The Beginning Of The End
The Beginning Of The End By Michael T. Snyder - Kindle Version

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10.7 Percent: Unemployment In Europe Is Worse Than It Was At The Peak Of The Last Recession

The unemployment rate in the eurozone is now 10.7 percent.  That is the highest the unemployment rate has been since the introduction of the euro.  The unemployment rate in the eurozone never got any higher than 10.2 percent during the last recession.  This is very troubling news.  It was just recently announced that the eurozone has entered another recession, and already the unemployment rate is hitting new record highs.  So how bad are things going to get in the months to come?  The truth is that the problems for Europe are just starting.  The European sovereign debt crisis continues to get worse, and another major global financial crisis is going to be here way too soon.  The EU as a whole has a larger population, a larger banking system and more Fortune 500 companies than the United States does.  When the financial system of Europe crashes, the entire world is going to feel it.

Some of the unemployment numbers coming out of Europe are absolutely staggering.

Unemployment in Spain is 19.9 percent.

Unemployment in Greece is 23.3 percent.

And when you look at youth unemployment the numbers are far worse.

The unemployment rate for workers under the age of 25 is 48.1 percent in Greece and 49.9 percent in Spain.

If you look carefully at the photos of the austerity riots happening in Spain and in Greece you will notice that the vast majority of the protesters are young people.

Instead of getting better, the unemployment numbers in Europe just keep getting worse.  Many analysts were shocked by these new numbers.  The following is from a CNN article....

"This is appalling," said Carl Weinberg, chief economist at High Frequency Economics, highlighting that the unemployment rate following the collapse of Lehman Brothers peaked at 10.2%.

Appalling indeed.

The frightening thing is that we haven't even had a major financial crisis in Europe yet.  So far, the powers that be have been able to keep Greece from defaulting and have been able to keep major banks all over Europe from collapsing.

But there are quite a few signs that the "moment of reckoning" for Europe is rapidly approaching....

-The European Central Bank announced on Tuesday that it would no longer take Greek bonds as collateral from European banks. That is a really bad sign.

-Major European banks are revealing unexpectedly huge losses on Greek debt.  The following is from a Reuters article....

The scars of Greece's debt crisis were laid bare in heavy losses from a string of European banks on Thursday, and bosses warned the region's precarious finances would continue to threaten economic growth and earnings.

From France to Germany, Britain to Belgium, four of the region's biggest banks lined up to reveal they lost more than 8 billion euros (6.8 million pounds) last year from their Greek bonds holdings.

"We are in the worst economic crisis since 1929," Credit Agricole chief executive Jean-Paul Chifflet said.

-The International Swaps and Derivatives Association has ruled that the Greek debt deal will not trigger payouts on credit default swaps.  This is going to make it less likely that private bondholders will voluntarily agree to the debt deal.

This ruling is also seriously shaking confidence in credit default swaps.  After all, they are supposed to be "insurance" in case something happens.  But if they aren't going to pay out when you need them, what good are they?

-Voters in Germany are sick and tired of pouring money into a black hole.  One recent opinion poll in Germany showed that Germans are overwhelmingly against more bailouts for Greece.

Some German politicians are becoming very open about their feelings for Greece.  For example, Interior Minister Hans-Peter Friedrich said the following in a recent interview with Der Spiegel....

"Greece's chances to regenerate itself and become competitive are surely greater outside the monetary union than if it remains in the euro area." He added that he did not support a forced exit. "I'm not talking about throwing Greece out, but rather about creating incentives for an exit that they can't pass up."

-In Greece, news publications are openly portraying German Chancellor Angela Merkel as Hitler.  Far left political parties that oppose the bailouts are surging in the polls and anger and frustration are reaching unprecedented levels.

The following is from a recent article in The Guardian....

There is a growing animosity towards Germany on the streets of Athens. Angela Merkel bears most of the hostility with one of Greece's newspapers last week mocking the chancellor up as a Nazi on its front page.

Niki Fidaki, 40, says Greeks are angry at Germany and the troika's demands for higher taxes and public services cuts. "People can't afford to pay the tax. My pay has gone down, but my taxes have gone up. But, I'm a lucky one – half of my friends don't have jobs. Greeks hate that they are asking us to pay all the time when we don't have the money. Families have no work, they have kids to look after but no money to pay for anything."

As I have written about before, Greece is already going through a devastating economic depression.  The people of Greece are not in the mood to be pushed much further.

The eurozone is a powder keg that could explode at any time.

So why is the U.S. economy doing so much better than the European economy right now?

Well, a big reason is because we haven't seen any austerity in the United States yet.

Barack Obama is funding our false prosperity by borrowing 150 million dollars an hour from our children and our grandchildren.

Of course all of this reckless borrowing is going to make the eventual collapse of our financial system far worse, but right now Americans don't seem to care.  The only thing the mainstream media seems to care about is that some of our economic numbers are getting slightly better.

The sad thing is that our government is spending a lot of this money on some of the most stupid things that you could possibly imagine.

