Europe's leaders paralysed as EMU jobless rate hits record high

Eurozone unemployment reached a record 12pc in February and looks certain to ratchet higher as fiscal cuts deepen and manufacturing continues to struggle, raising the spectre of social explosion across southern Europe.

A total of 19m people were out of work in the 17-member bloc in February, the European Union’s statistics office said on Tuesday, a rise of 1.77m on the same month last year.

moraymint: I must say that it's turning in to bloody good sport watching the Eurozone and, by extension eventually, the European Union hurtle towards oblivion. The Cyprus debacle was Oscar-winning entertainment and the, er, credits are still rolling. That said, be in no doubt whatsoever about the untold agony that the European political, bureaucratic and banking elites will inflict upon the peoples of Europe before the whole shebang overwhelms even their monumental efforts to sustain the unsustainable. More popcorn anyone? PS Does anybody know why the European peoples, especially those in the southern states, remain so inert whilst they're being robbed, hung, drawn and quartered? Are we to assume that, despite everything, the European Commission propaganda machine prevails, ensuring that the serfs hail the euro/Union until their dying breath? Just asking. PPS Where went all those British traitors politicians who only until a couple of years ago were telling us from ars*hole-to-breakfast-time that the UK economy/society would implode if we didn't adopt the euro and surrender the nation's sovereignty to the Emperor Van Rompuy pretty damned quick? Haven't heard much from them lately, have we? They know who they are (hint: Mandelson, Clarke, Blair, Clegg, Heseltine… feel free to add more names dear commenters).

emmiem:  That icon of financial superiority and fount of investment knowledge, the FT, said at the time that Britain absolutely must  join the euro or be forever damned.  (I paraphrase). 

moraymint: emmiem Once upon a time I subscribed to the FT… for a year. I resolved never to read it again… and never have.

Antiehypocrite:  Everyone can save some money  -  click on www.zerohedge.com FT is rubbish MSM

costamonkey: Inertia, resignation, acceptance of the inevitable? It's remarkable just how quietly the lambs wander off to the slaughter. There are many complaints and much verbal dissent, but no discernible action here on the Costa. I wouldn't wish to be starting out on my working life right now for all the whiskey in Ireland.

moraymint: costamonkey My company is receiving a steadily growing volume of speculative CVs from young people hailing from all over Europe, but especially from Spain. I reply to every one that I receive, but I can't offer them work. Frankly, the situation is looking increasingly desperate and, of course as you'll know only too well, it's my old military humour that makes me refer to the crisis as "bloody good sport". There are days when I could throttle the men and women inflicting this madness upon us all.

hugehawk: At age 63 I just hope I live long enough to see the denouement tragic and very likely violent though it may be. I do worry for my children's future though because both of them want to head to Europe as soon as they finish Uni. If I still had the vote in Britain I would certainly like to give UKIP a chance, they cannot do worse than has been done in the last twenty years or so.

edhooper: hugehawk Bloomin ell. Europe's the last place they want to go, unless of course the flights to another continent are cheaper in Schiphol or Frankfurt.  The USA is difficult to get into (unless you are a swimming Mexican of course) so I'd advise looking at Canada or Oz.They are a long way away but give hard working honest people the chance to make a real go of life, rather than supporting a load of scroungers here in the UK.

hugehawk: Thanks Ed. I'll pass on the advice. Actually Oz is right next door and Canada is where we have influential family members so hopefully they will choose wisely and avoid the EUSSR and UK.

chaswarner:  Pass the popcorn mm. though I'm crying , not laughing.

jamesbd: Am I getting paranoid but is the whole situation of high employment in Southern Europe part of a carefully choreographed plan ?  Do our " Glorious Leaders" hope that the  Northern countries of Europe will be filled with evermore immigrants from the South until all National identity has disappeared and it will then be easy for them to form the  European Super State ?

moraymint: jamesbd I suspect that your thesis will have indeed been discussed within the Bilderberg Group and the conference rooms of the European Commission.

sanzaru: 'hurtle towards oblivion'? I'd say its more of a meander with an occasional jog. Either way I agree with you and like you cannot understand why southerner don't revolt. We should revolt too but maybe next week as Eastenders and The Voice look good this week.

