wonder why the price of gold is going up? All countries are scrambling to buy it up (besides the USA and UK) because they have lost faith in their own currencies.


USA Comparion:

Gold holdings peaked during World War II at 20,205 metric tons. Today, holdings are 8,578 metric tons a 60 percent decrease.

The Feds balance sheet has increased too by 1.5 trillion in the last two years.

The USA balance sheet increased 2.5 trillion dollars since 1998 almost the exact same amount as ECB's, except most of the increase in the ECB's was gold purchases.

Gold Facts:

The IMF maintains an internal book value of its gold that is far below market value. In 2000, this book value was XDR 35, or about US$47 per troy ounce.

The total value of all gold ever mined would exceed US$9.2 trillion at that valuation.

USA gold holdings have decreased by 400 tons since 1998. Greece holds more Gold than Saudi Arabia. China has increased their Gold Reserves from 295 in 1998 to 1002 now.

If gold drops to the price Kitcos CEO says it should be of 800 dollars an ounce, ECB's asset balance sheet will drop by 210 billion Euros.

Reminds me of that white trash show on discovery where the dredge trash sell the gold dust to the idiots at the table for cash.

Europe is doomed, they purchasing gold to compensate for their horrible business climate, and quite frankly I don't think its going to work. 

And here is my proof.  Since 2002 The Dow Jones has seen an increase of 40 percent while the Stoxx 50 has decreased by 20 percent.  Place your bets. Gold / Scam (Europe) or Stocks / Jobs (USA).  And guess what. Apple isn't even in the Dow Jones.  Heres a big hint.  You can't make a job out of gold, only money. And oh yea, The Shanghai has only increased about 50 percent since 2002 as did the Nasdaq.


USA is recovering nicely.  Look at this beautiful chart (I would throw gold in there as a comparison but I don't believe in bubbles like the Europeans do):^STOXX50E+Interactive#chart2:symbol=^stoxx50e;range=my;compare=^dji;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Sun, 03/11/2012 - 05:32 | 2244483 Irelevant
Irelevant's picture

What the fuck have you been smoking?!

Sun, 03/11/2012 - 05:49 | 2244487 Tom Green Swedish
Tom Green Swedish's picture

Interesting comment. I don't understand the question.  How much gold have you been buying lately?

Sun, 03/11/2012 - 05:52 | 2244493 non_anon
non_anon's picture

boy, haven't smoked some weed in a while, got my stash, hmmmm, should I fill a bowl up?

Sun, 03/11/2012 - 15:59 | 2245395 jomama
jomama's picture


Sun, 03/11/2012 - 06:13 | 2244502 Dick Darlington
Dick Darlington's picture

Just have to be amazed abt Spain's ability to FOOL people with their figures. Is there really someone left who believes the numbers? Basically everything has collapsed there yet they still claim GDP has barely been affected. Uh huh, wonder how long they can keep on pretending until someone calls their bluff and the rot starts to blow up in their faces...

Sun, 03/11/2012 - 12:25 | 2244878 Unprepared
Unprepared's picture

Are we done with Greece already?

Sun, 03/11/2012 - 07:02 | 2244521 Sid James
Sid James's picture

The Spanish have a much more flexible interpretation of the word "unemployment" compared to the rest of Europe.

Sun, 03/11/2012 - 23:38 | 2246325 Madrid2020
Madrid2020's picture

Correct,in Spain if you're not employed,unlike the U.S., you are unemployed! There's no "dropping out". Spain's system is among the most  accurate and comprehensive.

Sun, 03/11/2012 - 07:31 | 2244541 Triffin
Triffin's picture

These numbers include people in school, and obviosuly excludes under-the-table employment which as anyone who lives or has lived in Spain, is a lot. The more reasonable numbers (call it the unemployment ratio, i.e. the unemployed as a % potential workers) are rising, but nowhere near the blood-on-thestreet hysteria Greg Ip of WSJ has selectively printed.,_2008-2011Q3,_%28%25%29.png&filetimestamp=20120127135533

RIsing unemployment is not good, but there are scarier things to get one's knickers in a full-on twist (chinese banks, recapping European banks, US Exposure to Europe sovereign debt, Japanese govt debt-to-GDP, US Student loans, and WTF Americans will do when crude hits $200)



Sun, 03/11/2012 - 08:15 | 2244591 egoist
egoist's picture

Not a single point on that graph looks healthy / desirable.

