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17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe – Is The U.S. Next?

17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe - Photo by GgiaWhen you get into too much debt, eventually really bad things start to happen.  This is a very painful lesson that southern Europe is learning right now, and it is a lesson that the United States will soon learn as well.  It simply is not possible to live way beyond your means forever.  You can do it for a while though, and politicians in the U.S. and in Europe keep trying to kick the can down the road and extend the party, but the truth is that debt is a very cruel master and at some point it inevitably catches up with you.  And when it catches up with you, the results can be absolutely devastating.  Greece, Italy, Spain and Portugal all tried to just slow down the rate at which their government debts were increasing, and look at what happened to their economies.  In each case, GDP is shrinking, unemployment is skyrocketing, credit is freezing up and manufacturing is declining.  And you know what?  None of those countries has even gotten close to a balanced budget yet.  They are all still going into even more debt.  Just imagine what would happen if they actually tried to only spend the money that they brought in?

I have always said that the next wave of the economic collapse would start in Europe and that is exactly what is happening.  So keep watching Europe.  What is happening to them will eventually happen to us.

The following are 17 signs that a full-blown economic depression is raging in southern Europe...

#1 The Italian economy is in the midst of a horrifying "credit crunch" that is causing thousands of companies to go bankrupt...

Confindustria, the business federation, said 29pc of Italian firms cannot meet "operational expenses" and are starved of liquidity. A "third phase of the credit crunch" is underway that matches the shocks in 2008-2009 and again in 2011.

In a research report the group said the economy was caught in a "vicious circle" where banks are too frightened to lend, driving more companies over the edge. A thousand are going bankrupt every day.

#2 During the 4th quarter of 2012, the unemployment rate in Greece was 26.4 percent.  That was 2.6 percent higher than the third quarter of 2012, and it was 5.7 percent higher than the fourth quarter of 2011.

#3 During the 4th quarter of 2012, the youth unemployment rate in Greece was 57.8 percent.

#4 The unemployment rate in Spain has reached 26 percent.

#5 In Spain there are 107 unemployed workers for every available job.

#6 The unemployment rate in Italy is now 11.7 percent.  That is the highest that it has been since Italy joined the euro.

#7 The youth unemployment rate in Italy has risen to a new all-time record high of 38.7 percent.

#8 Unemployment in the eurozone as a whole has reached a new all-time high of 11.9 percent.

#9 Italy's economy is starting to shrink at a frightening pace...

Data from Italy's national statistics institute ISTAT showed that the country's economy shrank by 0.9pc in the fourth quarter of last year and gross domestic product was down a revised 2.8pc year-on-year.

#10 The Greek economy is contracting even faster than the Italian economy is...

Greece also sank further into recession during the fourth quarter of 2012, with figures on Monday showing the economy contracted by 5.7pc year-on-year.

#11 Overall, the Greek economy has contracted by more than 20 percent since 2008.

#12 Manufacturing activity is declining just about everywhere in Europe except for Germany...

Research group Markit said its index of activity in UK manufacturing – where 50 is the cut off between growth and decline – sank from 50.5 in January to 47.9 in February. It left Britain on the brink of a third recession in five years after the economy shrank by 0.3 per cent in the final quarter of 2012.

Chris Williamson, chief economist at Markit, said: ‘This represents a major setback to hopes that the UK economy can return to growth in the first quarter and avoid a triple-dip recession.’

The eurozone manufacturing index also read 47.9. Germany scored 50.3 but Spain hit 46.8, Italy 45.8 and France 43.9.

#13 The percentage of bad loans in Italian banks has risen to 12.2 percent.  Back in 2007, that number was sitting at just 4.5 percent.

#14 Bank deposits experienced significant declines all over Europe during the month of January.

#15 Private bond default rates are soaring all over southern Europe...

S&P said the default rate for Italian non-investment grade bonds jumped to 9.5pc last year from 5.7pc in 2012 as local banks shut off funding. It was even worse in Spain, doubling to 14.3pc.

The default rate in France rocketed from 0.8pc to 8.7pc, the latest in a blizzard of bad news from the country as the delayed effects of tax rises, fiscal tightening, and the strong euro do their worst.

#16 Lars Feld, a key economic adviser to German Chancellor Angela Merkel, recently said the following...

"The sustainability of Italian public finances is in jeopardy. The euro crisis will therefore return shortly with a vengeance."

#17 Things have gotten so bad in Greece that the Greek government plans to sell off 28 state-owned buildings - including the main police headquarters in Athens.

One of the few politicians in Europe that actually understands what is happening in Europe is Nigel Farage.  A video of one of his recent rants is posted below.  Farage believes that "the Eurozone has been a complete economic disaster" and that the worst is yet to come...

Most people believe that the eurozone has been "saved", but that is not even close to the truth.

In fact, it becomes more likely that we will see the eurozone break up with each passing day.

So who would leave first?

Well, recently there have been rumblings among some German politicians that Greece should be the first to leave.  The following is from a recent Reuters article...

Greece remains the biggest risk for the euro zone despite a calming of its economic and political crisis and may still have to leave the common currency, a senior conservative ally of German Chancellor Angela Merkel said.

But there is also a chance that Germany could eventually be the first nation that decides to leave the euro.  In fact, a new political party is forming in Germany that is committed to getting Germany out of the euro.  The following is a brief excerpt from a recent article by Ambrose Evans-Pritchard...

A new party led by economists, jurists, and Christian Democrat rebels will kick off this week, calling for the break-up of monetary union before it can do any more damage.

"An end to this euro," is the first line on the webpage of Alternative für Deutschland (AfD). "The introduction of the euro has proved to be a fatal mistake, that threatens the welfare of us all. The old parties are used up. They stubbornly refuse to admit their mistakes."

They propose German withdrawl from EMU and return to the D-Mark, or a breakaway currency with the Dutch, Austrians, Finns, and like-minded nations. The French are not among them. The borders run along the ancient line of cleavage dividing Latins from Germanic tribes.

