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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DoChenRollingBearing's picture

Yes!  Then they'll STFU!  But, it won't lead them anywhere...  My family knows I have been buying gold for over 25 years...

Mr Lennon Hendrix's picture

No, but at least they'll shut up! 

Silence is.....

LowProfile's picture

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

Keep that shit to yourself.

'Just sayin'

JohnnyBriefcase's picture

Yeah, no shit. That's a fine way to end up in a cell or padded room somewhere.

Remember: see something, say something.

Dull Which's picture

Had a weird experience with my inlaws a few weeks back. I mentioned that we were out of the markets and cashed out all we could and was buying PMs... later that day, MiL called me on it and I told her our thinking

2 days later FiL mentioned it too - in front of some of their friends - so clearly a nerve had been hit. Turns out Friends son is ready to go off grid entirely.

To all intents and purposes, Inlaws are tea-partiers and retired... but now intrigued

Widowmaker's picture

Heres a great way to sum it up:

Pms stand for the rule of law, fiscal principle and sound money.

EVERYTHING else (investment) stands for and promotes lawlessness, chaos, tyranny and death.

No matter what some fucker that thinks he is smart replies with you can crush their logic with the above. You have 5000 years of history to back you up, the fucker will die with their own wisdom in poverty.

This comes from one who is not a pm basketcase. A little pm in every portfolio can never hurt, if even to flush out the fucker above and keeping ones self from being that fucker.

Nage42's picture

Don't tell anyone you are buying PMs, ever.  EVER.


Let me rephrase it... so... you've got PMs?  Can you tell me your address, I'd like to put a mark on my map...

Widowmaker's picture

You are more right than you can possibly imagine.

It will be in the form of illegal ownership and govt confiscation, not thieves in the night. Your best friends will turn you in even if unintentionally.

Just like narcotics cultivation and weapons smuggling - your friends are your worst enemies - usually on accident.

Central Bankster's picture

If you don't know which friends and family you can trust, without question, than you are a fool or you have no relationships worth having.

resurger's picture

My boss wants to send me to an "Emotional Intelligence" Program!!!!

Dr. Engali's picture

You need to get your mind right boy. Off to the FEMA education centers with you.

Mr Lennon Hendrix's picture

 Pretend you're me.  You find this [holds up Fight Club rules].  What would you do?

Me?  I'd be very careful who I talked to about this.  It sounds like someone dangerous wrote the rules for this club....someone who might snap at any moment, stalking from office to office with an Armalite AR-10 carbon gas semi-automatic, bitterly pumping round after round into colleagues and co-workers.

Might be someone you've known for years....someone very close to you.  Or, maybe you shouldn't be bringing me every little piece of trash you pick up.

LowProfile's picture


My boss wants to send me to an "Emotional Intelligence" Program!!!!

Your boss is a very savvy fellow.  I highly recommend you take advantage of it.

resurger's picture

If you are Negative = Terrorist

well guess what low, he told me that Gold is going to crash and the economy in the U.S will get better this year and he gave me this:

Boss: Am right ^ ^

Slave: Yes

PS: if i told him no i would have been fired with battery acid poured on my face... i got a warning and a extended probation

TheFourthStooge-ing's picture

resurger, your boss clearly feels threatened by your ability to think as well as your refusal to accept faithfully the message that the economy is recovering. It's time to put on the sheep mask for the duration of your employment:

Slave: I saw some guy on CNBC talking about how gold was in a bubble and that equities are a real bargain.

Boss: ...and?

Slave: I remembered what you said about gold and how the economy was going to get better, so I sold all my gold and loaded up on APPL.

Boss: Good for you! By the way, what's your golf handicap?


resurger's picture


that was a great advice Fourthstooge,Thanks

Sheep Mask On FTW!




valley chick's picture

@valkir, You are not lost woke up.  Your wife is lucky that you did.  This isn't a matter of what degrees someone has but a matter of common sense. :) 

Blue Horshoe Loves Annacott Steel's picture

Sometimes it's better to just get rid of the wife.

