A portrait of European policy failure

The Telegraph ^ | 5/31/2013 | Ambrose Evans-Pritchard

[bruinbirdman]

Another month, another 95,000 people lost their jobs in the eurozone.

The EMU unemployment rate nudged up a point to 12.2pc, but this understates those who have dropped out of workforce. The European Commission says the real rate for Italy is around 20pc, not the declared rate of 11.2pc.

There are now 19.4 million registered unemployed in Euroland and 26.6 million in the EU as a whole. There are 5.6m youths below the age of 25 looking for jobs.

Frankly, I have nothing further to say on this. The chart below contrasts EMU policy failure with the US and Japan.

Europe was subjected to much the same shock as the US when the global credit/globalisation bubble burst in

[Amberdawn]

I was watching a very interesting documentary about muslim immigrants in Europe last night. It was produced by Israeli guys pretending to be arabs. The “youth” over there complain about joblessness and use it as an excuse to riot and, well, be muslim. It struck me as to how stupid Euro gov’t.s are to import these people when they have no jobs for them anyway due to the structural unemployment built in to socialist systems. Here’s the documentary, it’s 4 parts and pretty long:

http://www.youtube.com/watch?v=JbPmSDnvCL4

[musicman]

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[BfloGuy]

Of course, Ambrose doesn't mention the millions of Americans who've dropped out of the workforce thus artificially lowering our unemployment statistics. And he still insists that flooding the banks with reserves they can't lend is helpful.

He's a good observer -- I enjoy reading him. He just doesn't understand what he's observing.