However this all plays out, the reality is that things are about to get much more interesting in Europe.

No debt bubble lasts forever.  The Europeans are finding that out right now, and the U.S. won't be too far behind.

But for the moment, most Americans assume that everything is going to be okay because the Dow keeps setting new all-time record highs.

Well, enjoy this little bubble of debt-fueled false prosperity while you can, because it won't last for long.

A massive wake up call is coming, and it will be exceedingly painful for those that are not ready for it.

Greek Economic Riot - Photo by Ggia

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  • SmallerGovNow

    Michael, OT but the Senate floor is going to be taking up an assault weapons ban law. Write your congressional folks. Use your own words but here’s what I wrote…

    There can be no (zero) compromise on our Second Amendment rights. I understand the Senate Committee has approved an assault weapons ban and that it is on its way to the floor of the Senate. The expansion of the Federal Government since 9-11 is unconscionable and must be reversed. It is becoming clear to the American people that both parties are bent on continual increase of the central state. This is not how or what our country was founded on.

    I have recently reviewed the CBO budget outlook for 2013. I am amazed to see that in the baseline budget projection that they anticipate our Federal Government will DOUBLE in size over the next ten years!!! This is entirely UNACCEPTABLE! You need to be doing the exact opposite. Washington DC has grown so large, corrupt, and over reaching that it is absolutely destroying both our economy and our civil liberties. We have out of control agencies (read EPA, DOJ, DOA, DOE, DOT, et al) that regulate every aspect of our lives. These unelected bureaucrats need to be reined in at every level, regulatory burden reduced, and the majority of these functions need to be returned to the states. There is way too much duplication at the federal and state levels and Washington DC does not need to be telling the residents of the various states what is good for them. This reduction of regulatory burden along with a complete simplification and over haul of the tax code is the only way back to prosperity and freedom.

    I urge you to return the Federal Government to its Constitutional Principles. I understand this is no easy task, nothing worth anything ever is. The path Washington is currently on will ultimately lead to our destruction.

    • Handog

      Did you send a large campaign contribution with that letter in the form of check or money order?
      If not, it never made it past the front desk.

  • wolkenpass

    Farage is a class act.

    Vote UKIP!

  • Tim

    Is it me or does it seem that the propaganda from the mainstream media is increasing? Some of the latest headlines have been “Unemployment claims at 5-year Low”, “Consumer spending rises the most in 5 months”, etc.

    • Jodi

      Nope, you’re not alone. The media seems gitty lately on the economic news.

    • markthetruth

      That’s because you are not in control of your brain. They are, and they grab your unconscious mind to record their Optimistic message. Unless you move to the woods, they will manipulate you to no end and control what you pay attention to and store in your unconscious part of your brain and because your brain ignores negative and focuses to see only Optimism .

      the end…

    • krinks

      Right. Note how the answer is never to blow off the debt based currency and those who hold it. As someone once said, if it is our money why do we need to loan it to ourselves at face value plus interest?

      • Anonymoose

        Give unto Caesar what is Caesar’s… best bit of childhood propaganda I ever encountered, teacher told me this means we should pay taxes, because the presidents faces are on the currency…

        • merry529

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        • Brenda Thompson

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    • http://www.facebook.com/vlad.lenin.731 Vlad Lenin

      Your right. The propaganda ministry has been working overtime (despite the sequester). The media reports an economic fact, then immediately goes to the weather.

      • Paul

        Everywhere. I note that the new Pope is not being reported on by the MSM so much as he is being marketed. Someone wanted him there pretty badly, and now the global sell job is underway. I wonder if Ratzinger will suddenly have a “cardiac arrest” while under house arrest…er sorry living in the Monastery.

    • Mondobeyondo

      Smoke and mirrors, from the mainstream media.

      White smoke – new pope.
      Black smoke – no pope yet.
      Strange smelling smoke at 4:20pm.. ummmm…
      Mirrors – that’s up to you all to decide on that one.

      (Yes, I know I’m a bit late on that joke. Sorry. I have been preoccupied with other more urgent matters.)

      • Nuff Said

        Ha! Some of the best comedy is in the World of Comments…

    • Oil exectutive

      They are a sick bunch arn’t they

  • markthetruth

    ” While U.S. is Pulling Money Out of Thin Air ”
    ” And now is Leveraged to the MOON !”

    The U.S. is not only Printing Money They are leveraging back to all Time Highs on Margin accounts Within the Stock Market, Borrowing money out of thin Air. Because the is VIX Falsely low because of Bernanke’s Finger’s in the Dam. But will Crash like 2000 when everyone was Leverage to the Moon.

    the end

  • MichaelfromTheEconomicCollapse

    I just wrote a new article about the Federal Reserve over on The Truth that I think many of you will be very interested in as well…

    “The Federal Reserve System Is A Massive Wealth Redistribution Scheme”

    http://thetruthwins.com/archives/the-federal-reserve-system-is-a-massive-wealth-redistribution-scheme

    Michael

    • Tim

      You’re a writing machine, man. :-)

    • gest

      dear Michael the article must be in the universities to be part of the economic class.

    • K

      Heads up on what is happening in Cyprus. Zerohedge

      • Orange Jean

        I didn’t know that’s what it was called… but are you referring to that thing where they are proposing to take 10% of people’s savings if they have the money in a bank? I just read about that… disgusting precedent which I hope does not become some kind of standard for the rest of the world.

    • http://www.facebook.com/people/Abinico-Warez/100002657822528 Abinico Warez

      And exactly what is wrong with the Fed being a wealth redistribution scheme. If the rich just want to sit on their money and let the economy stagnate, might as well be the Fed that kicks their butt.

  • Jodi

    I haven’t heard a single peep on Europe lately in the news. I wake up to local weather, traffic and youtube videos every single morning? Oh, and I forgot that stupid news reporter who can’t stop giggling. It’s so offensive.

