Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
Euro-Area Unemployment Rate Rises to new record of 11.8%
The decision of the euro-area countries to try to fix their trade-deficit-caused depression without balancing trade still isn't working. Bloomberg reports that the European jobless rate is at its highest level ever:
These Southern European countries are experiencing the high unemployment rate that comes from persistent trade deficits. Here is a graph that we put together several months ago based upon the statistics then available:
The solution is simple. The Southern European countries need to pull out of the Eurozone so that they can readopt their own individual currencies so that they can balance trade.
But that would disrupt the progressive agenda which awards these countries a Nobel Peace Prize for joining together in a self-destructive pact.
Comment by Tony, 1/11/2013:
uro-area economy has shrunk for two successive quarters and economists foresee a further decline in gross domestic product in the final three months of last year, forcing companies to cut costs by slashing jobs
Journal of Economic Literature:
Atlantic Economic Journal: