Spain has entered the Great Depression

Discussion in 'Economics' started by Grandluxe, May 3, 2012.

  1. Spain's Unemployment Rate Is Now Almost As High As US Unemployment In Great Depression

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    We got a boatload of horrible economic news from Europe this morning, starting with unemployment.

    Unemployment for the Eurozone as a whole rose to 10.9%, a new high.

    Unemployment in Spain, meanwhile, rose to a shocking 24.1% from 23.8%, with an even more startling 51% youth unemployment rate.

    You can't really compare unemployment rates across countries and time frames, because the methodologies used are so different. And, as Joe Weisenthal points out, the number of off-the-books workers in Spain and the Eurozone is probably enormous.

    But, for what it's worth, Spain's reported unemployment rate is now nearing the 25% unemployment rate reported in the U.S. during the Great Depression.
  2. jem


    I thought this was all george bush's fault.
    The real fault lies with socializing losses of big companies and corrupted markets and politicians.

    why do we continue to march down the road to overspending destructions.
  3. The "socializing of losses" (wrong as it is in every sense) is chicken feed compared to the establishment of "wealth redistribution/deficit spending programs" by Odumbo.
  4. When people spoke of the risks associated with moral hazzard... well, this is what they meant... you start using "too big to fail" left and right... you get a creciendo of bailouts... first to companies, then to countries...

    until one day... sooner or later... you find one that is "too big to bail"... and then...
  5. I blame reagan.:cool:
  6. The natural evolution of the crisis. World financial history is FULL of examples... HUNDREDS... yet, politicos seem unable (or greedily unwilling) to learn any constructive lesson at all.

  7. I'm sure politicians will figure out a way to spin this in a way that the solution adds up to giving more powers to the state, and the themselves... they're very good at that...