Stefan Molyneux Posted February 4, 2013 Posted February 4, 2013 [View:http://www.youtube.com/watch?v=UYtbEJfQtDI] General data Index; 0 - Employment numbers 1 - Graphs 2 - Jobs 3 - Middle class wealth A - Reduced standard of living, income and savings B - Consumer Debt/Debt C - Class polarization 4 - Poverty rate 5 - General Economy and Inflation 6 - Government Finances 7 - Expert Predictions 8 - Signs of accelerating collapse 9 - Historical similarities 10 - Cost of regulations 11 - Miscellaneous 12 - Public Vs Private 0 - Employment numbers ( J22 ) Euro zone unemployment reaches near 15-year high...Link [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]11.8 Percent[/color]: The unemployment rate in the eurozone has now risen to 11.8 percent - a brand new all-time high. [/list] Unemployment in the euro zone reached its highest level in almost 15 years in February (2012), with more than 17 million people out of work, and economists said they expected job office queues to grow even longer later this year. [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) The average unemployment rate in Greece in 2010 was 12.5 percent. During 2011, the average unemployment rate was[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]17.3 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap], and now the unemployment rate in Greece is up to[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]21.8 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [/list] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] The unemployment ra[color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]t[/color]e in Greece is now up to[color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 25.4 percent[/color]. A year ago it was just 18.4 percent.[background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 26 Percent[/color]: The unemployment rate in Greece is now 26 percent. A year ago it was only 18.9 percent.[background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) The youth unemployment rate in Greece is now[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]over 50 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap]. The unemployment rate in the port town is Perama is[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]about 60 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) The unemployment rate in Spain is now up to[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]23.6 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap](Also in Section 9) ( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] The unemployment rate in Spain has hit a brand new all-time record high of[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 26.2 percent[/color]. How much higher can it possibly go? This is already higher than the unemployment rate in the United States ever reached during the Great Depression of the 1930s.[background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 26.6 Percent[/color]: The unemployment rate in Spain has risen to an astounding 26.6 percent. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) The youth unemployment rate in Spain is now[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]over 50 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) Youth unemployment in Italy is up to[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]31.9 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] - the highest level ever.[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) The unemployment rate in Portugal is up to[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]15 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] The unemployment rate in Portugal is now up to[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 16.3 percent[/color]. A year ago it was just 13.7 percent. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) The youth unemployment rate in Portugal is now[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]over 35 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 22 Percent[/color]: A whopping 22 percent of the entire population of Ireland lives in jobless households. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 27.0 Percent[/color]: The unemployment rate for workers under the age of 25 in Cyprus. Back in 2008, this number was well below 10 percent. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap] ( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 37.1 Percent[/color]: The unemployment rate for workers under the age of 25 in Italy - a brand new all-time high. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 56.5 Percent[/color]: The unemployment rate for workers under the age of 25 in Spain - a brand new all-time high. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 57.6 Percent[/color]: The unemployment rate for workers under the age of 25 in Greece - a brand new all-time high. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] Y[/color]outh unemployment levels in both Greece and Spain are rapidly approaching[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] the 60 percent level[/color]. [/list] ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Accelerated increase in unemployment [/list] As I wrote about recently, the number of unemployed workers in Italy has risen by more than 37 percent over the past year. The unemployment rate in France is now above 10 percent, and it has risen for 16 months in a row ( J24 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Every Second [/list] ...every second young person is on the dole, according to the country's statistics office ELSTAT. ( J24 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [color= #333333; vertical-align: baseline; white-space: pre-wrap]I[/color]n the 17 European countries that use the euro as their currency, the numbers are even worse. Almost 4.3 million low-pay jobs have been gained since mid-2009, but the loss of midpay jobs has never stopped. A total of 7.6 million disappeared from January 2008 through last June. [/list] ( J24 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Uk unemployment start vs now [/list] ...unemployment is still 879,000 higher than it was in the summer of 2007, when the financial crisis began. 