This Is Europe's Scariest Chart

Tyler Durden's picture


Surging Greek and Portuguese bond yields? Plunging Italian bank stocks? The projected GDP of the Eurozone? In the grand scheme of things, while certainly disturbing, none of these data points actually tell us much about the secular shift within European society, and certainly are nothing that couldn't be fixed if the ECB were to gamble with hyperinflation and print an inordinate amount of fiat units diluting the capital base even further. No: the one chart that truly captures the latent fear behind the scenes in Europe is that showing youth unemployment in the continent's troubled countries (and frankly everywhere else). Because the last thing Europe needs is a discontented, disenfranchised, and devoid of hope youth roving the streets with nothing to do, easily susceptible to extremist and xenophobic tendencies: after all, it must be "someone's" fault that there are no job opportunities for anyone. Below we present the youth (16-24) unemployment in three select European countries (and the general Eurozone as a reference point). Some may be surprised to learn that while Portugal, and Greece, are quite bad, at 30.7% and 46.6% respectively, it is Spain where the youth unemployment pain is most acute: at 51.4%, more than half of the youth eligible for work does not have a job! Because the real question is if there is no hope for tomorrow, what is the opportunity cost of doing something stupid and quite irrational today?

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Mon, 01/30/2012 - 12:28 | 2109820 Bagger
Bagger's picture

Is the reference point (green line) for Euro Zone (as labelled on graph) or for "America" (as in the text)?

Mon, 01/30/2012 - 12:30 | 2109825 YesWeKahn
YesWeKahn's picture

I thought printing money can solve everything. These youngsters should carry papers or inks for Bernanke for 1c or 2.

Mon, 01/30/2012 - 12:30 | 2109826 LFMayor
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Once the Pan-Euro wars start, they'll all be employed.  Hitler, now that guy KNEW how to create jobs!

Mon, 01/30/2012 - 12:35 | 2109852 Sandmann
Sandmann's picture

Really ? Most of the job creation schemes that you associate with Hitler were initiated BEFORE he came to power by the Schleicher Government - Hitler just happened to be in office when they came on-stream.

Mon, 01/30/2012 - 13:16 | 2110052 Ghordius
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+1T - Sandmann, I did not know that I felt lonely here until you came back...

Mon, 01/30/2012 - 14:30 | 2110312 grgy
grgy's picture

If you subscribe to the premise that Hitler caused WWII, then it follows logically that he created many, many jobs.

Mon, 01/30/2012 - 12:31 | 2109830 Spider
Spider's picture

Problem is not youth unemployement, its the formula used to calculate it.  They need to check with the US's Dept of Labor & Statistics b/c with a few minor tweaks to the formulas we can easily get this under 10%.

I propose the EU starts removing overweight ppl from its labor calculations - it'll totally smooth these numbers over.

Mon, 01/30/2012 - 12:31 | 2109833 Mr Lennon Hendrix
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Europeans live with their parents until they marry though, so this really isn't a big deal.

Mon, 01/30/2012 - 12:53 | 2109946 Dick Darlington
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Generally not true. In some european countries it's the modus operandi but at least in northern Europe not so much.

Mon, 01/30/2012 - 12:55 | 2109956 Mr Lennon Hendrix
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It's tradition.

Mon, 01/30/2012 - 13:06 | 2109993 Dick Darlington
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I thought gold was tradition, Beard Monkey himself told so. ;-)

Mon, 01/30/2012 - 14:10 | 2110252 samcontrol
samcontrol's picture

Is it tradition? Have you even been to europe?


Mon, 01/30/2012 - 15:50 | 2110549 Mr Lennon Hendrix
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Yes.  What's your point.

Mon, 01/30/2012 - 16:50 | 2110798 smiler03
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I think his point is that you are talking bollocks. Most of the time you are an intelligent person with great comments but from time to time you come up with stupid things like this.

I've been to the US therefore I know everything about your country. Difference is is that I am being sarcastic.

