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Wake Up! 11 Facts That Show That Europe Is Heading Into An Economic Depression

Europe is not just heading into another recession.  The truth is that Europe is heading into a full-blown depression.  The economy of the EU is actually larger than the U.S. economy, and we are watching it melt down right in front of our eyes.  Things just continue to get worse in Europe, and yet somehow the authorities over in Europe just keep insisting that everything is going to be “just fine”.  Well, everything is not “just fine” over in Europe right now.  Unemployment in the eurozone has just hit another brand new record high.  In some nations in Europe, the unemployment rate is already significantly higher than anything the United States experienced during the Great Depression of the 1930s.  Europe is a continent that is collapsing under the weight of its own debt, and this is just the beginning.  A lot more pain is on the way.  Officials over in Europe are trying to hold the European financial system together with duct tape and prayers, but it could literally fall apart at any moment.  Europe has a much larger banking system than the United States does, so when a financial collapse happens in Europe, it is going to be very significant for the entire globe.  Sadly, most Americans do not even pay attention to much of anything that is happening in Europe.  They tend to think that the United States is the center of the universe and that as long as we are fine that everything will be okay.  Well, all of those people who are not paying attention need to wake up.  First of all, the U.S. economy is most definitely in decline.  Secondly, the European economy is imploding right in front of our eyes and Europe is going to end up dragging the entire globe down with it.

The following are 11 facts that show that Europe is heading into an economic depression…

1. The economies of 17 out of the 27 countries in the EU have contracted for at least two consecutive quarters.

2. Unemployment in the eurozone has hit a brand new all-time record high of 11.7 percent.

3. The unemployment rate in Portugal is now up to 16.3 percent.  A year ago it was just 13.7 percent.

4. The unemployment rate in Greece is now up to 25.4 percent.  A year ago it was just 18.4 percent.

5. The unemployment rate in Spain has hit a brand new all-time record high of 26.2 percent.  How much higher can it possibly go?  This is already higher than the unemployment rate in the United States ever reached during the Great Depression of the 1930s.

6. Youth unemployment levels in both Greece and Spain are rapidly approaching the 60 percent level.

7. Earlier this month, Moody’s stripped France of its AAA credit rating, and wealthy individuals are leaving France in droves as the socialists implement plans to raise taxes to very high levels on the rich.

8. Industrial production is collapsing all over Europe.  Just check out these numbers…

You don’t have to be an economic genius to understand that the perpetual uncertainty over the Eurozone’s future has led to a widespread freeze on industrial investment and development. Industrial production is collapsing at an accelerating rate, falling 7% year-on-year in Spain and Greece, 4.8% in Italy, and 2.1% in France.

9. There are even trouble signs in the “stable” economies in Europe.  In Germany, factory orders in September were down 3.3 percent from the month before, and retail sales in October declined 2.8 percent from the previous month.

10. The debt of the Greek government is now projected to hit 189 percent of GDP by the end of this year.

11. The Greek economy has shrunk by more than 7 percent this year, and it is being projected that the Greek economy will contract by another 4.5 percent in 2013.

But sometimes you can’t really get a feel for how bad things really are over there just from the raw economic numbers.

Many people that are living through these depression-like conditions are totally giving in to despair.  Just check out the following example from an RT article from earlier this year…

A 61-year-old Greek pensioner has hung himself from a tree in a public park after succumbing to the pressure of crushing debt. A note in his pocket indicates he is merely the latest in a rash of economic crisis-induced suicides.

The pensioner’s lifeless body was found dangling by an attendant in a public park not far from his home in the suburb of Nikaia, Athens. The attendant also found a suicide note in the man’s pocket, The Athens news reports.

The man, identifying himself as Alexandros, said he was a man of few vices who “worked all day.”  However, he blamed himself from committing one “horrendous crime”: becoming a professional at the age of 40 and plunging himself into debt. He referred to himself as a 61-year-old idiot who had to pay, hoping his grandchildren would not be born in Greece, as the country’s prospects were so bleak.

Please take note of what is happening in places like Greece and Spain right now, because similar conditions will soon be coming to the United States.

This is one reason why I try so hard to encourage people to prepare for what is coming.  There is hope in understanding what is coming and there is hope in getting prepared.

You don’t want to end up getting blindsided by the coming crisis and end up sitting on a park bench trying to figure out if life is still worth living or not.

Life is most definitely worth living.  Yes, a storm is coming and the world is going to become incredibly unstable in more ways than one.  But if you understand what is coming and you work hard to prepare, then you and your family will have a chance to thrive even in the midst of the storm.

Please learn from what is happening over in Europe.  The economic horror show that is unfolding over there is going to come to America too, and time is running out.

  • Maria

    Once famous Greek poet, George Seferis wrote: ” “Wherever I go, Greece causes me pain”. This represents our reality today. Homeless people..people who seek foods in the trash cans…people with cancer but they cannot find their medicines or have the proper medical care …kids who faint by starvation in the schools. More than 3000 Greeks commited suiced the last 3 years.

    Data of Greek “registered” unemployment refer only to employees but not to self-employed or those who closed down their business, to part-time workers and labourers without insurance, a very common labour scheme since the country sought IMF aid in May 2010.Thus, actual numbers reach 34-35%, that translate into 1.7-2 million unemployed people.

    Europe wants to eliminate an entire nation.

  • MeMadMax

    You know whats funny?

    After all is said and done(or at least will be done), Germany will come out on top.
    Ironic huh?

    • 2Gary2

      actually–When all is said and done, more is said than done. I learned that one a long time ago.

    • Akitawoman

      Most Germans know how to work and want to work. Huge difference from our younger people.

