I read today that Spain is
going to need a $125 billion bailout.
Here are some relatively
recent unemployment rates according
to Wikipedia:
North America
- Canada, 7.2 percent
- United States, 8.2 percent
Europe
- Germany, 5.4 percent
- United Kingdom, 8.1 percent
- France, 10.2 percent
- Italy, 10.2 percent
- Portugal, 15.2 percent
- Greece, 21.7 percent
- Spain, 24.3 percent.
Compare Spain's 24.3% unemployment rate against Canada's highest rate during the Great Depression: 19.3% in 1933; the United States reached 24.75% in that toughest of years.
The thing is, Spain “a few years ago took pride as the continent’s economic superstar only to see it become the hot spot in the Eurozone debt crisis.”
The thing is, Spain “a few years ago took pride as the continent’s economic superstar only to see it become the hot spot in the Eurozone debt crisis.”
What’s the value of a system
that can call a nation a superstar even while the very machinations of its
undoing must have already been underway? How do they get to Depression Era unemployment numbers without us seeing it coming?