SUNDAY, NOVEMBER 11, 2012
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EuroZone powderkeg approaches ignition. Youth unemployment stats presage revolution.
Picture: European Under-25 Youth Unemployment Rates 2012.
Official figures indicate that the Greek economy will contract by a further 4.5% in 2013. A lot more people are going to lose their jobs.
This is what happens when you lock into the wrong currency and block the escape routes. The EuroVictim nations have been suckered into entering a burning building with no exits.
In Greece, the political protests are morphing into urban guerrilla warfare.
There is no longer any immediate catalyst or external umpire in the markets which can bring mass civic abuse in the EuroZone to an end. Unless the German Bundestag comes to the rescue and refuses to pay for any more can-kicking down the road, internal devaluations in the Club Med bloc will push jobless rates to such excruciating levels that the political systems in the weaker economies will snap.
The possibility of financial evolution in Europe is diminishing by the day. Social revolution is becoming the only realistic option.
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