  • K

    Michael sadly I must add an 18 to your list. Greatly increased suicide rates in Greece, Italy, and Spain. Some would say that is not an economic indicator To me it is the ultimate indicator.

    • Thibault

      We can feel that despair in France too, probably more slightly for the moment. Some people burnt themselves in front of job agencies, some people killed their childs and husband before taking their own lives…
      Main medias little report these events, unless they’re forced. Propaganda is a good working machine (like in the US I assume) and it’s agents have more and more work these days.

      • K

        Thibault, thank you. I had not yet heard about France. Yes the propaganda machine is alive and active in the U.S. as well. Yes there have been whole families involved here as well. It truly breaks my heart.

        • gest

          totally agree, most people choose to be on denial ,and keep thinking people are mentally ill .and I keep thinking that is not the reason ,the real reason is the economy.

      • http://asouthernwriter.com/ Joyce J

        Wow that is crazy! But I believe it is only going to get worst, not just in Europe but in the US as well. It’s happening here too. :( The media won’t be able to keep this under wraps for too long…

    • Mondobeyondo

      It is indeed. Lots of psychos (um, psychiatrists and psychologists) will point out that suicide is a mental illness. That could be so. But there has to be something that pushes you over the edge. People don’t wake up one morning and say, “Today’s a good day to jump off a bridge”. When they get a foreclosure notice in the mail though..

      • K

        Mondo, In my experience. First hope dies, than the person. It is why we must all redouble our efforts. Let no one you know ever feel hopeless. Let them know you will be there for them, no matter what

        • chirsm

          Very good advice for these trying times. Cling and support each other and those you love. AND…. for God’s sake stock up on food and water. I think it’s about to really hit the fan. God Bless one and all.

          • K

            Amen

        • markthetruth

          People that sit and hope and don’t take action can’t change their lives.

          the end…

        • Orange Jean

          True words, indeed! I’ve just been thinking about a family I know… who despite being realistic (not in denial) are keeping their spirits positive. I suspect it has a lot to do with their faith (they are 7th Day Adventists).

          The husband lost his job about a month or two ago and they’ve been homeless for about the past month. living in borrowed “time shares” from two families they know. They have 3 young kids.

          The wife’s attitude is incredible and positive… and I admire her for being able to do it. She’d been an at home housewife and homeschooling the kids right along, with occasional jobs with her music. They plan on continuing that, as he’s focusing on looking for work.

          But because the wife is not whiny, not complaining (I have not ever heard a negative word about her husband or their circumstances come out of her mouth) … I’m sure this is helping him too because it is very hard to get hired if you come across “negative”… even when there are jobs out there!

          I wish I had more room in my house and could offer them a place to stay (but I only have 1 bedroom and it’s a rental). Fortunately they do have family, they will be leaving and going to her mom’s in a few weeks when the borrowed time share time is up. In the meantime though I’m doing what I can to help by having them come over to my house next weekend to help with my “garden” (something the wife wanted to do).

          • K

            They sound like wonderful people. I am glad to hear you are doing what you can. My place is also small, but I do have a 1000 foot storage building on the property. I have told people I know who are struggling, they are always welcome. It might be a bit primitive, but it would be far better than the street. And far safer.

      • http://www.facebook.com/profile.php?id=100003526419876 KC Ted

        Simply, it’s when life’s balance sheet has more pain on one side,, than pleasure and/or contentment on the other.

        Despair is not a mental illness, when despair is a daily reality due to no real improvement in sight.

      • Mondobeyondo

        Don’t laugh. Lest we forget…That’s exactly how Tony Scott (director of “Top Gun”, “Days of Thunder”, and “Beverly Hills Cop II”, among other Hollywood movies) decided to exit this world. He parked his car on a bridge in San Diego and jumped off.

        As much as I like to make fun about politicians, people and stuff such as – suicide in any form, to anyone, is NOTHING to laugh about. You have no right to take away what you did not create.

        • K

          Mondo. God Bless you. Your last sentence sums it up better than I can.

    • markthetruth

      19. Work Sharing ( The Part Time / Part Unemployment) New job Description…

      the end…

      • K

        They continue to destroy the middle class. And yet they expect an economic recovery? To say that is illogical, is an understatement.

  • http://www.facebook.com/mary.kotomski Mary Kotomski

    My advisor at my college doesn’t believe the economic numbers from either the state of Florida or the federal government.

  • John

    Nigel Farage seems to be the only person in the European Parliament that actually understands basic economics well enough to see that the European Union is going to fail drastically much like the USSR did in 1991. The unemployment and debt to GDP in Greece, Ireland, Italy, Spain, Portugal, Slovenia, Romania and the Czech Republic is quite shocking and the rioting alone should be a wake up call to the U.S. Its interesting that these particular Euro Zone countries have debt to GDP well over 100%+ and the U.S. just surpassed debt to GDP last year, yet our clueless president thinks we don’t have a debt crisis.

    My question right now is how long will Germany and France continue to prop up this failed economic system that is creating despair and misery for hundreds of millions of Europeans across that continent? I know Germany’s finance minister as well as the majority of Germans as a whole have been outspoken in saying “no” to supporting the EU financially. The stories out of Greece and Italy are pretty sad when you hear about families abandoning their children, people committing suicide and unemployment nearing 30% and youth unemployment over 60%.

    I’m pretty sure that in the not too distant future, we’re going to see the European Union break up and collapse. Because as Nigel Farage has stated in the past, when you take away people’s rights to freedom and democracy and their ability to vote for their own government, then all you are left with at the end of the day is nationalism and violence. America is ignorant to this fact. All of the countries in Europe have existed for thousands and thousands of years. America is only 237 years old. You can’t apply a type of political/economic union on a country that has functioned on its own for so long and impose a belief system on others that simply don’t want it.