Did you know that the Obama administration just spent $750,000 on a brand new soccer field for detainees held at Guantanamo Bay?

I wish I had a $750,000 soccer field to play on.

I would love that.

Look, when the federal government quits stealing more than a trillion dollars a year from future generations things are going to look a whole lot different in this country.

So pay attention to what is going on in Europe.

That is where we are headed eventually.

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  • Rodster

    Yay, socialism for the win ! :lol:

  • r.bitting

    ” Blessed be the God and Father of our Lord Jesus Christ who according to his abundant mercy has begotten us again to a living hope through the resurrection of Jesus Christ from the dead, to an inheritance incorruptable and undefiled and that does not fade away, reserved in heaven for you, who are kept by the power of God through faith for salvation ready to be revealed in the last time. In this you greatly rejoice, though now for a little while, if need be, you have been grieved by various trials, that the genuineness of your faith, being much more precious than gold that perishes, though it is tested by fire, may be found to praise, honor, and glory at the revelation of Jesus Christ, whom having not seen you love. Though now you do not see him, yet believing, you rejoice with joy inexpressible and full of glory, recieving the end of your faith- the salvation of your souls.. 1 Peter 1:1-9….. Thats what i’m headed towards.

    • Tapper P.

      The lord started his ministry at age 30 and ended at 33. God’s sun in the house of the Zodiac exits one house at 30 degrees and enters the next at 33. There are 12 houses. 12, 12, 12 theme throughout the Bible. Open your mind a bit R.Biting, perhaps you’ll eventually figure it out.
      Everything is in the sky, and many times repeated.
      Starting with John the Baptist/Aquarius and on through the one year cycle as God’s son travels through each house. We are currently in the house of Pisces – the fish. That is why there are constant references to fish and fisherman. Jesus, the fisher of men.

      Comeon pal, stop walking in the everlasting light for a minute and THINK. You can do it.

      • Cinderella Man

        Tapper, you have alot of growing up to do. Youre only 22 years old, and r. bitting may seem boring and old to you be the man has alot of good things to say. At least he’s trying to be a light in the darkness instead of being an immature complainer. Grow up dude, someday you might need the blessing of the Lord in your life.

        • r.bitting

          Thank you Brother and may God bless you !

        • Tapper P.

          He’s sadly deluded, but I guess everyone has the right to be that way if they want.

    • You’re An Idiot

      What does this have to do with the subject of this article? Can you not even quote relevant Bible verses?

      You are like that guy on the street corner who screams at people as they pass by. How many people have you led to salvation using this method?

      • r.bitting

        Your an I….The power is in the word of God, I have nothing to do with whether a person will be saved or not because salvation is of the Lord. I do not know if Christ wills to use this particular passage to reach a person, and reveal the Father to him, but I know one thing for certain, Christ will use the passage I posted to break a stoney heart before he will use that garbage you did. You are like the rich man ignoring Lazarus, quit being selfish. If there was one chance in 20 million that Christ would use that passage to reach somebody on this site, Then it was worth it, because for the one who is without Christ, time is of the essence.

        • gary2

          quit being selfish says r, bitting.

          Talk about throwing stones in a glass house.

    • M. Hapney

      r.biting believes we are the center of all of this; which is insanity. Have to laugh, really.

      http://htwins.net/scale2/scale2.swf?bordercolor=white

    • N. Daniels

      Blessings upon you r. bitting, at least you understand that the Main Thing is to keep the Main Thing the Main Thing. Hopefully headed in that same direction myself and looking forward to meeting you on the other side. Prayers for the detractors above who walk in darkness. The only thing in the sky of importance is that they are proof of the majesty of our creator and God forbid that you or I should ever cease to walk in the everlasting light of Jesus Christ. The word of God contains the ONLY relevance on ANY subject. Keep Preaching!

      • r.bitting

        Thank you friend, may God bless you and your family!

        • Gary2

          Hey r. biting-looks like britebart is going for a swim in the lake of fire!

          • McKinley Morganfield

            I skipped over this evil comment several times but can no longer restrain from engaging in a futile attempt to wake you up. With this comment you are showing your true colors: hate, envy, hate, envy, & feeble mindedness. Thank you for vilifying AB who was a far more honest and forthright man than you will ever be in your 10,000 life times as a dung beetle of hate and envy. You prove his point by the banality and depravity of your dogmatic words. Give up the hate and envy. It will kill you before your time.

          • Gary2

            Ask Shirley Sherrod how honorable brietbart was. You sir are the epitome of low information conservative thought.—I use the word thought very lightly here.

  • Rodster

    Gary2 is that you in the picture? :lol:

    • McKinley Morganfield

      No, its not G2. I suspect G2′s acne is much worse and his clothes are far more dirty and in greater disrepair,and the fellow in the picture is not drooling copious amounts of frothing envy saliva. Additionally,if it was G2 he would be in flames from the Molotov cocktail he threw at himself.