Awakened Sheeple's picture

Ease her into it. My wife used to think I was going batshit too... Selling my bonds for gold and silver, telling her to stock up the house with food stores etc... But as inflation has appeared in everyday life she's come around to trust me. My next move is to use my 401k as a piggy bank to pay down debt - the idea that made her most uncomfortable of all. Now she embraces the thought. As time goes on, and you are proven right again and again, she may yet turn around.

Svener's picture

Oh for crying out loud the age group is 15 to 24. Now if the unemployment rate was that high for the under 35 I could see some concern. This is talking about kids. Talk aout belly button gazing.


Central Bankster's picture

Just remember, its the "kids" that get violent when they lose hope, not the old fat men who have accepted their lots in life.

BliptoP3's picture

- Call it an inflation hedge, tell her to stock up now so you won't be paying inflated prices. 

- nothing is for certain, we don't know how bad things will get, so don't phrase things as absolutes.   I ususlly talk about how bad unemployment, govt. corruption,  etc. are, and then casually throw in: but I think there's only a 5-10% chance we'll be shooting each other in the streets for the last can of beans.  people laugh and usually say: "I don't think that will happen" to which I reply: "you're right, the probablity is low, and with some simple precuations we could all get through it."  Then I go into how my wife buys lots of things when they're on sale and stores them in the rotating shelves and how we save 30% on groceries, and how good my home grown garlic tastes.  That gets people interest and they start asking question about what we're doing.  We've gotten several of our neighbors growing gardens and rotating food.

- never mention the PMs

- do mention you're heavily armed.

DanDaley's picture

"Many are called, few are chosen", if you like it Biblically.  

Anthropologically, women have a greater need to think that everything is going to be rosy, sweet, and nice (lack of conflict makes it easier to be pregnant and raise kids).  Men, on the other hand, are naturally paranoid because being skeptical, wary, and prepared have survival value and keep you from getting eaten, literally or figuratively.  Why do you think that the Boy Scout motto is "Be Prepared"?

Global Hunter's picture

Valkir if you ever wonder why they don't just have a worldwide default and reset things so we can rebuild and why they kick the can down the road...well you are an example of why. They'd prefer to drag this out cause people to worry about things and usually when people worry they begin to deny and distract themselves.  They're hoping to cause as much tension within families a few of us will realize what is going on while the majority go into massive denial.  They want to cause as much social damage as they can upon us before they pull the trigger, they're hoping we have nothing left to live for and will follow them.  Stay strong brother!  Things are catching up to TPTB faster than they can pull us apart...we have to hold out a little while longer.

As another poster said come to ZH make some posts and importantly have some fun too.  Just my two cents. 

Mary Wilbur's picture

when you're not reading ZH go to your library and find books on subjects you know little about or nothing about and begin to educate yourself. I am retired and that's what I'm doing. Don't waste your money on cirgarettes, alcohol, or drugs. What you save can be used to buy books you can't find at the library. Your new knowledge will become useful in ways you can't immediately imagine. Don't spend too much time worrying about yourself.  Depression is a bitch in my experience but it passes, and you can, if you try, get your mind on other things. If you can think of a way to participate in the underground economy, then by all means go for it, as long as the reward significantly outweighs the risk. Good luck to you, Valkir.

dwdollar's picture

Boomers. It's What's For Dinner.

Mr Lennon Hendrix's picture

Shattered, shattered

Love and hope and sex and dreams and still surviving on the street

Look at me, I'm in tatters

I'm shattered, shattered

JohnnyBriefcase's picture

I heard you can get high off that shit.

Atomizer's picture

Just send over Bloomberg/CNBC media hacks to aid in GDP growth. Tourism Bitchez.

kito's picture

Well it's a good thing that greek bond swap deal we can get back to business and focus on growth.......... right?.........

dwdollar's picture

At least they'll have enough unemployed fingers to use for the dam.

FrankDrakman's picture

Why use fingers when they could go the Isle of Lesbos and find ready made dykes?

Banksters's picture

Trav should invite them to his  mother's basement.   They can scream and wail about their 'condition' together.  

RoadKill's picture

Im sure the numbers are no where near that bad when you count the people working in the black market to avoid taxes.

Samething is happening here in the US. Lots of people working for cash under the table.

