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European Update
It has been a couple of years since I started writing about the failed approach in European to solving their financial and economic problems. The May 31, 2013 headline now blares out the news about record high unemployment:
“Joblessness in the 17-nation currency area rose to 12.2 percent in April, EU statistics office Eurostat said on Friday, marking a new record since the data series began in 1995.”
2/3 of Greek youth are out of work, but so are 40% of French youth. I am surprised in some ways there are not riots in the street. At least the Romans had the sense to keep the poor and downtrodden satisfied with “bread and circuses”. In the last three years since I wrote about the inadequate bandaids we have seen cycle after of cycle of European “crisis” followed by defensive, late to the game half a loaf solutions. European leaders (and maybe voters shares some blame?). The list includes – Ireland, Spain, Portugal, Italy, Greece (multiple act play) and most recently Cyprus. (Did I forget some???) Britain is only half in the EU and Euro game and they have bumbled along with a second recession and their own austerity strategy. They really can’t blame the EU since their repeat recession is at their own policy hand. Investors are likely trying to calculate the bottom, so they can buy in cheap at the bottom. Given the repeated procrastination and ability to get ahead of the curve demonstrated since 2007 (6 years now) by European leaders, investor might want to consider Europe the next Japan which has proceeded to have entered their second lost decade. Filed under: Uncategorized Leave a Reply