      • Rodster

        Now that you mention it, it looks like that protester is down wind. Having a Molotov cocktail comeback at you is not to bright especially if you had wind in your face. :)

      • Tom

        M. Morganfield- VERY funny! Actually made me LOL!

    • Horhey

      Perhaps Gary the 3rd. Runs in the family I’ll bet.

    • Chris

      ROFL! You just made my morning.

    • gary2

      no but I have been in OWS protests in the Milwaukee area and posted my picture of me protesting. I was holding the recall walker sign.

      Michael-maybe repost the link so folks can see that I actually do something besides post on blogs.

      all Eurpoe needs to do is tax the ********** out of the rich and corporations etc and spread the wealth. I do not see any of these conserns in the Scandavian countries. If we want what they have we need to do what they do. No more conservative BS policies.

      • Randome-11

        Taxe ´em? Shoggoth pits would be better.

      • rickisadick

        was that old hag with the $10 for a &%$#@ sign next to you your mom in that pic in Milwaukee? We stand with Walker!!!

    • Rodster

      Yeah Michael please post the picture of G2. I want to see the face of why America will go down the toilet just like Greece and the rest of the Eurozone. :)

  • knightowl77

    Rev Wright may be right about something….”America’s chickens are coming home to roost”……

    Eventually the day of reckoning will arrive….

    If Obummer is allowed to keep borrowing money at the pace he is to keep his base happy for his re-election, then our conflagration will be even greater (think bad, very very bad)

  • http://EconomicCollapse Already Gone

    Life has been boring this winter so something new,fresh,and exciting would be welcomed,don’t
    really care which way the ball bounces,been prepping for a long time,plans are laid out,
    the sooner this problem is faced and dealt with
    the quicker the healing process can begin,and yes,some people are people are going to have to face the music,but nobody promised anybody a rose garden. So Bring it on!

    • Janey

      @Already gone. We both seem to feel the same way. Bring it on. I’m old and ready to meet my maker, but before I go I would like to see how all the “know it alls” react to TSHTF. All the druggies, all the polititians, and all the people that cant fix dinner with out going to the grocery store….Janey

  • http://worldendsat5newsat11.blogspot.com Tony Lamb

    So goes Greece, so goes the world.
    The bad thing about American riots when SHTF bad we have guns and hungry American’s will use them to feed their kids. You can’t really blame them they didn’t do anything to bring this on themselves, but they are going to feed there kids no matter what it takes.
    See how to survive the coming Economic Apocalypse at:
    http://surviving12-21-2012.blogspot.com

    • McKinley Morganfield

      “The bad thing about American riots when SHTF bad we have guns and hungry American’s will use them to feed their kids. You can’t really blame them they didn’t do anything to bring this on themselves, but they are going to feed there kids no matter what it takes.”

      IMO this will take place in urban areas, only. Plus, what you seem to ignore is that those who are prepared have their own children and grandchildren to feed. We will defend our children or grandchildren to the last cartridge and we have more cartridges than the unprepared. And, we have seeds to start a new life for our children and grandchildren. The meek will not inherit the earth. The violent stupid ones will not inherit the earth. The prepared, vigilant ones will inherit the earth.

    • tex may

      Correction- they are going to try and feed their kids till they meet up with someone with more guns and better training and no sense of humor.
      Then they are going to end up dead and their kids are going to starve.

      Better to find a way to survive that depends less on being the meanest son of a bitch in the valley. It didn’t often work in the old west and it will not work long in the new world to come.

      Planning, Privacy, Practice.

    • Rancher

      Especially when they start feeding their kids… your kids.

      • Cinderella Man

        LOL You can be the Basement People from The Road or the guy who has the gun and the kid to feed!!!

  • Paranoid

    My stomach hurts

    • mondobeyondo

      You’re lucky you’re only getting a stomachache. My migraine headache is starting up again…

      ahem.

    • St. Lukes School Teacher

      The proper way to del with this epidemic is to worship and praise Obama and make him God because he is a good christian family man and he will clean up America.

  • Mike

    Very eye opening. The Stock Market in Greece is also the worst performer in the world at this time according to a statistics websight. I have family in Greece, and they say things are terrible. They are not use to paying property taxes at all. They actually paid very little income tax if any at all for years and years. The things we just do here everyday as Americans IE. Pay taxes, work 12 hours a day etc. are totally foreign to the Greeks. I guess now all that has caught up to them like a high interest rate credit card. Its actually fun when I go visit, all we do is eat and party and go to the beach.

    • Rancher

      If we did not pay so many taxes then where would the money come from to bail them out? You should be proud of the abuse you go through ;-)

  • http://lastdayrapture.blogspot.com/ TK

    It is absolutely unbelievable the number of people I meet that know nothing about these very important issues.

    Thanks for posting informative articles that are more relevant than anything found on the mainstream TV news stations.

    Let us pray that more will awake from their coma.

    • http://economyincrisis.org American

      That’s because they are lost in escapism satisfying their carnal desires to stimulate the endocrine and nervous system pleasure centers in their brains.