1 - Graphs [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J22) Unemployment rates for selected regions in Europe [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][/font] [/list] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) Youth unemployment across the EU [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font]The number of Spanish bankruptcies has taken off since 2007, hitting an all time high in the last quarter. [/list] ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] ...international institutions are pulling their funds out of Spanish banks as fear builds. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font]Corn prices have surged and remain high, which will filter through to food inflation. [/list] https://lh6.googleusercontent.com/WUphkfP-V56wARkzngPUzC_ySlvddFvX_p4zP2nqVGHjIoSVM26J91yYOE0RL4SsKFzmh20cK9v5K7A_GmYgMS3z8UV2EJfW9XEhISxzCoj-U5FFsQE ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link [/color]The Misery Index, the crude calculation that adds a country's inflation rate to its unemployment rate [/list] ( J24 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Bigger European Countries are also contribute to the terrible European Union statistics [/list] ( J24 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Youth Unemployment chart for European countries... [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Wealth change in percentage per country 2011-2012[/font] [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Global Wealth Pyramid[/font] [/list] https://lh3.googleusercontent.com/qr68RsJM4xvho8Doj9ZTghoWA-kd2TXMkKSeaWX5S1mcPLWe-uHt1jrRAiiEcvI9qNZTfCHD4BkjxfWmLOOlzR9HqlC4znXUg3Gk3RS1Bq_I1U680bM [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Household debt :: Income ratio G7 countries[/font] [/list] https://lh6.googleusercontent.com/bTzQA2k8n9cmUy70lv7q2u0kCLKXPK5hzNiYd2kib-cB-vOcoBvX93qv7_2Xt7jyXRdXVOG95hAe_yACQvxnLafCOYWK_jCjYCMzr38hKCqOp0U62kE [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Austerity? Please...[/font] [/list] ...If the gross debt is equivalent to your mortgage, the deficit is the overdraft, the running gap between your outgoings and ingoings https://lh6.googleusercontent.com/twQTGLZBIgc0p9qfvm2jF6qOo1UxEWM6p-E1mY31c-DqFfKJ02UbB0yo7sjlP11TSEZihu8r5kguW2q251-S8ey5QCSCE2qt0leS_H_bfD9HC0kDvJs [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Widespread Economic Slowdown[/font][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font] [/list] https://lh3.googleusercontent.com/dE4EG7TR-y1PYXPPbx4Ls-Enlr-bwJbVsqPkjZQgYZmn0D65dnWTGilyOKEc4qBzmqtqCxlGRzWT3bxPLTPrckAHH1QIK9yMDz5uAeapSxijscy8XGo [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]European Government debt[/font] [/list] https://lh4.googleusercontent.com/9faKg9CAwkMbkJiBvQUcSFFbLeTZ-kIqL7BByqnn3JgLnOBsBiUGl1Q298UfFWgcwRviL7IVPJe2quLOKgBsiWrcqfsWg33wAZMbydruzbE9agPfBlg [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Chilling especially when compared to the US[/font] [/list] https://lh5.googleusercontent.com/5odRjk710XyCqQDkP8aXCxNMndKcoVl1VaoldkZkzG7E62cosfcfPzNkwK868Tiawjnr24RfDQPwSHGYuMCppQ_vb0JolSir53JGokDSnAPoIXX-V8U [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 )[/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] Link [/color][background=transparent; vertical-align: baseline; white-space: pre-wrap]Gross Government debt[/font][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] The Cause[/font] [/list] This graph, drawn from European Central Bank data, shows how much more debt European countries are carrying than they did a decade ago. The green bars show countries’ debt-to-GDP ratios in 2000; the blue lines are 2010:https://lh4.googleusercontent.com/_Ks2rBp-jXoCfPoxXSEWsl5EiaWyvpK9Sbgd2BIQqYnbozRbJ0WFeM-Z4wVIdXEYu1Ze3ZEfo2gRZG9iWL26rJDBPy3HYPOyHBdBbe4yY3r-becl90w [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Income inequality[/font]https://lh3.googleusercontent.com/RhfmXYbmKp8cugWMb3CSOl-to8IkxQsGaH56danQ5DjH9WiRVWfYABPiYLCqbcLwcl84t6udK1thOxDoVa21J_yv1mm7trIpDc7jIR5pch0v5-6z1SY[background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] 2 - Jobs [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link [/color]In Germany, which is believed to have no economic difficulties, 25% of the population have the so-called ‘mini jobs’ and earn less than 400 euros per month. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Underemployment and misrepresentation UK[/font][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font] [/list] The unemployment rate has remained low compared with previous recessions, but figures on underemployment from the Office for National Statistics indicate this is a result of people taking on more part-time roles The number of underemployed workers remained flat in the years before the recession, but between 2008 and 2012 it rocketed from 2.07 million to 3.05 million, and the recession has forced an extra 1 million people into working fewer hours than they want In total, one in 10 workers are currently underemployed. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]More Underemployment[/font] [/list] ...the chance of getting a decent-paying job is diminishing. Some 50 percent of all new employment contracts in the EU are temporary work contracts. For workers aged 20 to 24, the proportion is 60 percent. