The unemployment rate in the eurozone is now 10.7 percent. That is the highest the unemployment rate has been since the introduction of the euro. The unemployment rate in the eurozone never got any higher than 10.2 percent during the last recession. This is very troubling news. It was just recently announced that the eurozone has entered another recession, and already the unemployment rate is hitting new record highs. So how bad are things going to get in the months to come? The truth is that the problems for
Some of the unemployment numbers
coming out of
And when you look at youth unemployment the numbers are far worse.
The unemployment rate for workers
under the age of 25 is 48.1 percent in
If you look carefully at the photos
of the austerity riots happening in Spain and in
Instead of getting better, the
unemployment numbers in
"This is appalling," said Carl Weinberg, chief economist at High Frequency Economics, highlighting that the unemployment rate following the collapse of Lehman Brothers peaked at 10.2%.
The frightening thing is that we
haven't even had a major financial crisis in
But there are quite a few signs that
the "moment of reckoning" for
-The European Central Bank announced on Tuesday that it would no longer take Greek bonds as collateral from European banks. That is a really bad sign.
-Major European banks are revealing unexpectedly huge losses on Greek debt. The following is from a Reuters article....
From France to Germany, Britain to Belgium, four of the region's biggest banks lined up to reveal they lost more than 8 billion euros (6.8 million pounds) last year from their Greek bonds holdings.
"We are in the worst economic crisis since 1929," Credit Agricole chief executive Jean-Paul Chifflet said.
-The International Swaps and Derivatives Association has ruled that the Greek debt deal will not trigger payouts on credit default swaps. This is going to make it less likely that private bondholders will voluntarily agree to the debt deal.
This ruling is also seriously shaking confidence in credit default swaps. After all, they are supposed to be "insurance" in case something happens. But if they aren't going to pay out when you need them, what good are they?
Some German politicians are becoming
very open about their feelings for
The following is from a recent article in The Guardian....
is a growing animosity towards
Fidaki, 40, says Greeks are angry at
As I have written about before,
The eurozone is a powder keg that could explode at any time.
So why is the
Well, a big reason is because we
haven't seen any austerity in the
Barack Obama is funding our false prosperity by borrowing 150 million dollars an hour from our children and our grandchildren.
Of course all of this reckless borrowing is going to make the eventual collapse of our financial system far worse, but right now Americans don't seem to care. The only thing the mainstream media seems to care about is that some of our economic numbers are getting slightly better.
The sad thing is that our government is spending a lot of this money on some of the most stupid things that you could possibly imagine.
Did you know that the Obama
administration just spent $750,000 on a brand new soccer field for
detainees held at
I wish I had a $750,000 soccer field to play on.
I would love that.
Look, when the federal government quits stealing more than a trillion dollars a year from future generations things are going to look a whole lot different in this country.
So pay attention to what is going on
That is where we are headed eventually.’