    If you were to walk into French cafe, holding the the Flag of France in one hand and the Flag of the EU in the other and you asked anyone in the cafe: “to which do you pledge your allegiance to?” More than likely, any French citizen in that cafe is going to say “the Flag of France”.

    The whole reason the EU was created in the first place was to provide trade and economic stability among European countries after all of these countries spent the entire 20th century waging wars on one another and being governed by Communist dictatorships. Unfortunately, nobody planned on the fact that each country had its own economy. How can one currency work in 17 different economies with different types of governments. And what the EU is doing is essentially becoming a new dictatorship, telling countries how to operate, what budgets they should pass and who should be their president or prime minister.

    If this type of dictatorial control continues, I’m afraid that we’re going to see a repeat of what happened in Yugoslavia, when there were six different ethnic republics under one government, one economy and one flag and the results in the 1990′s were chaotic with civil wars and massive hyper inflation.

    I only hope and pray this won’t be the case and that Mr. Farage will continue to educate everyone in Europe about the dangers that are approaching.

    • UpChuck.Liberals

      France isn’t too far behind with the Socialists in charge.

    • El Pollo de Oro

      John: People ignore Nigel Farange at their own peril. I think his analysis is spot on.

      “The EU Titanic has now hit the iceberg. It is a
      European union of economic failure.”—Nigel Farage, leader of the UK Independence Party

      “It doesn’t matter what Angela Merkel says: people are rebelling. They do not want to be part of the Eurozone. They do not want
      grinding austerity while their GDPs are declining hugely.”—Nigel Farage, leader of the UK Independence Party

      “This Eurozone project is a total and utter
      disaster. It is coming to an end.”—Nigel Farage, leader of the UK Independence Party

      “There’s no avoiding it: the Golden Dawn in Greece is a neo-Nazi party and a very dangerous party. And one of the ironies of the
      Eurozone project is that the project that was set up to make us all love each
      other is actually beginning to make us hate each other.”—Nigel Farage, leader of the UK Independence Party

  • Rufus T Firefly

    Always nice to see the eurotrash vermin get exactly what they deserve. Can’t wait for the cheese eating surrender monkeys to get theirs

    • wildflower82

      There are good people there too….Eurotrash are irritating, but some of us might have families there that we do not wish ill will to.

  • saintmatty

    They will ban the assault rifles. Then ask you to turn therm in. If you don’t, they will come to get them. Next, there will be a war against Iran. I can’t even afford used tires on my truck. I am working and scamming constantly to keep up with the bills and other needs. I just can’t see how our leaders are so willing to fight another war. Something is not right. Our country will go bankrupt fighting wars that never end. Something major is going to occur soon. Be ready folks.

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      there will be no ban on AR’s nationally, only in the communist states

      • UpChuck.Liberals

        They’re already going around in the Peoples Socialist Republik of Kaliforniastan to collect weapons from those deemed ‘mentally unstable’. No warrants and they’ll take all weapons, even if they don’t belong to the ‘sick’ person. You can tell them to go stuff themselves and get a warrant.

        • Roger Smith

          Good point. Ever notice the constant messaging in commercials for War veterans to take advantage of VA benefits in seeking help with PSD? You think for one minute that the FEDs are not making a list of all these folks who show up and report they have PSD? Eventually these vets will have their houses raided and weapons confiscated.

          • arizonadiane

            Every Dr. Hospital, Eye Dr’s, etc now have to keep every patients information on computer. Centralized records. So if you change Dr’s it is all there on some server someplace. I recently had eye surgery and couldn’t believe the questions they were asking… like a physical. Now every time I go into the eye dr, they take my blood pressure and other things. I also have heard, but don’t know for sure, that if you are on Medicare, your Dr will ask if you own a gun.

            This is all part of Obamacare. And who owns Obamacare?? Our government is getting to know everyone very well.

    • Roger Smith

      Instead of turning in our weapons, maybe we could just donate them to our nearest Mexican drug cartel member. What harm could come of that?…I mean, isn’t that what Eric Holder would do?….Oh wait, he already did, then he turns around and blames us for the gun violence.

  • 2Gary2

    Tax the greedy rich to help the needy poor, tax the rich very (90%) hard and spread the wealth. Problem solved

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      you are a foolish piece of garbage

      • Rodster

        That’s an insult to garbage

      • jsmith

        No need to get nasty on this site at all! Disagree with intelligence!

    • UpChuck.Liberals

      You must be a graduate of the Marx School of Stupidity. Didn’t Obama graduate from there too?

    • http://www.facebook.com/profile.php?id=100002974801900 David Lee

      No, tax everyone in the country. Spread the burden of running this country to everyone who benefits from its services.

      • 2Gary2

        and the rich and corporations benefit the most so tax them hard and spread their ill gotten wealth.

    • arizonadiane

      The greedy rich you refer to are the bankers and our government. They are doing it on purpose. And your Attorney General just said yesterday, there is nothing they can do about these “too big to fail banks”. Considering our government GAVE them the money … who do you think is behind this gary?

      • 2Gary2

        agreed tax rich liberals hard.

    • Robert (qslv)

      One Trick Muppet

  • Mondobeyondo

    Yes, southern Europe is in a depression. So is northern Europe and the U.S., but we aren’t feeling it as bad… YET.

    Remember the last time this happened, in the 1930′s? Desperate people look for desperate solutions. The last time, and much of Europe turned to fascism and scapegoats (religious and economic) for solutions. Germany looked to a guy named Hitler to solve their economic woes. Italy looked to Benito Mussolini. (Hey, he made the trains run on time!) Spain, Francisco Franco. Each of those guys either started or made worse, wars that killed millions of people. These people in those countries got a bit more than what they bargained for.

