It could be worse young people of Espana. In Greece the youth unemployment rate is 62.9%. This is a dangerous state of affairs as the young and unemployed are the most likely to embrace violence.
Why does such unemployment exist? Is it the evil capitalists and their greedy self serving ways which have created this “forgotten generation?” No, far from it. It is the European state, now centered in Brussels along with a Federal Reserve backed European Central Bank and it’s crony “private” banks which are to blame.
Spain and especially Greece should never have been brought into the eurozone, but a “united Europe” was just too tantalizing. The bankers – Goldman Sachs was vital in Greece joining the eurozone devising elaborate currency swaps which hid debt and paved the way for Greece to join the eurozone, all the while securing a nice subprime commission for the effort – and the politicians worked together to make it happen. With a competing reserve currency to the dollar in the Euro in the balance, fate seemed to be pointing in the direction of a greater Europe.
It worked for a while, as easy money usually does. And though there were still financial problems even then, Athens hosted an Olympic Games in 2004. Imagine that now. The Olympic torch has been replaced by a Molotov cocktail.
Spain also hosted an Olympic Games in Barcelona, in 1992. It was supposed to be the great coming out party for the European nation long considered the northern fringe of the African continent. Capital flowed into the country. Brits and Germans built summer houses on top of summer houses in Valencia. Now the northern Europeans are running from the sun drenched coasts as the economic tide goes out. Add an activist Spanish government which has hinted at making such expats pay “their fair share” and carnage abounds.
The European economic crisis, indeed the crisis which now envelops the globe is caused by crony capitalism. The central banks and their client private banks have taken us to the brink. Many on Europe’s periphery have gone over. Many more in other countries and in other areas of the world will too in the relatively near future.