albizu: moraymint Why no explosion in Spain? 1/ Lots of work still, off the books (not great, but…) 2/ Families still able to help out - lots of people moving back home. 3/  No revolutionary ideology or party to galvanize things. 4/ Food still affordable. 5/ Pensions still being paid.  6/  Very brutal police whom you do not want to mix with (yes, our old friend torture is alive and well in Spain.)   They have no problem hitting women and children, and innocent people.  7/ The damage caused by the Euro-structure is barely understood by the masses, although there is plenty of resentment against Germany and Merkel. However, the national 'Movement Against Repossessions', led by an old friend of my cousins', Ada Colau,  is gaining a lot of support, and is proving a focus of discontent.   They are actually cornering politicians in their homes and offices, and have even driven them away from marches.  The PP have responded by equating them with 'terrorists', and are giving armed bodyguards to their MP's etc.  It's nothing like the extreme ferment that Spain saw in some places in the 1970's, but in a way more menacing.   The PP are just dying for real trouble, in order to crack down very hard: they love that sort of thing, old authoritarian Spain has never gone away.  I'm not holding my breath for an explosion.   Maybe if the police kill someone… The state of reporting on Spain in the UK press is beneath contemptible. 

Antiehypocrite: The reason we don't have a violent explosion is because the bills continue to be paid with the backing of Germany. This cannot go on forever.  Once that stops you will see violence - and real suffering

essgeebee: The people I'd like to see prosecuted are the likes of Rompuy, Barosso and the shadowy unelected manipulators behind the scenes of the EU. Their willingness to push through the EU's mandates at all costs, despite refusals in numerous referenda, is staggering. They are clearly about as 'democratic' as the mad lot in Pyongyang. The system is tied up so tight with countries, banking systems and people rendered so dependent on the Euro they have lost the ability to see a way of working outside of it. Well, as many times before, Britain could lead the way IF ONLY WE COULD HAVE AN IN/OUT REFERENDUM NOW. We would almost certainly vote to leave the EU and quickly demonstrate there is life after it, and a happier, freer and at least as prosperous one at that.

Anth2305: "The Cyprus debacle was Oscar-winning entertainment and the, er, credits are still rolling." Yet to put it in perspective, all of the grief that has being generated over the the Cyprus bailout of £8 billion pounds, equates to just over two years budget for the BBC, we spend £110 billion pounds per year on the NHS and it's alleged that the last government wasted a whopping £12 billion on a failed IT system for the NHS.

moraymint: Anth2305 Good point.  I think, however, the critical issue with Cyprus was and remains not so much its size, but the threat its banking/economic crisis posed to the fungibility of the euro currency.  That's why 'The Troika' forced a solution on to that sovereign state, like it or not.  The euro is "irreversible" and will not be allowed to fail - until it fails catastrophically.  A systemic bank run will kill the euro in the end.

unhappyscientist: Moray I must say that, like you, I am most perplexed by the passive reaction by the youth of Club Med. Yes it may be the EU propaganda, but I suspect that this must be a generational thing. I can remember the student riots in the late sixties and I participated in the 'Civil Rights' marches in the streets of Belfast. Things then were nowhere near as dire then as they are now. I know that if I were a student now I would be protesting. As summer approaches and tempers run hotter I think it is inevitable that there will be violent riots in the Club Med cities and the EGF will be deployed. I hate violence but sadly I think it is the only thing that will bring the hated EU down.

mikexmpt: and what do you think the people in Brussels care if students in Madrid spray paint over the walls of the city and smash a few windows?  They will just get on with their lunch and leave Madrid to clear up their mess. Students do not want  violance - they want OPPORTUNITIES…they want to contribute to society etc… what is needed is a march to Brussels and a SIEGE on the EU HQ  … and that involves peace and co-operation of ALL… the WORST thing that can happen if for this "us" and "them" talk to grow…  Incidentally if the EU is torn down then I personally can see chaos when each of the 27 countries in the EU then goes back to creating all their own rules , something which will be a beurocratic hell… it needs reform and policing and accountability but 27 sets of different laws NO !

Pheasant_Plucker: The restless quiet in Southern Med is accumulating momentum. What it will take is a rise in food prices. Then a single injust event will go viral and the country will be over-run. I can see this happening in Spain first. I think majority of the unemployed are young and stay with parents/relatives.

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