http://www.zerohedge.com/news/2013-05-31/whom-bell-tolls
For Whom The Bell Tolls
Submitted by Mark J. Grant, author of Out of the Box,
“For him it was a dark passage which led to nowhere, then to nowhere, then again to nowhere, once again to nowhere, always and forever to nowhere, heavy on the elbows in the earth to nowhere, dark, never any end to nowhere, hung on all time always to unknowing nowhere, this time and again for always to nowhere, now not to be borne once again always and to nowhere, now beyond all bearing up, up, up and into nowhere, suddenly, scaldingly, holdingly all nowhere gone and time absolutely still and they were both there, time having stopped and he felt the earth move out and away from under them.”
-Ernest Hemingway, "For Whom the Bell Tolls"
The European Union is leading the nations of Europe nowhere. They have sat there and languished in their own self-adoration, propped up their egos on self-congratulation and flounced recitals of praise fluffed and huffed by one politician and told to another. They have a central bank promising what cannot be delivered and they have used up all of their capital to buy the debt they have created to support the artifice. Then having mutilated the pension funds of their citizens and having pressured every money manager on the Continent they congratulate themselves on their lower yields.
"Yet the first bringer of unwelcome news hath but a losing office, and his tongue sounds ever after as a sullen bell, remembered tolling a departing friend."
-William Shakespeare, "Henry IV"
They say it is improved financial sustainability; I say it is chicanery. They see a road without end; I can see the end. They congratulate themselves; I yawn as the mumbo jumbo continues. The spice must flow and so it does but they are now consuming more than is being produced and I can smell the coming storm and the signs of the forthcoming giant sandworm abound.
“When religion and politics travel in the same cart, the riders believe nothing can stand in their way. Their movements become headlong - faster and faster and faster. They put aside all thoughts of obstacles and forget the precipice does not show itself to the man in a blind rush until it's too late.”
-Frank Herbert, "Dune"
They honey is the ability to trade with each other. The vinegar is the cauterization if anyone leaves. Germany prospers. Everyone else suffers. The unemployment rate hits 12.2% which is a concocted number far below actuality but that is what they say, that is what is believed, but our old friend reality always has a funny way of showing up when you least expect him.
In France they now have 3.26 million unemployed with two uninterrupted years of monthly rises in their unemployment rate and a 1.2% increase from March. Nearly 337,000 more people are out of work in France than there were when Hollande was elected in May 2012. Unemployment is Spain at 26.8%, some 6.2 million people out of work while the economy has shrunk -1.3% in the last two quarters. Italy's economy is projected to shrink by -1.8% this year according to the OECD while their unemployment rate hits 12%, a thirty-six year high. Besides Germany these are the pillars of the European Union and that union is crumbling.
Stick your nose up into the wind.
Smell!
The stench is overwhelming.
"At the great iron gate of the churchyard he stopped and looked in. He looked up at the high tower spectrally resisting the wind, and he looked round at the white tombstones, like enough to the dead in their winding-sheets, and he counted the nine tolls of the clock-bell."
-Charles Dickens, "Our Mutual Friend"
-Ernest Hemingway, "For Whom the Bell Tolls"
The European Union is leading the nations of Europe nowhere. They have sat there and languished in their own self-adoration, propped up their egos on self-congratulation and flounced recitals of praise fluffed and huffed by one politician and told to another. They have a central bank promising what cannot be delivered and they have used up all of their capital to buy the debt they have created to support the artifice. Then having mutilated the pension funds of their citizens and having pressured every money manager on the Continent they congratulate themselves on their lower yields.
"Yet the first bringer of unwelcome news hath but a losing office, and his tongue sounds ever after as a sullen bell, remembered tolling a departing friend."
-William Shakespeare, "Henry IV"
They say it is improved financial sustainability; I say it is chicanery. They see a road without end; I can see the end. They congratulate themselves; I yawn as the mumbo jumbo continues. The spice must flow and so it does but they are now consuming more than is being produced and I can smell the coming storm and the signs of the forthcoming giant sandworm abound.
“When religion and politics travel in the same cart, the riders believe nothing can stand in their way. Their movements become headlong - faster and faster and faster. They put aside all thoughts of obstacles and forget the precipice does not show itself to the man in a blind rush until it's too late.”
-Frank Herbert, "Dune"
They honey is the ability to trade with each other. The vinegar is the cauterization if anyone leaves. Germany prospers. Everyone else suffers. The unemployment rate hits 12.2% which is a concocted number far below actuality but that is what they say, that is what is believed, but our old friend reality always has a funny way of showing up when you least expect him.
In France they now have 3.26 million unemployed with two uninterrupted years of monthly rises in their unemployment rate and a 1.2% increase from March. Nearly 337,000 more people are out of work in France than there were when Hollande was elected in May 2012. Unemployment is Spain at 26.8%, some 6.2 million people out of work while the economy has shrunk -1.3% in the last two quarters. Italy's economy is projected to shrink by -1.8% this year according to the OECD while their unemployment rate hits 12%, a thirty-six year high. Besides Germany these are the pillars of the European Union and that union is crumbling.