Doesn't mean what is happening in Greece because of their leaders isn't shameful, but its important to realize its happening on bothsides. The socialists use the unemployment numbers to argue for higher taxes and less austerity. But they fail to realize that on the otherside the higher taxes are forcing businesses to the black market and forcing the entrepreneurs and capitalissts out of the country.

oldman's picture


You really are ----------------------------funny.

Thanks for the laugh                   om

Mr Lennon Hendrix's picture

Fair enough, so now let's factor in everyone who is taking out loans to go to school and the debt margin to productivity is back in balance.

luna_man's picture



Look at the bright side...THE NEW PEOPLES ARMY!


After the CRIMINALS we go.

Flakmeister's picture

I'm having a vision, it's a bit blurry, but I can still discern an angry youth awakening... disenchanted and feeling betrayed...I see unrest and flames...Blood in the streets of the town of New Haven...

A wave of time ripples through, I now see a solitary individual, corpulent and witless, desperately trying to communicate through its two thumbs....

It is with the latter, I fear, that our fate resides....

The lure of a cheap virtual reality, a poor man's Matrix, will be more than enough to buy off this generation of American youth....

Wow... I think the shrooms just kicked in....

Mr Lennon Hendrix's picture

The youth has no guidence.  They see their parents as sellouts, or worse, as defeatists, and they see their grandparents as lames.  No one  knows them, but worse, they never got to know themselves, because the only thing real in their lives is physical pain.

This pain of course has been numbed by drugs since early age.  They are all hyperactive and depressed, says the Drs, and so their livers have bared the burden of reality, not their minds. 

They missed the last boat to opportunity, says everyone.  "Poor, poor boys."  But they'll grow up, just as soon as the economy turns around!

So they keep their heads down in their laps, watching the lights flicker on screens, never looking up to watch the real beauty of the stars.

They are the lost boys of the world; never given opportunity and not strong nor smart enough to take it.  The deck is stacked against them, and besides, they would rather play a game by themselves, in their room, alone.

Atomizer's picture

At least they have Modern Combat games and iAnger Management app to get them thru the day.

Mr Lennon Hendrix's picture

The games are preparing them for WWIII.  The apps are preparing those who make it back for a retirement where they never leave their houses except to go on dates they have found on line which will be paid for by government stipends dependent on their status as "men of America".

Global Hunter's picture

Mr Lennon, you have written some posts that are worthy of the handle Lennon, telling the truth man, you radical!!!!

JohnnyBriefcase's picture

+ 1 million

That's some scary shit right there. They (we?) all need to detox. A few decades with no electricity should do it. Who knows maybe even the strong would survive.

Zero Debt's picture

Guidance should come from within

Global Hunter's picture

It definately should Zero Debt but the state sponsored school systems in the west have done a good job smashing the concepts of individuality, masculinity, integrity, honour and amongst other things the ability to think logically and rationally.  It is not by accident but rather by design that they have tried to destroy the individual and the family.  They have attempted to breed lambs thinking we'd be able to socially breed away crime, dirt and all that is nasty with humanity, the only problem is lambs are fit for slaughter and one of the nasty aspects of humanity is that powerful and rich people can often only get off by controlling and killing lambs. 

americanspirit's picture

Pure Poetry Mr. LH

Reminds me of TS Eliot - we are the straw men etc

zkay's picture

That was me, for the longest time. But no more. Great post, man.

Blue Horshoe Loves Annacott Steel's picture

THe DHS is going to come by your house & smack U around with a nice heavy copy of Shakespeare.

Seasmoke's picture

still not enough with nothing left to lose........but getting there quickly

SgtSchultz's picture

Here is the solution:

As Eric Cartman yelled out the window of his school bus when seeing poor Costa Ricans in the street "Hey, why don't you go to college and then go get a job"

 Or even this is an easier solution....from Big Lebowski:

Lebowski: Sure! Fuck it! That's your answer! Tattoo it on your forehead! Your answer to everything! Your "revolution" is over, Mr. Lebowski! Condolences! The bums lost! My advice is, do what your parents did! Get a job, sir! The bums will always lose-- do you hear me, Lebowski?