Europe hits record high unemployment

NEW YORK (CNNMoney) -- The 17-nation eurozone's unemployment rate reached the highest level since the creation of the common currency 13 years ago, climbing to 11% in April as employers slashed 110,000 jobs.

There were 24.7 million unemployed in the EU in April, of whom 17.4 million were in the eurozone. Both figures are far above the 12.5 million unemployed in the United States, which has a population about 6% less than the eurozone.

The worst unemployment problems were in Spain, where the jobless rate hit 24.3%. Greek unemployment hit 21.7% in February, the most recent month for which figures are available.

First Published: June 1, 2012: 6:48 AM ET

http://money.cnn.com/2012/06/01/news/economy/europe-unemployment-jobs/index.htm?hpt=hp_t2

 

Give it time, we'll get there.
WASHINGTON (AP) — U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.

The Labor Department also says the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created.

The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.

The economy is averaging just 73,000 jobs per month over the past two months — roughly a third of jobs created per month in the first quarter.

Weak job growth could damage President Barack Obama's reelection prospects. Mitt Romney, the Republican challenger, has made the economy the central theme of his campaign.

 

“The End Game” – Global Macro Investor, May 2012
Posted on June 1, 2012
Analysis by Raoul Pal – Global Macro Investor:

“The world has no engine of growth with most of the G20 countries approaching stall speed at the same time. The Western World is about to enter its second recession in an ongoing depression…”

“Fact: This will be the lowest cyclical peak in GDP growth in G7 history. These are the weakest ever foundations on which to enter a recession.”

“The ten largest debtor nations on earth have total debts of over 300% of World GDP.”

Pal warnings:

With very limited room for government bailouts, we can very easily join the next dots from the first bank closure to the collapse of the whole European banking system, and then to the bankruptcy of the governments themselves.
There are almost no brakes in the system to stop this, and almost no one realises the seriousness of the situation.
The problem is not Government debt per se. The real problem is that the $70 trillion in G10 debt is the collateral for $700 trillion in derivatives…
Yes, that equates to 1200% of Global GDP and it rests on very, very weak foundations
From an EU crisis, we only have to join one dot for a UK crisis of equal magnitude.
And then do you think Japan and China would not be next?
And then do you think the US would survive unscathed?
That is the end of the fractional reserve banking system and of fiat money.
It is the big RESET.
More…:

Bonds will be stuck at 1% in the US, Germany, UK and Japan (for this phase).
The whole bond market will be dead.
Short selling on bonds – banned
Short selling stocks – banned
CDS – banned
Short futures – banned
Put options – banned
All that is left is the Dollar and Gold
Summary…:

We have around 6 months left of trading in Western markets to protect ourselves or make enough money to offset future losses.
Spend your time looking at the risks of custody, safekeeping, counterparty etc. Assume that no one and nothing is safe.
Raoul Pal, 22 years experience in global finance – founder of Global Macro Investors. Also previous affiliation with GLG Global Macro Fund – London and with Goldman Sachs’ hedge fund business – equities and equities derivatives.

Report accessed from Zero Hedge: http://www.zerohedge.com/news/big-reset-2012-and-2013-will-usher-end-scariest-presentation-ever

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6 months from now it all won't matter.

celebrate xmas early.

strap in and wear a helmet.

s

 

I saw a documentary on the Civilian Conservation Corp yesterday and I wondered how many unemployed would show up for 3 squares a day, work clothes, shelter and $512.00 a month.

 

Imagine a world without money. This clip is from Zeitgeist Addendum...

http://www.youtube.com/watch?v=wDJ18m6KUW4

This is the full movie...

http://www.youtube.com/watch?v=EewGMBOB4Gg

 

And yet, Obama and liberals across the US would love to emulate the EU.