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Private Sector Destruction in Greece[/font] [/list] Private sector salaries dropped 22.5 percent in 2011, according to the Organization for Economic Cooperation and Development. 3 - Middle class wealth A - Reduced standard of living, income and savings [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) Home prices in Spain fell[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]by 11.2 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] during 2011.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) The number of property repossessions in Spain rose[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]by 32 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] during 2011.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 70 Percent[/color]: It has been reported that some homes in Spain are being sold at a 70% discount from where they were at during the peak of the housing bubble back in 2006. At this point there are[color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] approximately 2 million[/color] unsold homes in Spain. [/list] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]The crisis also hurts young Britons of 18-32 years old - according to the survey, one in five cannot pay their utility bills, and one in eight young resident of England skips lunch for the opportunity to feed their family.[/font] [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font]And 10 per cent of the nation's 25 million households are under such extreme financial pressure that they have been forced to default on household debts including mortgage repayments[background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; vertical-align: baseline; white-space: pre-wrap]Travel expenses cut[/font] [/list] ...European consumers expected to spend €15bn less on their holidays in 2010 B - Consumer Debt ( J24 ) Link EU’s sovereign debt is nothing compared with Europeans’ household debt mountain [/list] ...Denmark, Sweden and the Netherlands all have private-sector debt that far exceeds the safety threshold of 160% of GDP... ...Spain private sector debt equivalent to 227% of GDP... ...Portugal private-sector debt of a whopping 249% of GDP ...Portugal’s corporate debt to GDP is still as high as it was at the peak of the financial crisis ( J25 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Global Household Debt Increase [/list] For the entire period 2000–12, aggregate debt rose by 81%, equivalent to 5% growth per annum. A rising global population accounts for part of the increase: debt per adult grew just 45% for the entire period C - Class polarization [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Cancer of Inequality[/font] [/list] ...Germany, the richest one percent of the population possesses 23 percent of all wealth and the richest tenth controls 60 percent. Half of the population possesses just 2 percent of all wealth. [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; vertical-align: baseline; white-space: pre-wrap]Global Income Inequality[/font] [/list] Taken together, the bottom half of the global population possess barely 1% of total wealth, although wealth is growing fast for some members of this segment. In sharp contrast, the richest 10% own 86% of the world’s wealth, with the top 1% alone accounting for 46% of global assets. 4 - Poverty rate [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 36 Percent[/color]: Today, the poverty rate in Greece is 36 percent. Back in 2009 it was only about 20 percent.[background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 44 Percent[/color]: An astounding 44 percent of the entire population of Bulgaria is facing "severe material deprivation". [/list] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; vertical-align: baseline; white-space: pre-wrap]Hunger[/font] [/list] A report this year by a Catholic charity, Caritas, said that it had fed nearly one million hungry Spaniards in 2010, more than twice as many as in 2007. That number rose again in 2011 by 65,000. In Madrid recently, as a supermarket prepared to close for the day in the Entrevias district of Vallecas, a small crowd gathered, ready to pounce on the garbage bins that would shortly be brought to the curb. NyTimes. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Poverty[/font] [/list] The Caritas report also found that 22 percent of Spanish households were living in poverty and that about 600,000 had no income whatsoever. All these numbers are expected to continue to get worse in the coming months. About a third of those seeking help, the Caritas report said, had never used a food pantry or a soup kitchen before the economic crisis hit. [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] One of every four Spanish children is in poverty[/font] [/list] ( J24 ) Link Widespread Poverty Growth [/list] In 2011, 119.6 million people, or 24.2% of the population, in the EU27 were at risk of poverty or social exclusion, compared with 23.4% in 2010 [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Percent in Poverty[/font] [/list] 16.4 % of the population, 80 million people, live below the poverty threshold in the European Union 20.2 % of children under 16 years of age are poor in Europe. The northern countries show a lower rate, from 10 % for Denmark to 12.4 % for Sweden. In return, the highest rates are observed in Romania (31.3 %) and in Bulgaria (26.4 %) or even in Spain (25.3 %). The poverty rate of young people under 16 years in France is below the European average (18.4 %). The poverty rate of persons aged between 16 and 24 years is in average 21.6 % in Europe...lowest rates are observed in the Czech Republic (12.6 %) or in Austria (13.1 %)...in Greece (27.8 %) is more distressing. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] UK students are Hungry[/font] [/list] In its study, the British Guardian newspaper found that 83 percent of teachers in the UK every day see hungry students. Over half of teachers say that in the last couple of years the number of hungry school children has increased [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Poverty rate young people in Europe[/font] [/list] In 2007, 20 % of young Europeans aged 18–24 were at risk of poverty... [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Greek Poverty[/font] [/list] According to the Hellenic Statistical Agency's first official report in 2012...the poverty rate for children under 17 years was at 23 percent in 2011, which is three points higher than the poverty rate for the whole population. 5 - General Economy and Inflation [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) The Greek economy shrank[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]by 6 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] during 2011, and it has been shrinking[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]for five years in a row[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] The Greek economy has shrunk by more than 7 percent this year, and it is being projected that the Greek economy will contract[color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] by another 4.5 percent[/color] in 2013. [/list] ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Overall, the Greek economy has contracted by [color= #4f809e; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]about 20 percent[/color] since 2008.[background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) It is being projected that the Portuguese economy will shrink[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]by 5.7 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] during 2012.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; vertical-align: baseline; white-space: pre-wrap]Greek Gasoline[/font] [/list] According the new york times, after several recent tax increases, gasoline costs around $8.20 a gallon in Greece... [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Consequences of youth unemployment[/font] [/list] CheckRisk estimates that economies facing 20% or greater youth unemployment run the risk of long term GDP loss of 0.5% to 1% per annum. This is a combination of social welfare costs, emigration, contraction of the tax base, state pension contribution gaps and the loss of productive capacity 6 - Government Finances [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) Greece now has a debt to GDP ratio of[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]approximately 160 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) Greek civil servants have had their incomes slashed[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]by about 40 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] since 2010.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) Greece is still facing unfunded liabilities in future years that are equivalent to[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]approximately 800 percent of GDP[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) The total value of all toxic loans in Spain is equivalent to[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]approximately 13 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] of Spanish GDP.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [/list] Fresh data shows that toxic loans – bank loans that are at serious risk of default – have gone from 1 per cent of outstanding loans in 2008 to 7.6 per cent today. The value of potentially dud loans is €136-billion, equivalent to 13 per cent of Spanish GDP. Link [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) The GDP of Spain is about[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]1.4 trillion dollars[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]. The three largest Spanish banks have approximately[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]2.7 trillion dollars[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] in assets and they are all on the verge of failing.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) The ratio of government debt to GDP in Spain will rise[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]by more than 11 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] during 2012.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) Banks in Portugal borrowed a record[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]56.3 billion euros[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] from the European Central Bank in March.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) When you add up all forms of debt in Portugal (government, business and consumer) the total is equivalent to approximately[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]360 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] of GDP.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) Italy's national debt is approximately[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]2.7 times larger[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] than the national debts of Greece, Ireland and Portugal put together.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap](J22) If you add the maturing debt that the Italian government must roll over in 2012 to the projected budget deficit, it comes to approximately[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]23.1 percent[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] of Italy's GDP.[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) Italy now has a debt to GDP ratio of[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]approximately 120 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap].[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 20 Percent[/color]: It is estimated that bad loans now make up approximately 20 percent of all domestic loans in the Greek banking system at this point. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 60 Percent[/color]: Citigroup is projecting that there is a 60 percent probability that Greece will leave the eurozone within the next 12 to 18 months. [/list] ( J23 )[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] The debt of the Greek government is now projected to hit[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 189 percent of GDP[/color] by the end of this year. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 200 Percent[/color]: The debt to GDP ratio in Greece is rapidly approaching 200 percent. [/list] ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font]An astounding [color= #4f809e; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]9.86 percent[/color] of all loans that Spanish banks are holding are considered to be bad loans which will probably never be collected. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Debts by nation in the last 5-6 years[/font] [/list] United Kingdom Debt to GDP ratio in 2007: 43.4 percent Debt to GDP ratio in 2012: 85.0 percent France Debt to GDP ratio in 2007: 63.7 percent Debt to GDP ratio in 2012: 86 percent Germany Debt to GDP ratio in 2007: 67.6 percent Debt to GDP ratio in 2012: 80.5 percent Spain Debt to GDP ratio in 2007: 39.6 percent Debt to GDP ratio in 2012: 69.3 percent Ireland Debt to GDP ratio in 2007: 24.8 percent Debt to GDP ratio in 2012: 106.4 percent Portugal Debt to GDP ratio in 2007: 63.9 percent Debt to GDP ratio in 2012: 108.1 percent Italy Debt to GDP ratio in 2007: 106.6 percent Debt to GDP ratio in 2012: 120.7 percent Greece Debt to GDP ratio in 2007: 106.1 percent Debt to GDP ratio in 2012: 170.6 percent The Eurozone As A Whole Debt to GDP ratio in 2007: 68.4 percent Debt to GDP ratio in 2012: 87.3 percent ( J25 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Debt in Total... [/list] ...As a whole, Europe owes €10,840,197,700,000 7 - Expert Predictions [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #1e1e1e; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] Lord Rothschild takes £130m bet against the euro[/color] [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Future Double Job Loss[/font] [/list] Maarten Goos, an economist at the University of Leuven in Belgium, says Europe could double its middle-class job losses. 8 - Signs of accelerating collapse (J22) ...only 22% of British bosses confident...[color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [/list] The annual snapshot of the mood of boardrooms to mark the start of the annual World Economic Forum, held in the Swiss alpine town, found that only 22% of the people running UK companies were very confident about growth prospects over the next 12 months. [background=transparent; vertical-align: baseline; white-space: pre-wrap](J22) In Greece,[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #4f809e; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]20 percent[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] of all retail stores have closed down during the economic crisis.[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] [background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap](J22) [/font]Greece on the breadline: HIV and malaria make a comeback...[color= #1155cc; font-weight: bold; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [/list] The incidence of HIV/Aids among intravenous drug users in central Athens soared by 1,250% in the first 10 months of 2011 compared with the same period the previous year, according to the head of Médecins sans Frontières Greece, while malaria is becoming endemic in the south for the first time since the rule of the colonels, which ended in the 1970s. "There has also been a sharp increase in cases of tuberculosis in the immigrant population, cases of Nile fever – leading to 35 deaths in 2010 – and the reappearance of endemic malaria in several parts of Greece." [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 28 Percent[/color]: Sales of French-made vehicles in November were down 28 percent compared to a year earlier. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 1997[/color]: According to the Committee of French Automobile Producers, 2012 was the worst year for the French automobile industry since 1997. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] The economies of 17 out of the 27 countries in the EU have contracted[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] for at least two consecutive quarters[/color]. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Earlier this month, Moody's[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] stripped France[/color] of its AAA credit rating, and wealthy individuals are leaving France in droves as the socialists implement plans to raise taxes to very high levels on the rich. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Industrial production is collapsing[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] all over Europe[/color]. Just check out these numbers... [/list] You don’t have to be an economic genius to understand that the perpetual uncertainty over the Eurozone’s future has led to a widespread freeze on industrial investment and development. Industrial production is collapsing at an accelerating rate, falling 7% year-on-year in Spain and Greece, 4.8% in Italy, and 2.1% in France. