The graph below shows the yoot unemployment rates in Europe, with both Spain and Greece surpassing 50% and Portugal chiming in at about 35%. For some perspective, here are a couple facts about Yoot employment in the United States of America.
- There are 38.7 million yoots between the ages of 16 and 24 in the U.S.
- The number of 16 to 24 year old yoots employed today in the U.S. totals 17.2 million.
- For the math challenged, that means that 55% of these yoots are not employed.
- But don’t worry, the BLS drones tell us the true unemployment rate for these yoots is only 16.9% since 18.1 million of these yoots aren’t really in the workforce.
How many of you were not in the workforce between the ages of 16 to 24?
Here’s the gist. Unemployed male yoots with no hope and no prospects tend to get angry. They tend to lash out and get violent. In Europe, the free shit is being cut off. There will be blood and violence across Europe this summer. The free shit is still flowing in the U.S., for now. But, with 20 million yoots not working, it wouldn’t take much to set off a shitstorm here.
AWD says:
They riot and destroy shit. They foster a revolution and a new social order. Viva la revolution!
Gonna be an interesting spring/summer.
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11th March 2012 at 12:30 pm
Hope@ZeroKelvin says:
Not to worry about the unemployed yoots.
As long as they can have access to more iCrap (with an earbud), rims, bling, sparkly nail polish and the EFT cards work, things will be fine.
If the Obama Admin has to promise half of the US continent to the Chinese to buy our crappy bonds to keep the Kabuki financial theatre going until 11/2012, well, I would put hard money on it.
No, you will not see the yoots rioting this summer, probably next year when it all falls apart and Obama can declare martial law and be the dictator he really wants to be.
(BTW, that is one of the funniest movies ever made. The scene where his girlfriend goes into this technical description of rear axle differentials and tire skids, totally blowing away the prosecutions case, is side splitting. It is a movie worth a gander.)
Well-loved. Like or Dislike:
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11th March 2012 at 2:07 pm
Administrator says:
Spain’s Two Largest Unions Call for General Strike; Mood of the Nation
The Spanish economy is deteriorating rapidly, and a general strike will not help matter any. Nonetheless, strikes, and I am willing to bet increasing violence, will soon befall Spain.
Please consider Spain’s new government faces first strike
Spain’s two largest unions, Comisiones Obreras and UGT, voted on Friday to call for a general strike on March 29 against reforms they called “the most regressive in the history of Spanish democracy”.
The labour reforms of Mariano Rajoy’s government grant employers greater flexibility to pay lower compensation when they fire workers, a change Mr Rajoy argues is crucial to increase Spain’s economic competitiveness, but one that has enraged the country’s unions.
Spain is struggling with more than 5m people, a fifth of its workforce, unemployed. The government argues that strong support from employers for the labour reforms demonstrate that it is taking the right steps to tackle joblessness.
The previous general strike in Spain, called in September 2010 against the Socialist government of José Luis Rodríguez Zapatero for raising the national retirement age, saw 7.5 per cent of all state workers walk out, according to the then government.
“There is no precedent for a decision this brutal, that puts us on an unknown road without considering the consequences,” said Cándido Méndez, head of the UGT union. “It is a general strike both just and necessary.”
Work Rule Changes Desperately Needed
The irony in this sad mess is that work rule changes and pension reform are desperately needed.
However, with Spanish unemployment at 23.3% and youth unemployment at 49%, few are going to see it that way.
Making far matters worse, the balance sheet problems of Spanish banks and debt problems in Spanish regional governments are both dramatically understated. There is no way Spain can meet the EU demanded 4.4% deficit target, or even Rajoy’s higher target of 5.8%.
For more on the problems confronting Spain, please see
•Sharpen the Mower: Spain Needs Triple the Budget Cuts and Tax Hikes to Meet EMU Imposed Budget Targets
•Spain Kicks Off the Year Destroying 9,000+ Jobs a Day, 283,700 for Month; Impossible Dream
Bond Yields Still Show Stress
The Spanish 10-year bond yield is down from a peak near 6.7% to 5%, but that is a steep premium to a 10-year German bond yield of 1.79%.
The 2-year government bond yields of Spain and Germany are 2.33% vs. 0.16% respectively.
Mood of the Nation
My friend Bran who lives in Spain writes “Here we have a general strike announced for the 29th, and the political sniping and arguments are going on as usual. I expect some initial protests this week. The sad situation is an unusual confrontation of ethics and abilities that is hard to describe. The strike on the 29th will show the mood of the nation – for now not obvious how it will be.”
Indeed. And it will be the mood of the nation (over time, not just on the 29th), not the mood of bureaucrats in the EMU and IMF, that decides the ultimate fate of Spain.
Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com
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11th March 2012 at 4:22 pm
DaveL says:
“There will be blood and violence across Europe this summer. The free shit is still flowing in the U.S., for now. But, with 20 million yoots not working, it wouldn’t take much to set off a shitstorm here.”
That means there are about 40 million parents that will encouage their kids to violence and bloodshed? C’mon. Would you incite your college freshman son to riot and violence? I think not.
If socialism is so great, why are so many in Europe getting ready to do violence and bloodshed? The provocateurs behind all this don’t give a fuck if the sheep out front get slaughtered. Unions don’t have altruistic motives.
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11th March 2012 at 5:00 pm
Administrator says:
Dave Dumbfuck
Where the fuck do you read that I’m encouraging violence and bloodshed? Your utter stupidity is breathtaking to behold. Do you have a brain defect that makes you make up shit in your mind that has nothing to do with what you are responding to? Do you ever tire of embarassing yourself with ridiculously idiotic statements?
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11th March 2012 at 7:04 pm
AKAnon says:
H@ZK-I second “My Cousin Vinny” as one of the funniest movies ever. I have had a crush on Marisa Tomei ever since. Hysterical.
As comic relief, DaveL beats a poke in the eye with sharp stick, but he is definitely C grade material.
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11th March 2012 at 2:52 am
Zara says:
Female yoots who are hot will do okay. There are plenty of enough 1%ers willing to inject them with enough capital to survive.
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11th March 2012 at 3:31 am
Hollow man says:
Correct Zara. Boomers strike again!
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11th March 2012 at 10:04 am
Hope@ZeroKelvin says:
@Admin; I just noticed this, but why does the avatar on your posts look like it has bunny ears?
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11th March 2012 at 10:55 am
Administrator says:
HZK
Better to hear what you’re saying.
After reading kunstler’s piece this morning you’ll see how much you both have in common. I’m sure that will make you mad.
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11th March 2012 at 11:11 am
ron says:
Live with theyre parents and leech off them.As long as theyre video games work i dont see them leaving theyre basements.
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11th March 2012 at 11:34 am