| Posted by | Message |
Interception
Providence Fan
Member since Nov 2008
8676 posts
| Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 7:40 am)
LINK
quote:
It took one month for the 2013-2014 Greek medium-term unemployment target rate to be hit. The target rate? A grotesque, all time high 26%. Because as Elstat reports, this is what Greek unemployment already was in the month of September. Which means that at the time Greece was preparing its latest "Third Greek Bailout" projections in November, the rate was already well above the long-term target. Elstat also tells us that in September, the total number of actively employed Greek workers (including government) was a tiny 3,695,053. The number of persons unemployed: 1,295,203, while the inactive ranks swelled to 3,373,692. As a reminder, last month's 25.4% unemployment rate has been promptly surpassed in a few weeks. Finally, that powderkeg of conflict, youth unemployment, was a jawdropping 56.4%.
So without further ado, here are the charts that summarize this.
Total worker employment
Total workers unemployed
And the unemployment rate
|
| Back to top | Share on  |
kywildcatfanone 
Kentucky Fan
Wildcat Country!
Member since Oct 2012
6498 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 7:45 am to Interception)
Coming soon to an America near you....
|
| Back to top | |
Interception
Providence Fan
Member since Nov 2008
8676 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 7:48 am to kywildcatfanone)
Not before coming to Cyprus, Spain and France first...
Along with several more European countries...
I have no idea how America and the rest of the world does not enter into another recession by 2013-14?
This post was edited on 12/6 at 7:49 am
|
| Back to top | |
Bard 
LA-Monroe Fan
BR
Member since Oct 2008
12806 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 7:51 am to Interception)
I've said it before and will say it again: the first sign of Greece-level problems coming here will be the next credit downgrading of the US and that will be within the next 18 months unless DC puts aside party politics and gets spending under REAL control.
|
| Back to top | |
Taxing Authority 
LSU Fan
Houston
Member since Feb 2010
16738 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 8:13 am to Interception)
Simple solution... just tax the rich more!
|
| Back to top | |
Zach
LSU Fan
Member since May 2005
55460 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 9:59 am to Interception)
I heard John Stossel say that Greece has a law that any company with over 7 employees must have 15% of their workforce comprised of disabled people. That's madness. What if your business is manual labor?
|
| Back to top | |
Lsupimp
LSU Fan
Baton Rouge
Member since Nov 2003
25015 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:05 am to Taxing Authority)
This has ZERO chance of turning the globe into a tinderbox.
That's just now how humanity rolls.
This all ends excellently.
|
| Back to top | |
buddhavista
Member since Jul 2012
3543 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:09 am to kywildcatfanone)
quote:
Coming soon to an America near you....
No, our situation isn't even in the same league as greece.
We are fricked, but greece is a special level of fricked. We at least have our debt denominated in currency we can print. So we can print our way out of the debt, and that fricking is very different from greece.
|
| Back to top | |
los angeles tiger
LSU Fan
1,601 miles from Tiger Stadium
Member since Oct 2003
54385 posts
 Online
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:12 am to buddhavista)
quote:
We are fricked, but greece is a special level of fricked. We at least have our debt denominated in currency we can print. So we can print our way out of the debt, and that fricking is very different from greece
Just wait until you'll have to use a wheelbarrow to bring in the cash to buy a cup of coffee.
|
| Back to top | |
BugAC
LSU Fan
Baton Rouge
Member since Oct 2007
13875 posts
Online
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:13 am to buddhavista)
quote:
So we can print our way out of the debt
|
| Back to top | |
buddhavista
Member since Jul 2012
3543 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:26 am to los angeles tiger)
quote:
Just wait until you'll have to use a wheelbarrow to bring in the cash to buy a cup of coffee.
Sure, its fricking horrible. I am not trying to say that its going to be pleasant. But its an exit from the debt burden.