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] There are even trouble signs in the[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] "stable" econom[/color]ies in Europe. In Germany, factory orders in September were down[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 3.3 percent[/color] from the month before, and retail sales in October declined[color= #000000; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 2.8 percent[/color] from the previous month. [/list] ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Weakening Giants [/list] Even the "strong" economies in Europe are being dragged down now. For example, unemployment in Germany has risen for five months in a row. ( J23 ) Link Deposit Flight From Europe Banks Eroding Common Currency [/list] Banco Santander SA (SAN), Spain’s largest bank, lost 6.3 percent of its domestic deposits in July, according to data published by the nation’s banking association. Savings at Banco Popular Espanol SA, the sixth-biggest, fell 9.5 percent the same month. Eurobank Ergasias SA, Greece’s second-largest lender, lost 22 percent of its customer deposits in the 12 months ended March 31, according to the latest data available from the firm. Alpha Bank SA (ALPHA), the country’s third-biggest, lost 26 percent of client savings during that period. [background=transparent; font-style: normal; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; font-style: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-style: normal; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; font-style: normal; vertical-align: baseline; white-space: pre-wrap]Homeless rate in Greece[/font] [/list] In 2011, there were 20 percent more registered homeless people than the year before. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Consumption Stand-still in Greece[/font][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font] [/list] The Greek news media reported a 27 percent drop in garbage collections in the greater Athens area, and a precipitous decline in smoking, with consumption dropping to 2.3 million cigarettes in 2011, from 3.1 million in 2007. Mass transit use has dropped by double digits. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]World Wealth Decline [/font] [/list] ...total global household wealth fell by 5.2% between mid-2011 and mid-2012 [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Germany catastrophic economic data[/font] [/list] ...figures showing German business confidence has fallen to the lowest in two-and-a-half years, the data was described as “a catastrophe and very bad news” by Thomas Harjes, European economist at Barclays in Frankfurt. Accelerating Flight The pace of withdrawals has increased this year. Spanish bank deposits fell 7 percent from the beginning of January through the end of July, compared with a 4 percent drop the previous six months. The decline in Portuguese savings accelerated to 6 percent from 1 percent, while Irish deposits fell 10 percent compared with almost no change in the last six months of 2011. ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Capital Flight [/list] Overall, 94 billion, the equivalent of 7 percent of GDP was withdrawn from the Spanish banking system in the month of July alone. ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Accelerated Ruling Class Predation [/list] On Monday ( 3 Sep 2012) it was announced that Spanish banking giant Bankia will be getting an emergency "cash injection" of between 4 and 5 billion euros. ( J23 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Shrinking Demand [/list] Chinese exports to the EU declined by 16.2 percent in July. U.S. exports to Europe have been steadily falling as well. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Suicide Increase [/font] [/list] The suicide rate in Greece is more than 30 percent higher than it was last year. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Suicide Increase [/font] [/list] The number of suicides in Greece over the last 12 months has increased by 40 percent... ( J24 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Suicide Call Increase Greece [/list] In 2010, there were about 2,500 calls made to the number. In 2011, there were twice as many. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Suicide increase in many countries. NYTimes[/font] [/list] In Greece, the suicide rate among men increased more than 24 percent from 2007 to 2009, government statistics show. In Ireland during the same period, suicides among men rose more than 16 percent. In Italy, suicides motivated by economic difficulties have increased 52 percent, to 187 in 2010 — the most recent year for which statistics were available — from 123 in 2005. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Companies Prepare[/font] [/list] Ford has configured its computer systems so they will be able to immediately handle a new Greek currency. JPMorgan Chase, though, is taking no chances. It has already created new accounts for a handful of American giants that are reserved for a new drachma in Greece or whatever currency might succeed the euro in other countries. 