    • wildflower82

      The reason Hitler won the trust of millions is because he actually turned one the worst economic catastrophies into a booming economy…he literally changed the entire economic landscape within a few short years….no one has come close to doing that since….however, he did a lot of horrible damage with his wars and torture to people who the regime deemed enemies of the state,

      • wildflower82

        Also, remember that he didnt not go to war for awhile after he was chancellor…and to be completely truthful, he was somewhat provoked to war…was he prepared…yes, by all means…but he did not make the first move…the treaty was broken first, I in no way am a Hitler apologist,,,just get a little irritated how msm spins the lies and leave out facts. Hitler was an bad man, but that doesnt mean I will believe the incorrect info that msm feeds us.

  • A Dodgy Bloke

    I’ve heard about the spike in suicide rates in southern Europe, and people setting themselves on fire in front unemployment offices in France. In the UK suicide rates are spiking also. You wont hear that in your local paper ABC, CBS, NBC, MSNBS or the Commie News Network. Suicide rates are a symptom of a much deeper much more disturbing problem. Which is why it is important to develop other sources of News.

    • Mondobeyondo

      It’s the same here in America. People give up too easily these days. I couldn’t imagine George Washington, Patrick Henry, Abe Lincoln, and many others, with that sentiment and attitude. How sad that we so easily give up these days.

      “Gentlemen – it is too cold. The snow and ice are freezing our feet. We can’t cross the Delaware River.. It is obvious to all, that we can not survive. The British have us surrounded. All is hopeless. Let’s just kill ourselves and get it over and done with.” – George Washington, 1777.

      I don’t think so.

      • wildflower82

        Society’s structure and programming is much different nowadays. We are conditioned to have a weak will to survive….from the toxic chemicals in the air to the gmo food….its taking its toll in many ways…sad.

  • Mondobeyondo

    During the height (or depths if you prefer) of the Great Depression, in 1932, the unemployment rate across all working age people was 25 percent.

    Today in Greece, youth unemployment is almost 58 percent. Youth unemployment in Italy is approaching 40 percent. It’s bad enough for us “older” unemployed people (we can’t find work either!) But these are people who are just getting started in their working careers. They want to buy homes, marry and start families, but they can’t find work. And they are NOT happy.

    Don’t be surprised if things start to look like 1968 again (although the rebellions of ’68 was more political than economic). You’re going to see riots in Paris, Rome and Madrid. “Occupy Wall Street” was just a dress rehearsal. Grab your popcorn and Coke, the feature presentation is upcoming.

    • El Pollo de Oro

      Mondobeyondo: I’ve often said that even though Gen-X has been screwed, Gen-Y is much more screwed because at least cynical, jaded, aging Gen-Xers like myself benefitted from the prosperity of the 1990s. Gen-Y entered the workforce at the time when the BRA was already in severe decline.

      I have friends and business contacts over in Spain, and that country is an absolute powderkeg. The demonstrations in Madrid and Barcelona have been massive, which isn’t surprising considering that Spain’s youth unemployment rate is around 56%. Many Spaniards feel that la policía have become a goon squad for the banksters, and when anti-police sentiment becomes that widespread, you know the unrest will only get worse. One poster on a political site out of Spain basically said this time, Franco’s goons will be the ones taking a bullet. Very frightening situation in that country.

      • http://asouthernwriter.com/ Joyce J

        Well, atleast they are out in the streets protesting… can’t say that for here so much… But I will happen sooner or later…

        • Mondobeyondo

          “You don’t like my music? Well, here’s a curse for all y’all”
          “May all your descendants be born naked*.”

          (*Credit. Jimi Hendrix)

    • Seneca

      It won’t be 1968–it will be more like 1930-38 in Europe. That period led to the Spanish Civil War, the rise of Hitler, and armed combat in the streets of major European cities by youths belonging to fascist, proto-fascist, socialist, and communist groups. I am not talking about riots here, but far worse. It will begin in Europe, but spread eventually here.

      Virtually the same factors are in play: economic collapse, much of it engineered from the top, crony capitalism, swift social change and permanent loss of jobs due to technological change. Utter lack of leadership everywhere on the part of all parties. No war reparations, but an increasing lust for land on the part of China, and respect on the part of Russia. And we’re nuclear now. Sounds as though Ted Turner’s population wish list will come true.

    • DB200

      25% is a very low figure. I heard that the unemployment rate in parts of Africa is close to 70%.

  • DRBUZZSAW

    One after another
    European countries will fall until it all collapses and when that happens look out USA. Then it will be our turn to feel real pain. Not this, so called pain of sequestration. But bone numbing pain like loosing everything you own, money, cars, home, wife, kids all gone. But your pain is just starting now you will find yourself living in a cardboard box down at the river eating what ever you can catch is the meal of the day. More horror, more pain, unspeakable misery is coming our way, and soon!
    PRAY HARD / PREP FAST / TIME IS SHORT

    • wildflower82

      Why do people keep saying Europe will go first,then the US? As far as i can tell we are all suffering economically…just some places more than others…i can assure you that we could very quickly be in the same shoes as Spain or Italy.

  • http://www.facebook.com/profile.php?id=1381717510 Chris Jaynes

    Is now a good time to consider investing in precious metals, notably silver? I want to start investing in something that would not be affected so much by a crash, and gold is out of my price range. I notice prices are low right now, was wondering if it would be a good time to buy.

    • UpChuck.Liberals

      Any precious metal is good, I’d suggest a diversified portfolio, Gold, Silver, Platinum, Lead.

      • http://www.facebook.com/profile.php?id=1381717510 Chris Jaynes

        Thanks. Gold is a little out of my range now, but I’ll definitely be working on adding to a collection when possible.

        • UpChuck.Liberals

          Sadly, lead is getting as expensive as Gold and as rare as unobtainium. It’s value will probably increase at a faster rate as our rate of decline increases.

    • PatrickHenry1789

      If you live in the US, I’d recommend brass, lead and gunpowder thrown in for good measure!