      Don’t worry. That will quickly end and non-pleasure centers will be HIGHLY stimulated when the crash comes.

    • Rancher

      Tip; I have found it saves a lot of time to just ask the crowd… Does anyone know about or care about either our huge collective debt or the fact we are going under? When no one in the crowd of 50 or so responds you have the rest of the day off to prep.

    • Kathy Smith

      I know what you mean TK I try to inform people of what is going on & get the deer in the headlights look. People better start waking up. God help us all.

    • Cinderella Man

      I hear ya TK, Ive gotten to the point where a meaningful conversation about economics with any of my friends of family they get that glassy look in their eyes and quickly change the subject to something retarded and useless. Ill be like “so do you think that Greece will default?” and theyre like ” Greece? Oh. Hey I broke up with so and so and posted embarassing shit about him on Facebook! It was soooo funny!”
      Yep Im at the point where the give a damn is busted!!!”

  • http://shelter101.com Dave Shelter

    All I can say people is prepare now. Start thinking of what will happen when things fall apart. You will need food, medications, self defense, shelter, and warmth during the winter months. Should have, could, would have are for the people that won’t make it… http://www.shelter101.com/bicycles-and-tatics-for-survival.html

  • mondobeyondo

    As the Eurozone goes, so shall we, over time. It’s just a matter of time. Greece is actually ahead of the U.S. by maybe 4-5 years.

    During the past decade, our (U.S.) economy kept getting injected with financial cocaine, oops I mean dollars from the Fed. And we built giant McSand castle mansions, and drove giant SUV’s, and sent text messages from giant iPads – out of a false debt-driven “prosperity.” Banks and financial institutions showered us with zero percent interest for 2 years… sign up for our plan and get a free big screen TV… no down payment and no interest until 2013, etc. (Banks a few years ago would have approved your dog for a new credit card if they got the chance – so your puppy could upgrade to a 3 story dog house. They didn’t care. The banks, not the dogs.)

    The subprime mortgage crisis, and its collapse, of course, is the most famous example of how we got into this Mess. Many people are now discovering this firsthand. Slowly but surely, it is starting to fall apart. The people those banks approved, should never have been granted loans in the first place. So why were they approved? Four words. GREED. GREED. MORE GREED.

    The subprime borrowers had no means to repay the loans. Do you really think you could live in a 3 bedroom house earning a salary from Burger King? But hindsight is always 20-20.

    “And so castles made of sand
    Fall to the sea
    Eventually.”

    - Jimi Hendrix

    • urbanshadow007

      Actually they could afford it, but with bankers putting in the clause for interest rates based on the American dollar they were bound to fail. They wanted to squeeze out as much out of them before taking back they’re houses. They were given sub-prime even when they qualified for regular loans with fixed interest rates.

    • Rodster

      You can also blame liberal/socialist democRATS who wanted everyone to have a home whether they could afford it or not.

      So they (Barney Frank and his ilk) forced banks to accept those unqualified loans.

      • Gay Veteran

        poor Rodster, why is commercial real estate also in the same bad position as residential real estate?

  • Colin

    While this crisis unfolds in Europe, the politicians in Washington are voting on an anti-contraception amendment, a sheriff in Arizona has a press conference calling the President’s long-form birth certificate a forgery, and a super pac associated with Herman Cain has a girl killing a goldfish in an internet ad.

    • Eisenkreutz

      Better they be doing that then passing the Enemy Expatriation Act. Its a blessing in disguise.

    • nowwthen

      And the president is spending his time on the phone trying to console a female law student (who attends a university that costs $65,000/yr. tuition and board) because the poor young woman finds supplying herself with enough contraception to have intercourse 2 or 3 times every day for three years burdensome while thanking her for publicly making a fool of herself in trying to convince you and me to pay for the copious supply of birth control which she believes every coed has been constitutionally endowed with. But when she graduates she will no doubt find a government position somewhere within the offices of Nancy “Am I Smiling” Pelosi or Debbie “Washmyhair” Shultz.

  • mark

    I find it very interesting that some of the talk in the market is about Apple TV and Apple stock going to $1000.00. The public is nuts. Sure enough, they will buy a stupid TV for $1600 or more on their credit cards. Some would even buy one if they didn’t even have a job. Instead they should stock up on food and other supplies. No, that’s right they can always get food stamps. Good luck out there.

    • BenjiK

      I know exactly what you mean. That’s all you hear about in financial circles, Apple, Apple, Apple. It almost seems like the whole stock-market “rally” is fueled by Apple stock. I’ve also heard quite a bit about moving Apple into the DJIA 30, which would make the U.S. markets skyrocket. Like you said, what do we expect as long as i-phones and i-pads are government subsidized…

  • urbanshadow007

    I also wanted to say if the American dollar is going to fall might as well go along for the ride, but I’m thinking in their perspective. This plane is going to crash, whether we crash here or there, it’s going to be fatal.

    Man waiting for America to press the reset button is like waiting to get a whooping. You just wish you can get it over with, cry and then move on, lol.

    • tex may

      Organize your life so you do without $$ as much as possible. Collect trade items and learn a skill that does not need modern resources so that you can barter for what you don’t have. When the economy collapses people who can grow food, tan leather or make boots are going to be in high demand.

      • tex may

        Armed raiders trying to live off the land will probably not live long. To many other armed people with no sense of humor!

    • mondobeyondo

      You don’t have to wait for America to press the reset button. It automatically activates after a period of inactivity….

      Thank God for what you have, and trust God for what you need. Your life may depend on that in the future.

  • BenjiK

    All current financial trends are eerily reminiscent of the few months before the 2008 “crash”, ie; surging stock-market, rapidly escalating fuel and food costs, trouble brewing at Fannie Mae, etc… However now we get to add in the Eurozone crisis, major turbulence in the middle-east, record-high unemployment and government spending and deficits to the likes which we have never seen.

    It’s like deja vu, not being able to wake from a bad dream and watching a slow-moving car accident all in one.

  • Bone Idle

    The Euro ECB has this week released thin air funds which will prop up 800 Euro banks.
    The Euro’s have put a ban on banks buying Greek Bonds.
    The ISDA was declared that the Greek situation does not qualify as a Credit Event therefore Credit swaps and Credit Insurance is not payable – This has the effect of making those creditors unable to get paid in event of Greek reneging on payments.

    The Euro’s have decided not to discuss the Greek Bailout until the 12th of March only a few days from default.

    Greek Elections will be held in April. The incommming government will refuse the bailout provisions.

    Greek under 35 years old unemployment is around 50%

    The Greek perfect storm is breaking.
    There is no question of a default now. The rest of Europe are preparing themselves for this.

    Southern Europe’s unemployment will bring about a rebellion.

    Merkel is already being described as a German war criminal (I can’t use the WWII term) by the Greek newspapers.

  • Randy

    $5 a gallon gas is coming this summer, that will suck the wind out of our fragile recovery. Hate to say but I can’t believe the stuff coming out of politicians mouths these days. They have all sunk to new lows. Just goes to show how messed up our government is and the politicians that want to be in office. The train wreck keeps on rolling. Another thing that is funny to me. I am now divorced and have no dependents. I just finally got a job and cannot believe the amount of money they are taking out in taxes. I guess it is better than living on the street.

    • Orange Jean

      Don’t forget… it’s not just gas. Nearly EVERYTHING we have in our homes and work place is made out of, or has major parts, made of plastic. What is plastic made out of? Petroleum…

      Take a look around you, the computer you’re reading this on… plastic
      The car you drive… plastic
      The toilet seat… plastic
      The containers our food is in … plastic,
      etc.

      The price of EVERYTHING is going to go up!

  • Randy

    Oh and one more thing. The current problem with Greece and the rest of Europe is Austerity. It is making things a lot worse. Unfortunately, no one seems to bother to read the history books. Austerity never ever works following a recession. It just sucks what little life is left out of a week economy. Yes, our stupid governments shouldn’t spend all the money in sight when times seem to be good, but neither should you cut everything in sight when the economy is week. This just slows down consumption and puts a whole lot more people on the dole. So Europe is a classic example of what happened during the great depression. Britian put a bunch of austerity measures in place and now they are also in recession. So the beat goes on.

    • McKinley Morganfield

      Yes, austerity hurts. But the real solution is to take the pain (and it will be very painful) that results from the contraction and the purging of all the toxic assets (which are actually liabilities). There is no other way. You can wish and hope otherwise, but it will get you nowhere. The longer the day of reckoning is put off, the worse the evitable pain.

      • Gary2

        Austerity for the poor-bailouts for the rich.. This is why OWS exists and will continue to get stronger.

        No way in hell I and other will suffer austerity while the rich get socialism.

        • McKinley Morganfield

          You, because you do not understand the chain of events/actions over the last 40 years that have brought us to our current state of affairs, fail to realize that by ‘austerity’ I mean refusing to prop up the TBTF banks, corporations, insurance companies, and hedge funds. Yes, that austerity will hit those of us who live and work on Main Street (you obviously do not work on Main Street) but we have far less to fall than the elite banksters and their politico puppets.

          You, in your mindless dogma (that you really do not understand) are a big part of the problem. The ‘rich’ use you as Lenin once noted, as a “useful idiot”. Wake up and swallow the red pill, the blue pill keeps you in the matrix.

          • Gary2

            such original thinking. NOT!

  • Tappedops

    Keep a stiff upper lip troops… inflation will go fro 8 to 12%… gas will break 6 bones soon , but lets keep our eye on the prize… a false flag terror event that will make 911 look like a skinned knee…

  • http://economyincrisis.org American

    Wow! Great article. The unemployment rate for workers under the age of 25 is 48.1 percent in Greece and 49.9 percent in Spain.

    Really?!?

    That’s a recipe for upheaval if I ever have seen one.

