Submitted by Erico Matias Taveras via Sinclair & Co.,
Dystopia: a community or society that is undesirable or frightening.
Nouriel Roubini recently penned an article titled ‘Europe’s Politics of Dystopia’, citing the rise of nationalistic movements across Europe as a harbinger of terrible things to come. It seems that the renowned Dr. Doom – one of the few economists to have anticipated the 2008 financial crisis – is back in the limelight with some more dire warnings.
Ah, but this time he’s late. In case you have been hibernating, the European Union (EU) is already in a complete state of disarray. Everywhere you look – economy, politics, security, society, demographics – there are very serious problems with no credible solution in sight.
This does not bode well for the future of the EU, starting with those who will be living in it.
Out of the top-10 OECD countries with the highest youth unemployment rate, 8 are EU member states, each with high double digit figures. Politicians might still blame the Eurozone financial crisis for this dire situation, but this is nothing new: the economic growth rates of member states have been very poor for over a decade now. The fact is that the EU has consistently failed to promote policies that can provide decent employment opportunities to its youngest citizens.
That first step in the job ladder is hugely important for the future prospects of any generation. This one is particularly important since their contribution is badly needed to pay for their elders’ welfare, as well as all the fiscal largesse to ‘stimulate the economy’ facilitated by the ECB’s monetization of unprecedented levels of debt. Some of that stimulus found its way into the housing market. Good for the economy you say, but terrible if you need to find cheap housing to start a life.
This post was published at Zero Hedge on 11/07/2015 –.
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