Check out the Youth Unemployment rates for Portugal, Greece, and Spain. Talk about driving social mood to a darker place… Courtesy Zero Hedge: For comparison, the Youth Unemployment rate (16-24 year olds) in the United States was last reported at 18.1%.
A hectic week ends with disappointing news from Europe and, of course, a stock market rally. 1. Blithering Idiots Today was do-or-die day for the European Union. They had to accomplish something – or at least announce that the major players were in agreement on the major points. They couldn’t, and Britain rightly walked away. [...]
Stock markets are up big today on the news of a Euro-zone agreement on Greek bailout. Know that none of the fundamental problems have actually been solved. Felix Salmon shares this chart: This, ladies and gentlemen, is how the sausage gets made — it’s yesterday’s eurozone rescue plan, as presented by an unidentified adviser to [...]
Guest Post: Just as only four short years ago it was All Subprime, All the Time, and then it was the Credit Crisis, now it is Europe. (When) will Greece default and which banks will implode as a result? Is there another banking crisis in our future? I just came back from a whirlwind four-country [...]
Great interview with Michael Lewis by Charlie Rose. His perspective is interesting: this isn’t a “global” financial crisis, but rather a bunch of local financial crisis happening at all at once. Largely for cultural reasons, each crisis is different. Click to watch:
His prognosis is pretty much the worst-case scenario, and one that readers here should know is possible. But what’s really amazing about this video is the brutal honesty of this guy. Wow. Watch, and share. “It’s gonna crash…and it’s gonna fall hard.”
Until someone with some clout stands up and admits that our real problem is too much debt, and until we introduce policy to eliminate debt instead of simply refinancing it, it’s hard to imagine the global economy or our local housing market getting better any time soon.