9 - Historical similarities [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] The unemployment rate in Spain has hit a brand new all-time record high of[color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 26.2 percent[/color]. How much higher can it possibly go? This is already higher than the unemployment rate in the United States ever reached during the Great Depression of the 1930s. [/list] [background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] 10 - Cost of regulations [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]10 Months[/color]: Manufacturing activity in both France and Germany has contracted for 10 months in a row. [/list] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 17 Months[/color]: In November, Italy experienced the sharpest decline in retail sales that it had experienced in 17 months. [/list] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] 20 Months[/color]: Manufacturing activity in Spain has contracted for 20 months in a row. [/list] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 ) [/font][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap] [/font]Manufacturing activity in Europe has contracted for 13 months in a row. The following is from a recent [color= #4f809e; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Reuters report[/color].... [/list] [background=transparent; font-weight: normal; vertical-align: baseline; white-space: pre-wrap]( J23 )[/font][color= #000000; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap] [/color][color= #1155cc; background-color: transparent; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] [color= #000000; font-weight: normal; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]2 Million[/color]: Back in 2005, the French auto industry produced about 3.5 million vehicles. In 2012, that number dropped to about 2 million vehicles.[background=transparent; vertical-align: baseline; white-space: pre-wrap] [/list] [/font] 11 - Miscellaneous [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J24) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Slave opinion survey[/font] [/list] In July of 2012, the results of the survey "Eurobarometer" that tracks the level of anxiety and concern among residents ...71 percent of the EU citizens consider the economic situation in the country poor, 30 percent of the residents of the EU assess their position in the labor market as unsatisfactory, 100 percent of Greek believes that the economy is in trouble, 99 percent of the population of Spain, 96 percent of Irish, 93 percent of Hungarians and 92 percent of Italians. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] [/font][background=transparent; font-weight: bold; vertical-align: baseline; white-space: pre-wrap]Marriage Decline in the Uk [/font] [/list] …marriages registered in England and Wales in 2007 was 231,450, a 3.3 per cent drop on the previous year, and only three quarters of the number recorded in 1991. [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Marriage Decline in the EU 1970-2009[/font] [/list] ` https://lh6.googleusercontent.com/OkKbnDJOiT26nWiPalkzmoE4b_s-ljiaYyF5dRTW-y4lO4HcfeF70XYj4vyRjKZSyi9MYeQKykCLrQ6leZf-LkZ3jSaD-9x15bq1UUueuBTQQUdxZDk [background=transparent; vertical-align: baseline; white-space: pre-wrap]( J25 ) [/font][color= #1155cc; background-color: transparent; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color][background=transparent; vertical-align: baseline; white-space: pre-wrap] Rise in Births outside of marriage EU-27[/font] [/list] ...In the EU-27 some 37.4 % of children were born outside marriage in 2010, while the corresponding figure for 1990 was 17.4 % ( J25 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Lack Reading Skills [/list] One in five European fifteen year olds has poor reading skills and 75 million Europeans have low qualifications, often lacking basic reading and writing skills. ( J25 ) [color= #1155cc; text-decoration: initial; vertical-align: baseline; white-space: pre-wrap]Link[/color] Record Low 2010 [/list] According to Eurobarometer, the EU is at a record low in approval ratings. Fewer than half of its citizens regard it as “a good thing” and only 42 per cent have confidence in its institutions.
Makalakumu Posted February 6, 2013 Posted February 6, 2013 If the government can simply move the goal posts and repudiate bad debts by printing money, couldn't that prop up the system indefinitely? It's like playing a game of Monopoly where the banker can make up the rules at will and all of the players are chained to the board and have guns to their heads. That system could slog along for a long time...
empyblessing Posted February 7, 2013 Posted February 7, 2013 If the government can simply move the goal posts and repudiate bad debts by printing money, couldn't that prop up the system indefinitely? It's like playing a game of Monopoly where the banker can make up the rules at will and all of the players are chained to the board and have guns to their heads. That system could slog along for a long time... There's also the increase in productivity that will be generated by new technology as well. A new internet for example.
Makalakumu Posted February 8, 2013 Posted February 8, 2013 If the government can simply move the goal posts and repudiate bad debts by printing money, couldn't that prop up the system indefinitely? It's like playing a game of Monopoly where the banker can make up the rules at will and all of the players are chained to the board and have guns to their heads. That system could slog along for a long time... There's also the increase in productivity that will be generated by new technology as well. A new internet for example. Regardless of whether or not governments can manipulate the system, they do not seem interested in prosperity.
Avarice567 Posted February 12, 2013 Posted February 12, 2013 I see you've taken my criticism to heart, Stefan. Thank you so much for the change in format!
Avarice567 Posted February 13, 2013 Posted February 13, 2013 OMG, I can't wait for your video on Scandinavia. Out of all the argument out there, that one deserves to be debunked the most. Question though - Are you going to debunk every aspect of Scandinavia that others applaud, or just the economics of that area?
Alan C. Posted March 15, 2013 Posted March 15, 2013 17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe During the 4th quarter of 2012, the youth unemployment rate in Greece was 57.8 percent. . . . The youth unemployment rate in Italy has risen to a new all-time record high of 38.7 percent.
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