  • chiller

    “The International Swaps and Derivatives Association” IS the same 5 big US banks that do the CDS in the first place. They have never paid on a CDS and never will because they don’t have the money. Another banking fraud scheme? You bet it is and the hedge funds getting burned by these banks will refuse to be scammed by them ever again.

  • tex may

    I doubt that you can even play football (soccer)

    • Michael

      Hey, now that is just not true.

      Back in the day I was actually quite good.

      I may be a little older, but I bet I could still make a little magic with the ball at my feet.

      Michael

  • tex may

    Talking about Greece and Spain and Ireland is like talking about Rhode Island and Maine. Important if you have family there but of little real consequence in the end.

    Finland,Denmark, Sweden, Holland, France, Germany, Britain, etc are the countries that really count…

    • mondobeyondo

      Not necessarily so. The eurozone is interconnected. All of the countries you mentioned are family, financially speaking. (Putting “We Are Family” by Sister Sledge on the turntable.)

      All for one, and one for all. Germany is reasonably wealthy compared to the rest of the continent, but they are getting very nervous. Why? Because Germany uses the same currency now as Greece and Italy. If they go down, so does Germany.

  • tex may

    Not trying to minimize the impact of major hurt on the financial markets but it seems to me that the average American is already living in a world of hurt- unless you are a candidate for President…. but until people start to live within their real means- yes smaller houses and paid for cars they have no real hope for survival in the new world coming.

    Probably no hope even then. How long can you survive living in a highrise or suburb of LA, Chicago, Miami or DC? 2-3 days food maybe? Water when the power goes out? Sanitation- people still have to s–t, gonna use the bathtub? Disease will take most of those who don’t starve or kill each other fighting over the scraps!

    Darwinism wins again.

  • pete

    I read the EC everyday. It is among the best sources of information available.

    If you keep up the good work, you just might be able to have full use of the new soccer field.

    pd

  • Rancher

    I always take heart when the riots and violence with the police happens in the city. Cause I live on a dead end old dirt road going nowhere.

    • mondobeyondo

      Hey – if I ran for political office, I’d promise you I’d build a bridge to nowhere, so you could escape your neighborhood.

  • Donald Wilson

    It’s going to be a grand ride but when this train derails it won’t be so much fun. Good luck.

  • sharonsj

    I agree: the banks (and American taxpayer money via the Fed) is going to prop up the European banks. But it can’t last. Economists say Greece essentially is in default. Spain, Portugal, Italy and Ireland are in bad shape too. I bet the banks are just screwing around for as long as possible to make money before the crash.

    Also, did you know the international banks are stealing via insider info and trading thru the London bank exchanges? As long as our politicians made bribery and stock market gambling legal, they will not do anything to help the average citizen. (P.S. It’s the speculators world-wide who are driving up the price of gasoline.)

    Instead of facing the problems, legislators are passing laws about contraception and abortion. Instead of getting us jobs, they giving tax cuts to the rich who send our jobs overseas. And when the state and federal governments impose even more austerity here, you’ll see our people in the streets too.

  • Jim

    I think I may vomit (and not from the breakfast burrito) I just ate.

  • McKinley Morganfield

    If/when the great contraction arrives, you will need family and good neighbors to work together and prosper. Prosperity in a depression is growing your own food and looking out for one another. I’m big on prepping, but prepping can only take you so far without allies.

  • Barn Cat

    Federal employees aren’t one-third of the American work force. If every federal worker in America went on strike it wouldn’t cripple America.

  • J.J.C.

    Just to illustrate the unbelievable stupidity of Americans: We look at Greece and think “what the hell is wrong with them spending all that money?” But of the four “conservative” candidates running for prez, we have Romney, whose buget plan hardly changes anything from the path we are on, Gingrich whose budget plan will add 7 trillion to the debt, Santorum, whose budget plan will add 4.5 trillion to the debt……..and Paul who has the only plan to actually deal with the debt crisis, but we’ve all decided for some reason to just dismiss him as crazy.

    Whether you like Ron Paul or not, it is a FACT that his budget plan is the only thing that will keep this from happening to us.

  • Wrangler Wayne

    In America, people can work all their lives and have no pension. For every month of work, Americans should accrue one month of retirement based on the wages earned, similar to Germany. Implement this into law. Next, repay Social Security. Make all banks repay their bailouts or fold their cards and leave the table. Next, reduce Social Security payouts 30% for those in the new retirement system. After passing the above, remove the passing of further laws from Congress and stop the lobbyists. Pass lawmaking to the states. Get rid of the electoral college. It’s antiquated, negates too many legitimate votes and allows money and big business to purchase the president. Make all high schools include two years of college. Put all emergency supplemental appropriations bills to finance military operations into the military budget. This will give a true picture of the actual military expenses without smoke and mirrors. All this just for starters.

    • McKinley Morganfield

      “For every month of work, Americans should accrue one month of retirement based on the wages earned… ”

      For every month of work at decent wages (I know, I know) Americans should save and eventually invest in real assets for their retirement. Until we reward frugality and stop rewarding reckless behavior there can be no economic sanity.

    • John W.