  • markthetruth

    Brazil Inflation

    Annual inflation, as measured by the IPCA index,
    accelerated to 6.31 percent in February, a 14-month high, the national statistics agency said last week. Gross domestic product expanded 0.9 percent in 2012, the agency said on March1. Quickening inflation means higher costs for companies and raises concern about the longer-term outlook for the economy.

    were next , but worse

    the end…

  • David39910

    Thanks for the update-different subject- I think WWII was the last war this country fought,

    • Mondobeyondo

      No, WWII was not the last war the U.S. fought. But it is the last major war we’ve decisively won. And it’s going to stay that way.

  • David39910

    Tim it’s getting crazy fasy

  • David39910

    fast

  • krinks

    Note how no one ever points out that the Employment Rate is in the area of 58% with 5% of those being gov’t jobs.

  • http://www.facebook.com/profile.php?id=100000989403852 John Evangelisti

    Ahhh.. the culpable and complicit media.

    If a CEO does a pump and dump on his companies stock, we the people, through our system of courts and juries send him to jail for dishonesty and stealing.

    It the entire global banking system does a pump and dump, well it is a fault of the system and no individuals can be held responsible for the outcome, just as one rain drop can not be blamed for the flood. Or so the theory of criminal collaboration goes.

    When an entire nations economy goes pooof! the criminals will circle the wagons blaming anyone and everyone as they go, using their favorite shills in the lamestream media. The damage to all the worlds people will be noticeable and measurable from space.

  • La Gazzetta del Apocalipsis

    Hello, I live in spain and the situation here is complicated. The situation is not homogeneous: there are people working, with good jobs and people who have nothing and falls into despair. Therefore people who passes it poorly hides his State to others by shame. In addition, there are other problems in Spain, it is not a nation, but several nations artificially united by history and centuries-old conflicts unresolved, such as the Basque Country and Catalonia and with inherited political structures of the fascist era of Franco ruling the country. If this continues, there may be a civil war… the mass media don’t say anything about this.

    • arizonadiane

      La Gazzetta… thank you for sharing what is happening. It is good to hear from the people who are in the midst of it. God Bless you.

    • jsmith

      Nothing good comes out of civil war except Spanish deaths. It is precisely at this moment that Spaniards should unite against the known enemy of your people, and those are the banksters. Usted sabe quien son!

  • Alex

    Nº 19 in your list (since someone already added Nº 18): Unemployment in Portugal has hit 17.6% with the government saying it will probably go to 18.7% this year (knowing the Portuguese government the way I do, these numbers are not even close to reality) Taxes are going up, cuts are going up, salarys are coming down, the economy is contracting, shops are closing all over the place, the Portuguese debt is sky rocketing at 124.7% right now

  • http://www.facebook.com/profile.php?id=100002974801900 David Lee

    Let’s look at the government solutions that many see as good. There were families, who had no way to put food on their table, are now provided for.
    The government emphasizes that gun ownership is a national threat and that removing them from everyone in society, except the government, is the
    solution.
    In order to fix the depressing economy, the country must print more money, to help those who need assistance & make the country prosper again.
    The Nations leader is a charismatic man,
    and a powerful speaker, so people
    believe in his countless speeches as small signs of improvement are taking hold.

    Since the citizens have been taught in
    public school, that the government is the answer to every problem, this is where they instinctively turn to for answers.
    On election day, those on assistance remember who took care of them in troubled times, as their numbers are increasing every year.
    Now if you think the above is about our current day President, back up world history
    about 90 years and read it again.

  • Prut

    Jeezus, what an idiot. It’s not debt that’s destroying the economies of Southern Europe, its forced austerity for from the German and French banksters. Do you watch Fox News much?

    • La Gazzetta del Apocalipsis

      There is no one single factor causing this crisis. Each country has its own special characteristics. For example, in Spain, because the stupidity of their governments (both left and right), economic growth was based on a monstrous housing bubble. Easy Money: stupidity to power. Now, we suffer the consequences. The austerity is as suicidal as the injection of easy money that makes the fed in the USA. The economic collapse all over the world seems inevitable and is something prefabricated with dark objectives.

  • jox

    I write from Spain. Austerity is a nighmare. Lots of companies closing. Lots of unemployment. And the worst is that the income of the government is getting smaller, thus creating more deficit, and more austerity. Nobody knows how to exit this trap?

  • http://www.facebook.com/libertarian.amazon Libertarian Amazon

    And not a peep from MSM on this. Just keep reporting on Beyonce’s latest video and who is leaving The View.

    • Mondobeyondo

      Yep. So sad to hear Joy Behar is leaving The View. (I think it’s Joy Behar, correct me if I’m wrong.) Well, it’s just more time wasted by lonely housewives who will now spend their free time watching cat videos on YouTube….

  • drbuzzsaw

    Not to change the subject but:

    I have noticed a lot more flies this winter than normal. usually during the winter all flies disappear for several months during the coldest part of the winter. I have had flies in my house ALL winter long. I heat my home with wood and so that means some times my wood burns out during the middle of the night and my house gets real cold, but I still have flies. Does anyone else notice this problem? Why do we have flies in the middle of the winter with snow on the ground and my in house temp. has gotten as low as the upper 40s and I still have flies. I keep a clean house but I am still killing flies in the middle of the winter. I bet that means we are going to have a very bad fly problem this summer…

    Does anyone else notice this???

    • sharonsj

      It’s got to depend on where you live. I’m in northeastern PA and most of my house is cold except for two rooms. I have seen no flies and only this week did I see a few ladybugs and stink bugs. But thanks to global warming we’ll be seeing plenty of insects soon enough.

    • Mondobeyondo

      You had me at “flies”. Or did you meant to say “FILES”??

      Heh.

  • http://twitter.com/WorldEventBible World Events Bible

    The MSM is absolutely covering the facts. I republished a great article from Zerohedge, 1936 Redux. They show a market over lay of today and back then and we match up pretty good. We’re on the last uptick before a collapse that was the Great Depression of old…

  • germania

    southern nations know only how to spend but doesn’t how make to money. No wonder they are bankrupt. Less corruption and more activity is the recipe for them.