Stick your nose up into the wind.
Smell!
The stench is overwhelming.
"At the great iron gate of the churchyard he stopped and looked in. He looked up at the high tower spectrally resisting the wind, and he looked round at the white tombstones, like enough to the dead in their winding-sheets, and he counted the nine tolls of the clock-bell."
-Charles Dickens, "Our Mutual Friend"
One picture sums things up nicely.......
http://www.guardian.co.uk/business/2013/may/31/eurozone-crisis-unemployment-youth-inflation-markets
Graph: Jobless rates compared
And this graph compares the eurozone unemployment rate, now at a record high of 12.2%, to other major economies:
Not pretty.
This graph shows how Europe's youth unemployment levels have steadily risen since the crisis began, but were already high in some countries.
Youth unemployment crisis deepens
Nearly one in four young people across the eurozone are now out of work, showing the desperate for a new strategy on youth unemployment.
The figures just released by Eurostat show that 3.624m young people are out of work across the euro area, and 5.627 million in the wider European Union.
That means the jobless rate for 16-24 year olds in the eurozone is now 24.4%, up from 24.3% in March. An additional 180,000 young people joined the ranks of the jobless ove the last year.
In the EU, the youth jobless rate is 23.5%.
The worst rates, as ever, as recorded in Southern Europe -- exactly the countries which Blockupty say they are showing solidary with today.
In Greece, 62.5% of young people are out of work, in Spain it's 56.4%, then Portugal with 42.5%, and then Italy with 40.5%.
In contrast, the lowest rates were observed in Germany (7.5%), Austria (8.0%) and the Netherlands (10.6%).
Leaders have pledged to agree a new strategy for youth unemployment at a summit in June, and many measures are lined up (details here). But the scale of the problem is huge, and worsening.
Another bleak point in the Italian jobless data is that March's unemployment rate has been revised sharply higher (to 11.9% from 11.5%). Prime minister Enrico Letta's challenge is even tougher than thought.
It also shows the sharp differences between the industrialised north of the country and its southern regions -- where the jobless rate is twice as high.
Italian jobless data
Italy's jobless rate has hit its highest level in at least 36 years.
Data just released showed the unemployment rate rose to 12% in April, from 11.9% in March. The youth unemployment rate rose to 40.5%.
Both figures are the highest since current records began in 1977.
In an hour's time we get the new jobless rate for the whole eurozone - another record high again?
Retail spending down in Germany
Two pieces of economic news, neither all that good, have been released this morning.
Retail sales in Germany fell unexpectedly in April, down 0.4% compared with March. Economists are pinning some of the blame on poor weather, but it may show German consumers are still cautious. Details here.
And consumer spending in France also fell in April, dropping by 0.3%. That's better than the 0.6% contraction feared, but still a sign of a weak economy:
Blockupy statement
Back to Frankfurt, where Blockupy released a statement, declaring that 3,000 protesters have managed to surround the European Central Bank's headquarters.
Blockupy speaker Ani Diesselmann explained:
The blockade is standing. The business of the ECB is successfully disrupted.The Blockupy coalition has reached its first goal and more crisis actors will be marked during the day. We call up everyone to join our protests.
Here's the statement: PM: ECB is blocked by 3000 Blockupy activists
Blockupy added that the protest is an "expression of our solidarity" with Southern Europe, and confirtmed that it is planning "further actions in the city and at the airport will follow this afternoon" including Deutsche Bank's headquarters (see opening post)
Video: The Blockupy protests
Key event
Back to the Blockupy protests in Frankfurt, and here's a photo of German police officers leading away a demonstrator in front of the European Central Bank headquarters:
Updated
Here's AP's early take on Blockupy:
Crowds of anti-capitalist protesters have blocked streets leading to the European Central Bank in Germany's financial capital, Frankfurt.They are demonstrating against what they say is the bank's role in enforcing government spending cutbacks across Europe aimed at ending the continent's debt crisis.Members of the Blockupy alliance linked arms and stood in groups Friday on streets leading to the bank.The ECB said it remained in operation, however. Police reported no arrests and estimated the number of demonstrators at between 1,000 and 1,500. Organizers said there were more than 3,000.
Thousands of Blockupy protesters continue to circle the European Centrla Bank's headquarters in Frankfurt,
Reueters estimates that there are 2,500 people -- while the organisation itself said there are 3,000. People are carrying signs with slogans such as "humanity before profit".
They have been met by armed police wearing helmets and riot gear, accompanied by Alsatians.
Here's more from Reuters:
Trucks with water cannons stood by and a helicopter hovered overheard.
At least 20 protesters held up inflatable mattresses with the slogan "War Starts Here" written on them. Police said some protesters had thrown stones and there were some clashes at the barricades, but the protest was generally peaceful so far.
At this point, I am positive that unemployment rate will be decreased in time. It is something that won't happen overnight but with the right reform, step by step the ate will be decreased. It i good t have a safety net such as bill protection insurance but without striking the main culprit, none of the safety nets will matter.
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