      Are you five years old? No adult could believe the crap you posted.

  • Antonio Gonzalez

    “So pay attention to what is going on in Europe”.

    You are wrong, pay attention to what is going on in America,
    America is worse but everything is lie lie and lie.

  • Rodster

    Surprise, surprise Moody cuts Greece’s credit rating again.

    Moody’s warns of Greece default despite debt deal
    http://www.bbc.co.uk/news/business-17238523

  • gary2

    Michael-It is my understanding that the UE rates in Europe are the real rates and not the fake rates we have here.

    Have you heard that this is the case?

    I could be wrong on this but I do not think I am.

    If you compare the UE real rates to the REAL rates in the USA we are both in trouble except that at least in the EU they have way better saftey net programs.

    we need to strengthen the saftey nets in the USA. Tax the greedy to help the needy.

    • McKinley Morganfield

      EEE gads! You are 1.) a DNC troll; 2.) a totally confused puppy; or 3.) I repeat myself.

      I happen to know someone in Greece. The “safety nets” are gone. They were gone the moment Greece put 30% of the population (using borrowed money) in useless public sector jobs with cushy pensions at age 50. My friend in Greece has no illusions about the situation; she sees the situation clearly. You however, are on the far left side of the bell curve. If we allow you to vote we should allow dogs, cats, and boxes of rocks to vote.

      • Gary2

        I said I may be wrong about the EU rates being the real rates.

    • knightowl77

      Safety net programs???? Are you kidding, they cannot afford to pay for the programs that they have now….Which means they have to borrow more and more money, which puts them in deeper and deeper debt…So as more people become unemployed the more they have to borrow, which means this is a death spiral. You cannot exit until you crash and burn

  • Cinderrella Man

    Tax Gary2 to help me and you!!!

  • Cinderella Man

    My bad Im using my new laptop cant spell my screen name! Michael can you give me that link for the screen charaters? What was it gravatar?

  • D Asleson

    You can thank China!

  • Bill

    PLEASE TAKE ACTION-DON’T JUST COMPLAIN

    The economic collapse will continue. The political fraud will continue.

    UNTIL we flush the DC toilet.

    Ron Paul consistantly tells the truth and has more support than he is given credit for, because of the political fraud created by those who can’t “afford” the truth. If you are one who is afraid to support Ron Paul because you think he can’t win then please read this article: http://www.examiner.com/conspiracy-in-denver/carol-paul-election-fraud-confirmed.

    If you want to stop the collapse and fraud, please support Ron Paul. If you want the can kicked further down the road or to keep the stench in the toilet, well just pick any of the others.

    Side Notes: 1. Has anyone noticed there are several sites reporting over 100 resignations from top bankers?
    2. Andrew Breitbart has passed but the controversy will never end. Controversy has a way of hiding the truth.
    3. Possibly the truth has been found by Sheriff Joe Arpaio.

  • Gary2

    To our great shame, America now has

    • the highest poverty rate, both generally and for children;

    • the greatest inequality of incomes;

    • the lowest social mobility;

    • the lowest score on the UN’s index of “material well-being of children”;

    • the highest expenditure on health care as a percentage of GDP, yet all this money accompanied by the highest infant mortality rate, the highest prevalence of mental health problems, the highest obesity rate, the highest percentage of people going without health care due to cost, the highest consumption of antidepressants per capita, and the shortest life expectancy at birth;

    When it comes to social conditions, it’s important to recognize that nearly 50 million Americans now live in poverty—one in six. If you’re in poverty in America, you’re living on less than $400 per week for a family of four. Poverty is the bleeding edge of a more pervasive American shortcoming—massive economic insecurity. About half of American families now live paycheck to paycheck, are financially fragile, and earn less than needed to cover basic living expenses, let alone save for the future.

    Tax the rich and spread the wealth.

    Stop the horrible conservative policies that caused the above.

    Conservatives YOUR policies have caused this. Damn you!

    http://www.alternet.org/story/154367/america%3A_the_best_country_in_the_world_at_being_last_–_how_can_we_change_that?akid=8339.146440.DONrT2&rd=1&t=2

  • Alex

    The crazy religious people here make this site a whole lot less credible unfortunately.

    • Gary2

      I know–all that talk about Gog-Magog and the lake of fire etc

    • BK

      “For the preaching of the cross is to them that perish foolishness”

    • mondobeyondo

      Makes it more credible, in my view.

  • Lennie Pike

    Operatives of Goldman Sachs were sent to Greece and now are the leaders who control the Greek government. No voting has been allowed in Greece ever since that happened. Italy same thing, and the U.S. very close to the same thing. All protesters are described as communists – communists with filthy personal hygiene. There is a reason for that, and it looks like it’s working as planned.

    Naaaaaaw…..there’s no reason to protest Wall Street – you must be a commie if you do – a filthy commie that takes dumps in the street, and never takes a bath.

    I remember who and where I first heard these protesters of the now criminally rigged, anti-freemarket, anti-capitalist, fascist western financial system described this way – it was on CNBC.

