The unemployment rate across the Eurozone hit a new high in November 2012. According to the BBC it climbed to 11.8%.
In October it was 11.7% but although the rise is small in November it is bad news. Pre-Christmas employment figures are often boosted by seasonal jobs. The fact that across the 17 Eurozone member nations an increase was experienced, however small, is not good news. It is not bad news. It is terrible news
Spain which is in the economic doldrums reported a 26.6%.unemployment rate. The change of government, from left to right, has not had any positive impact. Youth unemployment is running high in the Eurozone.
Officially there are now 26 million people unemployed across the EU. Such figures though rarely take into account those in temporary work or who have for one reason or another opted not to register as unemployed. In the Eurozone as a whole the figure is 18.8 million. The BBC reported,
Greece had the second-highest unemployment rate in November, at 20%.
As European countries trade with each other one man's high unemployment becomes another man's. It is like being in quicksand being puilled under to a certain death. The only unknown factor in the EU is when and how past death will come.
The figures are not set to improve at any time in the near future. As countries such as the UK try to balance the books by hitting those on welfare, many people will be resigned to a life in poverty. If there are not enough jobs to go around unemployment is a fact of life.
The obscene cost of the new ECB building, widely called the EU palace, in Germany, is one more slap in the face for citizens of Europe. The MEPs and bureautcrats continue to spned money as if it was going out of fsahion whils hitting the poorest in European countries and preaching austerity. By the time riots and revolution is on the streets of course that elusive 1% will be holed up somewhere, well out of reac,h counting their jewels and gold. Their spoils.