    • Nexusfast123

      Arrogant comment. The Euro is killing these countries as they cannot nationally and on an individual basis manage their economies.

      • El Pollo de Oro

        Nexusfast123: Yes, the euro is strangling countries in southern Europe. No doubt about it. I totally agree with Nigel Farage (head of the UK Independence Party) when he says that unless Greece exits the euro, you’re going to see an absolute bloodbath in that country. Same thing in Spain. The more people in Greece and Spain are asked to starve and suffer in order to bail out the criminal banksters, the more the blood will flow. The European countries that refused to go on the euro (including Sweden, Denmark, Norway, Switzerland, Iceland) made a very wise decision.

  • sharonsj

    It’s not the debt. It’s the collapse of their financial system (the same way ours collapsed). But the Eurozone is in bigger trouble because each country cannot print their own money and had to borrow from other bankers to bail out their own banks.

    In exchange for the loans, governments agreed to austerity programs (like Greece ending its national health care) and selling off their assets (property like buildings and islands). They also agreed to pay back the loans and the bond holders at a high rate of return, The result is that more than half the money goes directly to the insolvent banks and there is not enough money left to adequately run a government.

    Many of these countries are now in a depression, with unemployment at least 25%–50% for younger folks; workers and pensioners have all taken massive cuts–but the bankers and politicians are doing just fine. Our media doesn’t tell you about the constant riots, marches, and protests–or that the people are voting out career politicians and electing rebels and even TV comedians (as in Italy).

    Nor does our media tell you how our Fed is also bailing out the European banks because our banks are intertwined with their banks. We are giving them billions (and we’re still spending billions on Iraq and Afghanistan). One day soon the music will stop and you and I will be left holding the bag.

    • Nexusfast123

      You are correct. It is as if the EU was running a de facto gold standard across the EU. If we introduced a global system based on a gold standard the same thing would happen on a global scale. Gold is in limited supply so you could not readily expand the supply of gold to expand the global economy or a national economy. The only way around that would be to print paper so you would be back to square one. Or lots of imposed austerity as economies contracted.

  • Mondobeyondo

    I did not hear about that. Hopefully he found another way out besides taking his own life This is a frustrating time for me, as many of you on this blog already know. But I can’t imagine the frustration of someone who’s unemployed, diabetic, broke and facing homelessness. That’s four strikes right there. (In baseball, 3 strikes and you’re out.)

    Say a prayer for people like this gentleman, and for everyone else in a similar predicament. There are many of us out there.

  • star7rider

    Listen up people, america is finished, Ask Jesus to come into your heart and get ready to leave this sinfull , corrupt and dying world, There is the answer, we will go to heavan,

    • Mondobeyondo

      If we continue on our present course, and our current foreign policies, yes. America is pretty much roasty toasty.

      Can Jesus save our nation? Yes, He can, and He will, if we will only turn back from our evil ways. I can tell you right now – we won’t.
      But find enough people who truly believeiin Him..He’s willing to help. Too bad that for every person who trusts Christ with their heart, 99 others curse Him, watch TV shows and movies that curse Him, and so forth.

      • Nexusfast123

        Jesus who? Is he, it, what related to the mysterious skygod?

        You don’t realise how ridiculous you appear with that drivel. Any issues we have were created by man. No imaginary entity is coming to save you, me or any of us.

        • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

          are you gary reincarnated?

  • Mondobeyondo

    I was alive in 1968. But I don’t remember any of it. I was two years old.

    But from what my parents and others have told me about that era, I would not wish it on anyone. Well, maybe Hitler, Stalin and Pol Pot. Anyone else, no.

    Two Americans widely regarded as heroes, were shot and killed. The first was Martin Luther King Jr. After MLK was shot and killed, people focused their hopes and dreams that MLK had, onto Robert Francis Kennedy. Then RFK was shot and killed. No more hope, no more dreams, no more anything.. The general consensus at the time? “Oh well, guess we’re stuck with Nixon’. How sad.

    I sincerely hope, this time, we’ll find a way out of the darkness. Will we?Don’t know.

    A good piece of advice: Don’t kill the people who can help you.

  • Stephen

    This is proof that extreme austerity doesn’t work, nor does too much debt.

  • Nexusfast123

    Liberty is a philosophical dead end whose only outcome is anarchy. A stupid concept really.

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      you must be an obama fellationist

  • Oil exectutive

    WHY DOESN’T THIS GUY EVER MENTION PEAK OIL

    • DB200

      Because there isn’t any. Peak oil is a very good analysis but only for traditional oilfields.

      Now with shale oil and shale gas production techniques, peak oil is pushed to somewhere in 2150 or beyond.

      Not that this will save the world, it will rather more ruin it. But hey, as the majority believes in instant gratification instead of God, only tree huggers like me and you will care.

      • Oil exectutive

        Shale oil and tar sands oil (which aren’t even oil but butiman and kerogen) will never make up for the decline rate in conventional oil fields. The EROEI (energy return on energy investment is far too low. The world uses app 84 million barrels a DAY. Trust me I’ve seen the charts, graphs and facts. Don’t believe the propaganda and hype, its not based in reality. That stuff might help a bit but its not a game changer. By 2150 most of the humans on earth will have died off a long time ago.

      • Oil exectutive

        Peak oil happened in 2005-2006. There is no way shale oil or tar sands will be able to make up for the massive decline rate of conventional oil or gas. It takes major amounts of natural gas and fresh water to get the kerogen out of the ground and or refine it is another net energy loser. I can assure you after 3 years of research and study that by 2150 most of petroleum man will have died off a long time ago.

  • Ralfine

    The unemployment rate in Austria is 4.9%.

    The unemployment rate of programmers in Germany is less than 2%.
    Jobs for teachers in UK are advertised with GBP 100,000 p.a.