Sun, 03/11/2012 - 08:52 | 2244619 Dick Darlington
Dick Darlington's picture

In other greek news:


Long yoghurt? Lol!

Sun, 03/11/2012 - 11:15 | 2244768 hairball48
hairball48's picture

and long donkey carts :)

Sun, 03/11/2012 - 10:09 | 2244707 Hugo Chavez
Hugo Chavez's picture


There is so much socialism in europe these people dont have to work. Do you see starving people in spain with fifty percent youth unemoloyment? It is just an extended vacation and infinite party.

Food clothing shelter sex and lots of free time. What else do you need? I will be going galt in the next few years and enjoy my idleness too. Unfortunately I have to pay for all my basic necessities.

Sun, 03/11/2012 - 10:39 | 2244730 YuropeanImbecille
YuropeanImbecille's picture

Well here in Europe many people study things like "GenderScience" which means they study how children and grown ups act in their gender role and other silly shit.

The kids do heavy drugs and want to become gangsters, in many cities the rate for people that have the right to study at a university is around 50-60% in the immigrant areas this rate falls down to 30-35%.

So after a brutal wave of immigration to Europe since the end of ww2. we had a lot of arab and african immigration. These people can not even read or write and get wellfare checks from the government for their 10 kids. So no one really worries about this "youth employment" as it is mainly because of moslem immigration and trash people who have no education.

Everyone with a decent education get´s an job, I do not know anybody among my relatives or friends relatives who did not get a job directly after graduating.


(this is central/northern Europe as the UK is not part of Continental Europe culturally)



Sun, 03/11/2012 - 11:38 | 2244785 Global Hunter
Global Hunter's picture

I had a girlfriend 15 years ago majoring in cultural studies...I still chuckle at that.

Sun, 03/11/2012 - 12:57 | 2244974 Bastiat
Bastiat's picture

Michael von Clemm, Phd in Antropology:

Sun, 03/11/2012 - 12:50 | 2244947 Mary Wilbur
Mary Wilbur's picture

People who majored in Gender Science get a job after graduation?

Sun, 03/11/2012 - 16:38 | 2245480 YuropeanImbecille
YuropeanImbecille's picture

Some actually do, they work for the gov as "Gender neutrality experts" and recommend solutions on how to make men even more feminine.

Mon, 03/12/2012 - 10:06 | 2246995 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

& people wonder why Europe is also a joke?  Add in the fact that in Western society U need a degree or some fancy piece of paper to do any job under the sun.  Artificial barriers to entry has added to the decline, especially in education.

Mon, 03/12/2012 - 10:16 | 2247016 i-dog
i-dog's picture


"the UK is not part of Continental Europe culturally"

It's no longer part of the UK, culturally, either!

Sun, 03/11/2012 - 11:05 | 2244755 forrestdweller
forrestdweller's picture

i guess the europeans need more macdonnalds and burger kings to provide them with jobs they don't want.

the problem is not only that there are not enough jobs, but more and more of the available jobs are shitty jobs that don't pay well.

but if you're out of work long enoughm you'll take it.

Sun, 03/11/2012 - 11:11 | 2244764 Heroic Couplet
Heroic Couplet's picture

How much is Iceland laughing today at telling bankers to eff off?

How much is Brooksley Borne laughing? and yes, Bill Clinton signed the bill repealing Glass-Steagall while President, but he's no longer President. He's either looking for a gigantic effing big eraser to unsign G-S or he's laughing as well. Let bankers show up and look like laughing stock, and that's starting with the Rothschilds. or you could switch to this image: the Rothschilds, the Morgans, the Bilderbergs, Alan Greenspan, Rupert Murdoch: what do any of them look like, from behind, naked and having sex? arses that resemble old pillow cases slung over a sagging clothesline.

