The Core
Why We Are Here => Economics & Investing => Topic started by: dogboy on June 02, 2013, 11:15:34 AM
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(http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/06/20130529_youth_0.jpg)
All four of the other PIIGS nations now have broken the dismal Maginot Line of 40% youth unemployment with Italy finally joining the club (Italy 40.5%, Portugal 42.5%, Spain 58.2%, and Greece 62.5%). What is even more concerning is that not only are these rates extremely high but they are accelerating with all four of these dark nations seeing their rates rising faster than in recent months (this was the 2nd fastest rise in Greek youth unemployment ever). Overall, Europe's youth unemployment rate continues to march higher (to 24.4%) having not fallen for 24 months, but it is Spain that is the 'winner' with 41 consecutive months without a drop in youth unemployment. With welfare benefits running dry [8], and Sweden and Switzerland already running hot, we fear this summer may bring the much-feared unrest so many have been concerned about
- http://www.zerohedge.com/print/474662
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What does this mean? Germany is into child labour?
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There's been a few articles about emigration from those countries, so it may not just be a case of youth unemployment increasing by volume, but just relatively as the more mobile members of society seek work outside the country.
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There's been a few articles about emigration from those countries, so it may not just be a case of youth unemployment increasing by volume, but just relatively as the more mobile members of society seek work outside the country.
Maybe to some extent, but youth unemployment has always haunted most European economies and has traditionally been massively under-reported. There are all kinds of ways this gets hidden. In the US it gets hidden too, but the main way we hide it, is by having an economy with millions of jobs that don't pay a living wage - so youth are unemployed, but they only survive because they can't leave their parents' household (as a historian, I just see this as similar to what you saw in Florence prior to the Black Death where age at first marriage to men rose to almost 30 because so few young men could afford to move out of their parents' homes).
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I think it is going to be a very interesting July and August, in the UK they are the "traditional" riot months.
If it's a long hot European summer then I don't think there is any doubt we will see "unrest" particularly if Istanbul goes the way of the protesters.
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