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      Germany: rate is 6% and climbing. People 58 and older are excluded from the official unemployment numbers, even if they’re desperately looking for a job. They don’t receive unemployment compensation but, conveniently, pre-retirement compensation. So they don’t count for the simple reason that they’re too old to count. That’s the German baby-boom generation. They’re turning 58 in massive numbers and fall unceremoniously off the unemployment lists.

  • Mom13

    Another excellent article, Michael! Both my husband and I are grateful for the information your post on this blog. We are daily readers here! God bless you!

  • 2Gary2

    “Again I tell you, it is easier for a camel to go through the eye of a
    needle than for a rich man to enter the kingdom of God.” Matthew 19:24

    I am trying to save the rich MF souls when I say tax the rich and spread the wealth.

    I thought if I put it in these terms the low info conservatives may understand it.

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      you quote the word of god and YOU HATE CHRISTIANS

      • 2Gary2

        That is very presumptuous of you to assume I hate Christians. Typical low info conservative.

        • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

          you are a no information racist. and yes, you hate Christians. see ya’ racist loser….

  • watcher

    Early Saturday, the nation reached an agreement with international lenders for bailout help. Part of the agreement: Bank depositors with more than 100,000 euros ($131,000) in their accounts will take a 9.9 percent haircut. Even those with less in savings will see their accounts reduced by 6.75 percent. That’s right: Anyone with money in a Cypriot bank will have significantly less money when the banks open for business Tuesday than they did on Friday. Cypriots have reacted with this perfectly rational reaction: lining up at ATM machines to try to get as much money out in the form of cash before the money they have in their accounts is reduced.
    Courtesy of the Washington Post

    • JohnnyK

      Actually the percentage was locked by the banks and they could remove that “tax” even if they tried to empty their accounts

  • Mondobeyondo

    Sodom and Gomorrah! It’s St Patty’s Day again!
    (Yes, that’s my annual St. Patrick’s Day greeting).
    I shall now take some time to indulge in cabbage,
    corned beef, and Everclear dyed with green food coloring. Don’t let them tell you it’s lime juice. Yah.

  • Bruce

    My house is paid for. My truck is paid for. I have over 40 chickens and much in the way of preps and even so, I am very worried. An accident, a sickness or a mob can do me in even with the greatest of plans.
    Can ANYONE explain how we can possibly pull out of this? 16.5 trillion in debt. 1.3 trillion or more per year for the future. If we drastically cut spending now the economy would wither even more (maybe even collapse). But, if we don’t cut spending we also collapse. This indeed in the perfect storm. How can so many be so blind?

    • sbozich

      “How can so many be so blind?”

      Isn’t that what history asks about der Deutsch?

  • http://www.facebook.com/gabriel.a.king2.10.1978 Gabriel Alan King

    Turn in your guns. Take the vaccines. Drink the fluoride. Don’t listen to conspiracy theories. Go back to your track homes, everything will be just fine.

    • wildflower82

      You forgot the gmo and bpa laden foods….yum!

  • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

    gary2 is a racist homophobic imp and hates Christians.

  • http://www.facebook.com/people/Abinico-Warez/100002657822528 Abinico Warez

    The rich have way too much money that they are not spending on high multiplier items; the poor have no money but would spend it on high multiplier items. So, take money from rich, give it to the poor, and explain to the rich it will all flow back to them anyways. And meanwhile, the economy takes off.

  • Jack

    So funny all of those stats, considering the REAL US economic numbers are already much worse than anything listed there.

    Just more US propaganda.

  • Mondobeyondo

    I’m actually kind of torn between this one. As an Arizona native (yes, I’ve been to Tucson, at the Safeway supermarket at Ina Road, where Gabby was shot), It’s a rather sobering experience. Not in the way some of you may think, and honestly I do NOT want it to be. Please don’t call us “Dealey Plaza West”. Aside from the obvious differences .um,……. we in AZ. don’t want that kind of recognition, and by calling it “recognition”, I’m being polite.

    For those who don’t understand Arizona, or the gun culture here – it is very prevalent. People take the 2nd Amendment very seriously. Maybe that’s why Mark Kelly and Gabby Giffords own firearms, in spite of what happened in Tucson — I don’t know, and I don’t speak for them, because I don’t know them.

  • Mark of the Wild West

    All Europe and the USA as well, is under the control of the B.S.I. and they must contract the economy at the bottom (the public) in order to render their money printing (counterfeiting) to continue… Fiat money is a scam and the aforementioned contraction is the only way to bring value to freshly counterfeited money… Why not, you can’t do anything about it!…

    Millions upon millions begging for relief and mercy from the very people who nurture the Bank of International Settlements (B.S.I.) world wide counterfeiting operations… Think of the laugh the top Banksters and politicians must be having!!!!

  • Oil exectutive

    How can a crumbling empire with unemployment and record food stamp use have a record high dow jones? I SMELL A RAT

  • dennis

    Collapsing the world’s economy is a risky thing to do by the elites in my opinion. It awakens more and more to the tyranny hidden from most. On the other hand, desperate people can be steered easily when they get a carrot stuck out in front of them. Like many here state, we have to support one another and not buy into all of the propaganda

  • wildflower82

    You are right. Go to watchmans cry . com. He explains pre-trib rapture very well. it is indeed incorrect. We will most definitely be here for the chaos. Who said being a follower of Christ would be easy…that is why the path is narrow.

  • wildflower82

    Funny how they mention nothing of Fast and Furious. I think the whole thing smells like a psy-op for gun control. Giffords is shady.

  • woohoo

    IF THIS HAPPENS IN TH U.S
    R E V O L T
    OR
    PERISH

  • http://www.facebook.com/profile.php?id=640857452 Rc Fowler

    THIS IS THE RESULT OF MARXISM–BOTH ECONOMIC AND CULTURAL!

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