Sun, 03/11/2012 - 13:30 | 2245085 Tom Green Swedish
Tom Green Swedish's picture

Brooksley Borne worked for the  U.S. Commodity Futures Trading Commission antoerh completely corrupt institution.  She should be embarassed herself commodities have been manipulated since the day she walked into office.  Check Goldman Sachs on that.  Commodities have went straight up since she was selected.

Tue, 05/29/2012 - 20:17 | 2473827 jerry685
jerry685's picture

The Iceland approach ...worked well....full recovery...low unemployment

They have been upgraded as every other nation has been downgraded ....

When will the rest of the world catch on ?

After they try everthing else That does not work...

maybe they to will tell the bankers to get stuffed...

Sun, 03/11/2012 - 11:15 | 2244766 pmm009
pmm009's picture

These figures are tragic, however, you are not providing a balanced view.  I like you site, but the "reporting" is a bit one sided.  Example:  Both Greece and Spain have a very limited Population as a Percentage of their total population.  This means while the unemployment is tragic and will bear dark fruit, especially for the young whose future earnings potential is hurt badly...and this has been a problem in the US as well; there are just not enough young people in these countries to truley threaten the ruling sections of the society.  In spain, there are only about 2.5 million people under 25 who are unemployed in a country of nearly 50 million.  The new leader in Spain is very smart.  By defying the austerity plan, at least in words and in part, he will help keep the youth somewhat molified.  Spain is not the problem, Ireland will be the next problem.

Sun, 03/11/2012 - 11:41 | 2244790 Global Hunter
Global Hunter's picture

only 2.5mm people?  Your point about Spain's population being more or less calm and Ireland posing a bigger problem may be valid but 2.5mm is a lot actually.  If one quarter of them took to the streets you'd know about it.

Sun, 03/11/2012 - 12:54 | 2244962 americanspirit
americanspirit's picture

So pmm009, how many angry people of whatever age do you think it would take to make a revolution and bring down a government? Has any revolution ever seen the majority, or even a large proportion of citizens out on the streets and manning the barricades? During revolutions most people stay in their homes and wait for the storm to pass. There is a reason that the world's armies recruit 18-20 year old males - they think they are going to live forever and that no possible harm can come to them so they are willing to put themselves in harms way without a second thought. So I ask again - how many of that 2.5 million cohort of under-25s would it take to bring the Spanish government to its knees? ( And I would guess that there would be a sizeable number of over-25s on the streets as well).

Sun, 03/11/2012 - 11:58 | 2244813 Zero Govt
Zero Govt's picture

"When will the Greeks ask themselves if the complete and utter destruction of their society is worth it.."

It will only be "worth it" if they ask the right question to arrive at the right answer... which is, when will Greeks stop putting the wrecking ball called Govt at the centre/top of society?

If they re-erect 'democratic Govt' (ie. anarchy) after the shitstorm then they have learnt precisely fuk-all and deserve to go down the sewer again in the very near future

Govt is the problem, not the solution (Doh!)

Sun, 03/11/2012 - 12:36 | 2244907 AU5K
AU5K's picture

i bet 47% of those 51% are not looking for a job or are discouraged, and thus should not be in the workforce by BLS standards.


so really youth unemployment is 4%.  that sounds bullish to me!

Sun, 03/11/2012 - 12:58 | 2244950 Madrid2020
Madrid2020's picture

A Tsunami of change is coming to Spain! Rajoy=new Thatcher!