Mon, 01/30/2012 - 12:56 | 2109963 Ghordius
Ghordius's picture

hey, what a day, I agree with both of you - it's a southern phenomenon. ;-)

Mon, 01/30/2012 - 13:10 | 2110021 Blackfox
Blackfox's picture

In the UK you leave school at 16,get pregnant and receive a 'free' council house.The more baby's you have the more money you receive.

Mon, 01/30/2012 - 13:16 | 2110056 Mr Lennon Hendrix
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Same with Ireland, because God won't let you use a condom.

Mon, 01/30/2012 - 13:35 | 2110128 NotApplicable
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Every sperm is sacred...

Mon, 01/30/2012 - 13:45 | 2110155 Whiner
Whiner's picture

Isn't this discriminatory against unemployed young males per UN Statement of Human Rights? LBJ gave us this too which decimated the traditional black family structure...and to lesser extent, the caucasian family units. "don't take your guns to town, Son, leave your guns at home." Mommy, what's a "daddy".

Mon, 01/30/2012 - 12:32 | 2109836 SheepDog-One
SheepDog-One's picture

HEY lets send ObaMao to Europe! All these ads say he's created 3.5 million jobs! Sure, the jobs are in India and China, but whatever!

Mon, 01/30/2012 - 13:36 | 2110131 Things that go bump
Things that go bump's picture

Really, SheepDog One, merely criticizing Obama becomes tedious after a while.  Everyone knows your opinion, and really, he's just there to draw your attention away from the unelected and untouchable men behind the curtain, who are really running the show.  You probably ought to cut back on the time you permit yourself to watch Fox, or read a little Huffington Post every day to get some balance, as you don't strike me as someone who would willingly allow himself to be used as a catspaw.  Obama is just the help, and has to do as he is told, like the rest of us. 

Mon, 01/30/2012 - 14:43 | 2110344 kralizec
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Balance at PuffHo!  Bwuhaahaa, thanks for the belly-buster!

Mon, 01/30/2012 - 15:38 | 2110497 Things that go bump
Things that go bump's picture

Huffpo balances Fox and the ubber right wing screamers rather well. Dabble a bit.  Dip your tootsies.  No need to dive into the deep end and drown. 

Mon, 01/30/2012 - 12:33 | 2109838 Sandmann
Sandmann's picture

Logically they should all be drafted and expand the military and periods of service. \\\\\There is no other way to keep them occupied and living away from home. If you have high youth unemployment and poor demographics you are doubly failing. Spain has many North Africans working to make Spain cost competitive with citrus growers in North Africa. The simple fact is that without high public spending on public sector jobs many EU countries (including Britain) would have horrendous unemployment statistics. There is simply no role for China if you want fuller employment in Europe which is exactly what Sir James Goldsmith said in his book "the Trap" in 1978

Mon, 01/30/2012 - 12:33 | 2109842 Dr. Engali
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That should be good for social stability.

Mon, 01/30/2012 - 12:57 | 2109967 Don Birnam
Don Birnam's picture

Presaging, perhaps, an eventual ( and inevitable ) European Spring. 

Mon, 01/30/2012 - 12:34 | 2109844 Bam_Man
Bam_Man's picture

We have been hearing for years that Europe is a demographic catastrophe in progress.

Yet there seem to be hardly any employment opportunities for the relatively small number of young people there.

Could it be that the economic situation in Europe is far worse than most of us dare to imagine?

Mon, 01/30/2012 - 12:34 | 2109846 Normalcy Bias
Normalcy Bias's picture

Well, Europe is overdue for a major war...

Mon, 01/30/2012 - 13:05 | 2110001 Ghordius
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have you already forgot our boys in Afghanistan (and just a few weeks ago the flights over Libya?) No, thanks.

Mon, 01/30/2012 - 13:13 | 2110040 GeneMarchbanks
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Yanks can always smell a war. Innate sixth sense if you will. However, it's more of a windsock than a crystal ball. Generally they end up being surprised that, not only are they themselves involved, but the ones who initiated it.

Mon, 01/30/2012 - 13:21 | 2110074 Ghordius
Ghordius's picture

perhaps. it still creeps me out when keyboard warriors write in such a cavalier way of war. I've seen too much of the stuff to keep calm...

which reminds me that China has an excess of thirty millions of angry young men (without a gf, without a meaningful job, etc.)