Greek's debt is denominated in the euro. Even if they were to leave the euro, they would have to pay back euros. There problem is closer to weimar republic than ours, since the WWI debt could not be repaid in marks, instead it had to be paid in other currencies.
again, its going to frick a lot of people in the country when they print their way out. And the inflation we are going to see will be scaring, but its going to be a distinctly different type of fricked than greece is going to have. And in the end, probably much less painful.
|
| Back to top | |
tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4437 posts
Online
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:31 am to buddhavista)
The government would love high inflation, It wouldn't take long for everyone to make over $250,000 a year and be classified as rich....
|
| Back to top | |
nobodytooimportant
Member since Oct 2012
657 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:31 am to Interception)
Everyone does realize the path that greece took is severe austerity right? The same people that are pointing out Greece's horrible economy seems to be the ones calling for the US to take similar action with massive spending cuts.
|
| Back to top | |
Jbird 
Iowa Fan
Odramaville with EthanL
Member since Oct 2012
4969 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:33 am to nobodytooimportant)
Sold you convinced me, let's triple spending today, all fixed. 
|
| Back to top | |
RepublicGold
LSU Fan
Member since Aug 2007
2560 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:33 am to buddhavista)
quote:
We at least have our debt denominated in currency we can print. So we can print our way out of the debt, and that fricking is very different from greece.
You understand neither economics nor finance.
This post was edited on 12/6 at 10:36 am
|
| Back to top | |
buddhavista
Member since Jul 2012
3543 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:38 am to RepublicGold)
quote:
You understand neither economics nor finance.
I actually have a masters in finance. But ok.
Its a very different situation. Seriously it is. Its bad but give us much more options than the situation greece is in.
I would prefer us to be on a solid currency footing (i.e. gold standard of sorts). But we have options, sucky options yes, but options. Greece has got almost no options.
|
| Back to top | |
TigerinATL 
New Orleans Saints Fan
Member since Feb 2005
26185 posts
Online
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:46 am to nobodytooimportant)
quote:
Everyone does realize the path that greece took is severe austerity right? The same people that are pointing out Greece's horrible economy seems to be the ones calling for the US to take similar action with massive spending cuts.
You can only kick the can down the road so far. The only way out of this painlessly is to have another boom from a productivity increasing, cost cutting technological advance like the Internet. If we're going to borrow our way out of this we should at least be investing that borrowed money in our skills rather than spending it on TVs and iPhones.
|
| Back to top | |
RepublicGold
LSU Fan
Member since Aug 2007
2560 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 10:52 am to buddhavista)
quote:
I actually have a masters in finance. But ok.
Its a very different situation. Seriously it is. Its bad but give us much more options than the situation greece is in.
I would prefer us to be on a solid currency footing (i.e. gold standard of sorts). But we have options, sucky options yes, but options. Greece has got almost no options.
 Sorry, my use of hyperbole was unwarranted.
The conventional wisdom is that having control over our own money supply gives us more options, and I understand that. The problem is that you can have as many 'options' as you want, but the result will ultimately be the same. There are many ways of reaching what will inevitably occur.
|
| Back to top | |
buddhavista
Member since Jul 2012
3543 posts
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 11:10 am to RepublicGold)
quote:
The problem is that you can have as many 'options' as you want, but the result will ultimately be the same. There are many ways of reaching what will inevitably occur.
I dont think the outcomes will be the same though.
I think greece is going to have 10 years of absolutely horrible recession/depression, even if they break with the euro (they will), they are going to have to impose austerity. Then there new currency will collapse.
We will have light austerity, and on/off recession followed by a currency collapse. its going to be lot less painful.
|
| Back to top | |
los angeles tiger
LSU Fan
1,601 miles from Tiger Stadium
Member since Oct 2003
54385 posts
Online
| re: Greek Unemployment Hits Escape Velocity (Posted on 12/6/12 at 11:18 am to buddhavista)
My Dad's old saying of "You have to have a Ph.D. to be this stupid" regarding many of the stupid things said by the so-called "educated" is truer today than it was when he was alive.
quote:
Sure, its fricking horrible. I am not trying to say that its going to be pleasant. But its an exit from the debt burden
quote:
I actually have a masters in finance. But ok.
Its a very different situation. Seriously it is. Its bad but give us much more options than the situation greece is in.
I would prefer us to be on a solid currency footing (i.e. gold standard of sorts). But we have options, sucky options yes, but options. Greece has got almost no options.
You know, the dollar may not be the worlds standard for much longer so what the frick are we going to repay the Chinese with when that takes place?
This post was edited on 12/6 at 11:27 am
|
| Back to top | |
