The Worst Unemployment Crisis In History Is Unfolding Right Now
At 27.2%, Spain is suffering the worst unemployment rate in modern history.
Spain is tied with Greece, and is worse than the approximately 25% unemployment rate that the U.S. saw during The Great Depression.
The causes, by now, are familiar — the end of a massive, bubble-fueled construction boom in 2008 led to spiraling unemployment and a deep recession, wreaking havoc on the [...]
Australia declared the top of the resources boom, which had cushioned the country against the global financial crisis, a day after the world’s biggest miner BHP Billiton shelved two major expansion plans worth at least $40 billion.
One minister went as far as calling the end of the resources boom, but later rowed back to say commodity prices had peaked while investments in multi-billion dollar projects would continue, especially in [...]
The unemployment rate rose from 24.4 per cent recorded in the first quarter – already the highest in the industrial world – as Spain entered its third straight quarter of economic contraction.
Among those aged 16 to 24, the rate rose to a huge 53.27 per cent from 52.01 per cent the previous quarter, reflecting the ongoing impact of Spain’s double-dip recession following the collapse of a construction boom in 2008.
The number [...]
Marta Fernández should have been celebrating. After looking for work for months, she found a position in a media company in Madrid. But her new job, working full time for €300 a month, will barely cover her rent.
She is one of the luckier Spaniards aged 25 and under, of whom more than half are languishing outside of work or education as the country suffers one of the highest levels of youth [...]
In the previous post, we briefly mentioned that
“….there could be some hidden debt bombs as a recent Bloomberg finding suggests that China’s banks may be understating their exposure to runaway local borrowing by possibly billions of dollars that is raising fears of a government bailout.”
Here are more details. It appears that based on a Bloomberg News survey, the construction boom by many local governments as part of China’s stimulus program that started in [...]
Mr Cheng said China is entering a “very tough period” as growth runs into the inflation buffers, threatening the sort of incipient stagflation seen in the West in the 1970s and leaving the central bank with an unpleasant choice.
Cheng Siwei, head of Beijing’s International Finance Forum and a former deputy speaker of the People’s Congress, said interest rate rises and credit curbs [...]
The Cure? Repeal NAFTA, Heavy Fines and jail time for employers hiring illegal workers, etc…
An Abundance of jobs ( decent jobs…not McJobs ) will have to be made available before we start Pushing people Off of Gov. assistance. When employment rises to acceptable levels, then reducing taxes, shrinking the Gov. and cutting spending will be Realistic. The jobs made available by the illegals leaving en masse will have to [...]
Spain’s jobless rate has surpassed 20 percent for the first time since 1997, the government said Friday as it offered more dismal news for a recession-plagued economy that is being dragged into Europe’s debt crisis.
The National Statistics Institute said the rate rose 1.22 percentage points in the first quarter to 20.05 percent.
While other major economies in Europe and elsewhere have posted at least tepid growth as they fight to crawl [...]