Mon, 01/30/2012 - 13:31 | 2110109 Normalcy Bias
Normalcy Bias's picture

I'm in no way in favor of a war in Europe. I was speaking in a historical and political sense. Historically, it's uncanny how high levels of economic discord coincide with conflict, with Europe being a prime example. That's all I was saying. However, how dare you suggest that China would use a huge surplus of lower-caste single men as cannon fodder! (I can play this game, too.)

Mon, 01/30/2012 - 13:41 | 2110142 Things that go bump
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I understand the few girls they've got are getting uppity and mighty selective, too. 

Mon, 01/30/2012 - 13:47 | 2110161 Normalcy Bias
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Yep. One of China's major imports are Vietnamese girls. They will 'love you looong time!'

Mon, 01/30/2012 - 13:54 | 2110193 Ghordius
Ghordius's picture

love that scene, too

Tue, 01/31/2012 - 08:43 | 2112219 Archduke
Archduke's picture

totally off-topic, but did you know long time in asia is an actual quantitative measure?

long time == a few hours.  long long time == all night.  just thought you'd like to know.

Mon, 01/30/2012 - 13:36 | 2110127 GeneMarchbanks
GeneMarchbanks's picture

Truth is you can't predict. There is life outside of bitches and meaningful work is subjective to say the least. All this 'I think-that-things-are-bad- here-and-will-explode-any-second' is only indicative of the panic and loss of meaning in the daily lives of people typing such nonsense.


Mon, 01/30/2012 - 12:34 | 2109848 Jlmadyson
Jlmadyson's picture

As I've said these are clearly depression level employment levels. They can cook and massage the GDP numbers all they want but employment spells a very different picture. Eventually something has got to give.

Mon, 01/30/2012 - 12:40 | 2109889 pods
pods's picture

The real dangerous issue here is that the status quo can lose their grip on the masses as the cognitive dissonance builds.

We are in a recovery, but nobody I know is doing better.  Inflation is low, but prices keep going up.  Gasoline demand drops, so prices go up.

Now is the best time to buy a house, the TV says so.

And it just keeps building!


Mon, 01/30/2012 - 13:34 | 2110120 RiverRoad
RiverRoad's picture

Re "something has got to give"

Exactly.  And there's always the old fall-back:  stick a gun in their hands......and hope they don't turn it on YOU central bankers.

Mon, 01/30/2012 - 12:35 | 2109850 BurningFuld
BurningFuld's picture

I just love this quote out of Davos:

Mexico's Felipe Calderon who summarizes it best: "we have a timebomb the bomb is in Europe and we are working together to deactivate it before it explodes over all of us."

They should hired as bomb defusers then right?

Tick-Tock Bitchessssssssssz

Mon, 01/30/2012 - 12:35 | 2109854 Triple A
Triple A's picture

maybe all the youth in Europe will get together and have a cocktail party

Mon, 01/30/2012 - 12:45 | 2109910 Dr. Engali
Dr. Engali's picture

of the molotov type?

Mon, 01/30/2012 - 12:38 | 2109856 Temporalist
Temporalist's picture

Again with they hyperbole. Almost a full 47% of youth in Spain are mostly employed. 


That chart just shows how may people are available for the recovery to really kick into gear.

Mon, 01/30/2012 - 13:01 | 2109903 Dr. Engali
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You forgot to turn your  ~sarc~ button off.

Mon, 01/30/2012 - 13:01 | 2109988 Temporalist
Temporalist's picture

There's an "off" option?

Mon, 01/30/2012 - 12:36 | 2109859 pods
pods's picture

Well if European youth can create their own reality like amerikan youth (facebook et all), things will go on.  If things get bad and the magic boxes stop anesthetizing the youth, then things will get ugly.


Mon, 01/30/2012 - 12:36 | 2109864 Rock the Casbah
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Mon, 01/30/2012 - 12:37 | 2109866 trade the day
trade the day's picture

Transitory Bitchez

Mon, 01/30/2012 - 12:56 | 2109960 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Is that like a Russian prostitute?

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