  • http://karmaeconomics.blogspot.com/ lavista4u

    Its our weakness in human psyche thats been exploited by the elite. Greeks do not have to suffer. What they need is to JOIN FORCES. Be united. Take your power back.

    Give me just one neighborhood of 1000 People out of a million to be united for a single idea. All you guys need is to go back to basics. Farm the land, fertile it, put seeds and in couple of months, you will have enough to feed over 10,000 people for ever. Thats a guarantee.

    This is the new age, we all need to come together. There is no other way, The entire system will collapse as we move into the new age. Humans beings can raise above the misery and be free.

    The system won’t help you, it will only exploit you. Move on. Go to the basics

  • mainstreeteconomist

    Officials over in Europe are trying to hold the European financial system together with duct tape and prayers, but it could literally fall apart at any moment.

    Michael

    You know things are getting worse when European officials replace their “chicken wire” with “prayers”!

    Europe is China’s largest trading partner. China may be forced to accept those worthless US Dollars to keep their factories busy!

  • chilller

    There is one stark difference between 1930 and today. During the Great Depression, it was the bankers and investors who were committing suicide for losing the people’s money. Today, it’s the people committing suicide while those same bankers and investors lose the people’s money.

    • 2Gary2

      good point.

  • 2Gary2

    To get us out of the fiscal mess that the right created through a decade
    of tax cuts for the wealthy and laissez-faire regulation of Wall Street,
    Republicans now want to protect the wealthy and hammer the poor and
    middle class… increasing retirement age, cutting benefits and worst of
    all, pushing for privatization – the least inefficient means of
    managing healthcare and the riskiest means of delivering retirement
    benefits.

    Let’s start with:

    1) Taxing capital gains like wages… why should
    gambling proceeds be treated preferentially over the product of blood
    sweat and tears? Current tax policy only encourages short term
    investment producing wild fluctuations in the market and the economy.
    2)
    Eliminate the limits on contributions to SSI, medicare and medicaid
    taxes be they income or capital gains. You pay the full rate on 100k or
    100m in earnings.
    3) Start striking down loopholes, one bill at a time; no more omnibus shenanigans.

    We will soon be a cross between a plutocracy and a theocracy before the ignorant republican voters know what they have done to themselves.

    • L33tmoaf

      Oh God did you regurgitate that crap from MSNBC? Here are the facts, and do take note knowing that your liberal knowledge in Economics are sub-par.

      1) Tax increases and spending cuts suppress, not stimulate, economic activity. (Hayek > Keynesian). When spending declines, so does the economy. When the economy declines, the budget deficit rises.
      A declining economy means less sales, less employment, less tax revenues. This works against the effort to close the federal budget deficit with austerity measures (look up austerity). Instead of strengthening the economy, the austerity measures weaken it further.
      *Washington’s response to the fiscal cliff is austerity: spending cuts and tax increases. The Republicans say they will vote for the Democrats’ tax increases if the Democrats vote for the Republican’s assault on the social safety net. What bipartisan compromise means is a double-barreled dose of austerity*

      2) Government social programs is what got this economy indebted in the first place. Just look at the rates SSI and Medicaid is adding onto the debt by the billions. The $1 Trillion Student Debt Bubble is the byproduct of government intervention wanting to give out risky loans without responsibility; similar to the Bush era Housing crisis. Obama has followed the footsteps of Bush.

      3) How can we strike down loopholes when you have both parties and the President working for special interest groups? Obama appointed a former Monsanto Exec as the head of the FDA and appointed a Monsanto lobbyist as a Supreme Court Justice, A complete monopoly for the mutli-billlion dollar Monsanto Corporation who was responsible in producing Agent Orange that killed and deformed a lot of civilians, DDT which harmed wildlife (especially the bald eagles), harmful GMO Crops (which created super worms and gave tumors to rats), etc.Talk about corruption.

      You, the Democrats, and the Republicans are one in the same.

  • Hambone

    I really think social and economic decline go hand in hand. Europe, in social terms, is an armpit. I lived there from 1976-1980 and again from 1992-1996. There economic decline should come as no shock to anyone who has been exposed to the culture over there.

    This is tragic. Europe is so beautiful, so rich in history (and their bread is wonderful). I really hope they turn it around.

    • Akitawoman

      Remember the huge minorities of Muslims in all European countries, not integrated into the culture and society, simply waiting for these post-Christians to die. Muslims will soon be the face of Europe.

  • http://www.saloforum.com niccolo and donkey

    If you understood history, you’d understand that Hitler was the good guy in that his party helped out the average German family which was suffering due to the excesses of capitalism that caused the Great Depression. The bad guys were the USA, UK, and the Soviet Union.

    • Ajaxx

      I see some commonalities between Hitler and Obama. They were both of socialist persuasion promising hope and change to the sheeple. Obama has mentioned several times that he wishes to create what can be compared to Hitler’s “Brown Shirts”. Some historians would like you to believe that Hitler was a fascist. In reality, the only real difference between Stalin’s brand of communisms and Hitler’s socialism was that Stalin was pro-union and Hitler was anti-union.

  • Akitawoman

    There are numerous good books out there on the Weimar Republic, the democracy that Hitler replaced. The Catholic church and the military backed Hitler. I regret to say the Tea Party and evangelical Christians are similar groups today, looking back to “normal” and trying to remake the world in their image.

    When the Nazi party took over, they only had 33% of the popular vote. But with the Catholic church and retired military as his supporters, Hitler became chancellor.

    What I have found interesting in books about Hitler’s early days was how much trouble he had with Lutheran pastors. Any he tried to replace with his patsies, the people fought against. Message for our time?

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