Sun, 03/11/2012 - 12:55 | 2244951 Madrid2020
Madrid2020's picture

Madrid has never looked better! After six years of construction,one of Europe's largest museums will open alongside the Royal Palace.The restaurants are full and the night clubs packed. So where are the youth getting their cash? The answer is probably the underground economy i.e., cash economy which is good for the employer and the young(no benefits,however).The new Rajoy government is changing the Socialistic labor laws,so big change is coming! There are massive protests by the Left today,as they're very afraid of the new changes by this majority gov't! And they shouldl be very afraid, because this new conservative Spanish Gov't has an absolute majority(188 seats),and the "de-Socialization" of Spain has begun! Rajoy=the new Thatcher!





Sun, 03/11/2012 - 13:42 | 2245120 ebworthen
ebworthen's picture

You are sitting on one-half of the see-saw lie that politics matters.

The bankers love believers in the political system because they own whoever gets elected, along with the Judiciary and the Police.

Sun, 03/11/2012 - 14:28 | 2245208 Global Hunter
Global Hunter's picture

This is how the Thatcher thing works out:

At first hard working people especially the middle class think "cuts are good, why should I pay 50% tax rates for their wages and benefits that I don't myself get?"

Things get a little tense as many people begin to lose their jobs and industries are sold off and we go for a little military expedition and one feels better that "our" military is at least better than the military in some other rusted out corrupt dictatorship that saw its heydey 60 years prior.

Rusted out corrupt nation beats Thatcher's nation every time they play soccer

Two decades later they write on blog comments "socialism is great until you run out of other people's money-Margaret Thatcher"

The final stage (and hopefully one we all get to sooner rather than later)..."ummm where did all the industry go?  Our only export is banking?"

Sun, 03/11/2012 - 15:54 | 2245380 Piranhanoia
Piranhanoia's picture

Madrid embraces new Franco.  That ought to work out better than last time, right?

Sun, 03/11/2012 - 18:16 | 2245779 Madrid2020
Madrid2020's picture

Actually, yes, 38 years of stability and record economic growth(facts)! Bring on the Caudilllo!

Sun, 03/11/2012 - 18:18 | 2245780 Madrid2020
Madrid2020's picture

Franco:bad ? Stalin:Much worse!

Sun, 03/11/2012 - 13:01 | 2244987 americanspirit
americanspirit's picture

Of course Madrid has never looked better - or at least the part of Madrid that most people see. It's the capital, filled with bloated parasites on the government payroll. The suffering isn't visible, and the small % of people who still have money to waste on restaurants and nightclubs is still enough people, in absolute numbers, to give the appearance of widespread prosperity. How many of the millions of homeless and the tens of millions of people living in poverty do you think are visible in the restaurant/nightclub districts of US cities? It would be very easy to go to those areas and say - poverty? What poverty? Unemployment? Just look at all these people spending wads of cash. There is no problem. Times have obviously never been better. But you'ld better be careful not to leave the lighted, well-patroled areas. There are plenty of people in the shadows, waiting for fools to stumble their way.

Sun, 03/11/2012 - 13:14 | 2245041 Madrid2020
Madrid2020's picture

From your description,I would of thought you were writing of:Detroit,Washington,D.C.,Oakland,Chicago,Cleveland,Baltimore,ect.

Sun, 03/11/2012 - 13:17 | 2245042 Madrid2020
Madrid2020's picture

At least Madrid has among the lowest crime rates in Europe,much lower than Amsterdam and London.

Sun, 03/11/2012 - 13:38 | 2245110 ebworthen
ebworthen's picture

I hear Berlin was quite the place in 1938.

Sun, 03/11/2012 - 13:40 | 2245116 ebworthen
ebworthen's picture

Very bullish for riots and civil unrest.

Just wait until the food gets short and those kids parents are denied healthcare.

Sun, 03/11/2012 - 14:00 | 2245161 lasvegaspersona
lasvegaspersona's picture

We are really a small group here at ZH. Some of the high page read counts were between 100,000 and 200,000. It ain't Yahoo or Drudge. It shoud not be surprising that most folks are not aware, they just do not expose themselves to the facts. Usually it takes one book or article to open the eyes and from there getting here is not that har.

Sun, 03/11/2012 - 15:06 | 2245273 Goatboy
Goatboy's picture

Relevant question of this day and age is: "How many people are without income"?