    I’m sure these protests scared the living crap out of the ptb to an extent that they themselves hired people to go out and take dumps in the street and act like far left nut cases. So of course that attracted the real ones to join in – but they would have anyway. There are many well known reputable free-market capitalists protesting what Wall Street is doing.

    By the way, not one person has gone to jail – seem a little odd? Yes laws have been broken.

    In the U.S. the wall street protests were co-opted – the Tea Party protests were also – just ask the founders of it – it was originally protesting both parties equally, now it is property of the Republican Party. When you control the news media you can do wonders and all protests will be co-opted easily.

    In Greece, the protests will not be co-opted because the Greeks are not complete idiots like Americans have become. Actually in the entire world there is only one other country with complete ignorant gullible idiots that measure up to Americans – North Korea.

    Wise up!

    The problem here is ignorance and gullibility.

  • Steve

    My quote and you may spam all you want.
    These Government leaders with all the potential considerations will fail in their calculations and have such unintended consequences. A Global Depression that will make the U.S.1933 Depression a cake walk. War, crime, riots and famine will be the norm. A lynching of the middle class with nothing left will thrust violence upon the “Elites” and the “Rich” that the world has ever seen. If you can, leave the U.S. and find a 3rd world country where they know how to survive on nothing. You may realize then you will be one of the Blessed lucky ones. For now the growing massive debt is a smoldering volcano is like Mt. Vesuvius, that when it blasts will leave the world looking like Pompeii.
    - Steve 09/11/09

    And a note from your sponcers…..
    If your faith is strong enough to stop bullets, you’ll be fine.
    —Unknown
    Anyone for $5 a gallon gasoline in America!

  • Bill

    Gary,

    For discussion, who do you consider rich, does it matter how much they make, how they make it, how they have spent or saved it?

    • Gary2

      I will go with Obama rich-anything over 250,000 per year is rich as evidenced by the IRS tax info. (% of population who make this or more)

      I could care less how they “make it”, “spent it” or “saved it”

      We have way to unequal wealth and income in this country and the rich need to be taxed hard and corporations need to be taxed hard and the wealth spread.

      You can see my prior posts for a more detailed analysis.

      • Bill

        Thanks for your reply. I agree there is way too much wealth at the top, I’m not sure where I would draw the line for fear of taking incentive from what drives our entrepreneural system. Your $250K/yr might be ok, but would you be ok if the person’s spouse provided enough to live on so that saving $250k/yr allowed a retirement fund of $10M?

        Perhaps it would be appropriate to agree that having too much wealth occurs whenever it is used to start buying political influence for any reason no matter what number is used to define wealth. Is wealth responsibility not more important than wealth limits?

        • Gary2

          absolute power corrupts absolutely. Same can be said with wealth.

  • just me

    maybe in this country, stories should be printed about what’s going on here and not Europe, very few of the responses were written about the story above.

    • sharonsj

      That’s because most people don’t understand the interconnectedness of the financial system. Besides, our Fed just loaned foreign banks $7 trillion of our dollars without the approval of our government.

      • sharonsj

        P.S. Just found a very good article on Business Insider called “Leaked Memo Reveals: What a Greek Default Will Cost Europe and the World.” It explains why we should be very worried. Go to http://www.businessinsider.com.

  • Jeremy Bridges

    “It has recently been announced that the Eurozone has entered another recession”…. er not really. We never left the last one. The Eurozone / Union has been in a continuous recession since God knows when. Only 10.7 unemployed? You believe everything put out by the Brussels Mafia. Trusting little soul ain’t yer. Be advised : accept nothing that the European Commission publishes. Every Country within the European Union has its own agenda. Rats in a sack would be an appropriate description of the EU. Our duplicitous mendacious Prime Minister promised a referendum on Europe. As soon as he won the election – he reneged on that undertaking. All we want is out. We’d like our Country back. Nothing else matters. Europe is about to go down. You in the USA take note and protect yourselves.
    Have a nice day.
    Jez in Chichester uk.

  • http://www.thehomeforsurvival.com Survivor Mike

    What we are seeing in Europe is a microcosm of what is to come in the US.

  • Dennis

    Employment data from Europe is NOT comparable to employment data in USA.

    Bill Clinton changed US employment data and created politically friendly U-3 and U-6 numbers.

    Even our broadest U-6 data is not accurate because it still excludes many segments of our society.

    Europe does not create U-3 or U-6 equivalents.

    PS

    Bill Clinton and his (mid 1990s) Boskin Commission also changed CPI abnd GDP formulas. By removing a targeted 1.5% inflation from CPI, the GDP appears stronger as a result.

    • Gary2

      I thought I was correct in that the UE numbers in Europe are way more accurate than here in the USA.

  • http://www.economyincrisis.org American

    Look at them scream for handouts from sprawling welfare states that have no money left. Both the Democrats and the Republicans will drive us to this point through massive deficit spending and a failure to fix our economy.

    • Gary2

      No we will tax the rich and spread the wealth! Wait until Nov!!

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