Obsession with employment is toxic, feudal concept.

Sun, 03/11/2012 - 15:12 | 2245292 HeavydutyMexica...
HeavydutyMexicanOfTheNorthernKingdom's picture

did the spaniards really believe they would never have to pay for the atrocities of hernan cortes?  justice is always served bitchez.....

Sun, 03/11/2012 - 15:48 | 2245365 earleflorida
earleflorida's picture

nothing like idle minds to carry out the devils work

Sun, 03/11/2012 - 16:02 | 2245400 goforgin
goforgin's picture

Stocks are breaking out. NASDAQ broke out of 10-year sideways pattern. Keynesian will be asking questions "Who is Ron Paul?" Ok nevermind, we've got two more years. Cycles favor economic activity until 2015; the stock market could be getting toppy in 2013-2014. Martin Armstrong is right again.

Sun, 03/11/2012 - 16:05 | 2245408 rsnoble
rsnoble's picture

Impeachment of Obama in Congress. Probably result in black swans and no! no! no!

Sun, 03/11/2012 - 16:20 | 2245441 Sandmann
Sandmann's picture

Take a look at youth unemployment in the UK and where it is concentrated. These Olympics might have some events outside the stadium to interest TV cameras. France is not too rosy either.

Sun, 03/11/2012 - 16:48 | 2245508 Irrational number
Sun, 03/11/2012 - 17:12 | 2245572 VyseLegendaire
VyseLegendaire's picture

Scary? Be glad that the state and corporate capitalist system is finally collapsing, its liberation!

Sun, 03/11/2012 - 23:01 | 2246177 Plumplechook
Plumplechook's picture

The sky-high youth unemployment rates in Western Europe are just a sign of things to come for the US and the rest of the developed world as more and more jobs, both high and low-end, get shipped offshore to slave-wage sweat-shops in third-world shit-holes like India and China.

It's already hitting the professional classes in countries like the US, Canada, Australia etc with previously secure jobs like accounting,  legal,  medical imaging,  are being outsourced to workers in India who will do the same work for a 10th of the cost of the equivalent westerners - and the trend is accelerating at an exponential rate due to ease of communictions via the Internet .  By the time your teenage kids graduate there will be point in them getting any sort of degree because the only jobs around will be flipping burgers and cutting lawns.

The following article by Anson Cameron in this weekend's Sydney Morning Herald sums up where we are heading :

"Retailers were the first to feel the sting of the internet. But they got no sympathy. People said they were ripping us off and they had it coming. A natural enough response. When a new supplier gives you something at a fraction of the price the old supplier was asking, the old supplier becomes a crook who deserves an ugly comeuppance. Look at this $80 pair of Aviators I bought online. Don't they prove the iniquity of Australian retailers?

Judged by the same formula (that someone will do it cheaper), architects have been ripping us off as well. And doctors are holding us to ransom at $70 a consultation. Years ago, teachers went and got themselves unionised just so they could screw us. Screw them. Lawyers have fattened themselves on our pain. Accountants? We must not trouble ourselves over the extinction of the Australian accountant - he was a luncher whose figures became approximate in the afternoon.

Yes, a purging of the professions is about to hit Australia, the like of which we haven't seen since Pol Pot drove the educated classes from Phnom Penh in order to take that capital city back to year zero. Our thinkers, people with degrees and diplomas, who had regarded themselves safe from scab labour and looked on picket lines as performance art are, without knowing it, sliding from a cozy, home-grown talent pool into a global market containing millions upon millions of breadline professionals.

Recently the billionaires of the Pilbara, Gina and Twiggy, and their fan clubs in the east, proposed a ''northern economic zone'' so they might fly in serfs to dig for them because employing Australians was allowing an infuriating amount of revenue to slip through their fingers to the Australian people.

It is coming, this importation of labour. It is unstoppable. But it isn't the cheap muscle Gina dreams of. And it won't be flown in on jets. It is a workforce of cut-price specialists arriving on the net.

Capital hunts cheap labour. A simple rule that explains why your TV is made in China. And explains, too, why you'll soon get your diagnosis and your last will and testament there. The internet has freed up your money to hunt for professional services in the rock-bottom arse-out-of-our-pants parts of the globe it once couldn't reach. It has drained the oceans and razed the mountains and shrunk the deserts and obliterated the economic and political boundaries that once kept us apart. Uganda is a neighbour now. Mexico sits next to you on the train.

Professionals were once considered to be an indispensable part of every Australian community. Every town had to have its lawyer and its GP. They were admirable figures and community pillars who quoted Latin at barbecues.

The working man and woman in Australia, on the other hand, were not so indispensable - they lived in fear of coolies. Miners were chasing Chinese off the diggings back in the gold rush. Shearers then took up the cudgel to keep them off sheep stations. Because anyone with a spine and a kelpie's IQ could replace a working man and employment was thus easily filched. But it turns out we actually need someone on the ground who can shear a sheep, repair a car, dig a gutter, taser a drunk. It turns out offshore labour can only take so many jobs.

It is work of the mind that has, ironically, become far more susceptible to cheap import than common labour.

Virtually any thought-work can be imported now. Here is a day taken from your life in a year not too far from this one when your capital, hunting, hunting, hunting, has finally found cheap labour.

Your alarm wakes you at 6am and you lie in bed listening to the sensational shock jock Sachin Bedi, who has read today's Australian papers online to form his opinions. He has never set foot in Oz, he lives in Mumbai, but only occasionally does a hint of Indian accent mar his Strine. (George Donikian reads the news in Adelaide while living in Melbourne. Shhh … Adelaide doesn't know.) The kid is a radio star, sharp and provocative, he lashes the government and loves football (streamed on the web) and has developed an empathy for the Aussie battler … and costs the station $5000 a year, no super, no insurance, no parking space.

Your daughter Roberta isn't feeling well, so after breakfast you take her to the doctor … online, in your living room. In a FaceTime interview you describe Roberta's symptoms to a doctor, Xiang Lee, as she lays her hand on your home laptop, which reads her vital signs and takes her temperature and delivers the information to him. Xiang, who has a doctorate of medicine from Shanghai University and is currently in that city, diagnoses a mild flu and writes and emails a script for an antiviral medication, which you print off and take to the chemist on the way to school. His consulting fee is $3.50. You liked and trusted your old doctor before the extent of his chicanery was revealed by Xiang's $3.50 invoice.

You drop Roberta at school, where she is greeted in class, on a large screen in live time by her teacher, the holder of a diploma of education achieved online from the University of Newcastle. The admirable Indira Patel is teaching out of Kolkata at an hourly rate of $2.50. You feel good knowing Patel's life has been transformed by this job teaching at one of your city's better schools. School fees actually fell last year, for the first time ever. And Patel's never heard of penalty rates, never has a curriculum day and if she ever has a sickie the school has an option to hit the retrench button and send her back to the slum and summon a more committed replacement.

You arrive at your small carpet and rug importing business to find the monthly accounts have been done overnight and are waiting on your computer for you to sign. They bear the logo of Chowdhury Bros Accountants, Dhaka, Bangladesh. Their bill for doing your accounts is $33. You'd been paying $2500 but Chowdhury Bros is unlikely to send a Christmas hamper containing Krug.

At 10am you are due in the Magistrates Court to appeal a ridiculous fraud conviction for selling a load of fake antique Persian rugs to a big department store. The court is no longer haunted by the whiff of lavender hair oil because you have sacked your old barrister (soon to be barista) Bernie Mackinernie, who wore his $10,000-a-day fee as proudly as a Masai warrior wears a lion skin. He has been replaced in the courtroom by a hologram of Xiang Wu. Xiang is 32 and operates out of a bedsit in Beijing (sans wig) and makes crisper arguments than Mackinernie did for less than the price of his lunchtime bottle.

The Australian law society doesn't recognise Xiang's law degree. So he's non-union labour, as it were. But so what? He is painfully well-versed in Australian criminal law and, unlike Mackinernie, a blizzard of bills is not launched from beneath his gown every time he pirouettes for the jury.

The guilty verdict is overturned. Three cheers and $50 for Xiang. Now it's straight back to the office. The plans for your house renovation have arrived. Whacko. An upstairs balcony with a black marble spa and the ensuite looks like something out of Lifestyles of the Rich and Famous. (And is.) Working on sketches and an absolutely must-have list drawn up by you and your husband, Singh and Dravid Architects of Delhi have designed and detailed the very dream you dreamt. And why not? These people have an unparalleled history of grand design. Wow, though. They're getting quite pricey at $200. Maybe an Indonesian firm for the beach house.

What profession can't be sent offshore? A sharp young lady in Jakarta would edit these words and compose this page for next to nix and raise herself from the gutter doing it. Her colleague across the desk might happily write the words at a rate that would starve me.

Australian workers have a proud history of fighting for their jobs. When the waterside workers were locked out and sacked in the late 1990s they picketed the docks until the dispute became a sort of civil war and the story a national fixation. Eventually, though the Maritime Union of Australia beat Patrick and the Howard government in the High Court, the workforce was diminished and tamed. But not without blood and barristers. Not without a feisty rearguard action, ending with a fatalistic acknowledgement in the pubs of the ports that we have at least halved the game, once again, with advancing technology and bloated plutocrats.

And now the barristers who fought that battle will be trying, somehow, to halve their own game with the millions of educated and impoverished online who can sling an argument and navigate the law. Who could have foreseen such a thing?

How will our professionals picket against these breadline graduates? What cudgel can they use to beat back the ''scab'' labour on offer at the click of a mouse? The law won't do it. You can't legislate against people buying expert advice and specialist thought online at one-50th of the cost of getting it in Australia. A tariff, or any other barrier to entry, will only drive it underground and create a black market. An architectural practice or law firm will be fronted by a few smiling faces in Oz and the grunt work done in Kenya and Indonesia. This is money hunting cheap labour. Nothing can call it off.

There will be no brouhaha over the demise of Australian professionals. No feisty rearguard action. No blood. No barristers. The drift is too natural. Too individual. Too invisible. A movement that consists of a million small decisions made right here in Australia. Careers will just turn off, one by one, without fanfare, the same way a city goes dark at night. Not a compelling spectacle. A point of light dies in Sydney and reignites in Kolkata.

It can't even be argued that this is a tragedy. The teaching job exported to Indira Patel of Kolkata will end more suffering and create more happiness for more people in that distant city than it ever did here. And who can begrudge the export of happiness to those who have seen it least and need it most? So, not a tragedy. Just a sad Australian story."



Mon, 03/12/2012 - 10:02 | 2246989 i-dog
i-dog's picture


"slave-wage sweat-shops in third-world shit-holes like India and China"

Cut the populist bullshit!!

They are not "slave-wage" ... those people can live quite comfortably, on their terms, on those wages. Ask any expat who moves to one of those countries.

They are not "sweat-shops" ... they have the same conditions as many factories in the developed world -- and better than those in almost any first-world production-line factory of a generation or two back.

They are not "shit-holes" ... I've lived in many and will happily go back as soon as the drug-crazed zombies start roaming the "developed world" streets looking for free iPads and Nikes from you and yours.

Mon, 03/12/2012 - 09:36 | 2246919 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Where's the line for the US?

More than half of the young people I know are unemployed.  

The few that are working work shite part-time jobs.

Mon, 03/12/2012 - 09:56 | 2246972 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

We need  a Riot, Civil Unrest, & Revolution ETF.

Nasdaq symbol: RIOT

Mon, 03/12/2012 - 10:29 | 2247071 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Youth in Asia are displacing the young in these countries.

Euthanasia would open up jobs in these countries.

Ironically, the solution & problem sound the same but are spelled differently! lol.

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