tag:blogger.com,1999:blog-1885549900454136918.post1474690437341458231..comments2023-08-11T08:06:28.810-07:00Comments on Slobber And Spittle (Archive): May, 2012 Unemployment FiguresCujo359http://www.blogger.com/profile/10385213658828021737noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1885549900454136918.post-77213941250284665402012-06-02T11:12:55.225-07:002012-06-02T11:12:55.225-07:00I take the BLS numbers as being fairly accurate in...I take the BLS numbers as being fairly accurate in detail. The U1 number, the one most widely reported, isn't an accurate metric in times like this. What matters there is that its size has increased. My guess is that actual unemployment in America, if it were measured the way Spain measures it, would be in the high teens right now.<br /><br />I think we're still doing pretty well with European trade at the moment. While there's been some slack lately, our current problems are mostly self-inflicted. The politicians here are using it as an excuse, or anything else that gets them off the hook for their own economic malfeasance.<br /><br />The near future is very worrisome as a result. As you say, when Europe collapses, it's going to take a lot of U.S. capital with it. It's hard to believe how foolish Europe's and North America's leaders are being on this question, even given their dependence on the bankers. Yet here we are, knowing things will collapse if no one prevents it, and no one in authority wants to do what's required to prevent it.Cujo359https://www.blogger.com/profile/10385213658828021737noreply@blogger.comtag:blogger.com,1999:blog-1885549900454136918.post-57879011122688478842012-06-02T08:54:33.757-07:002012-06-02T08:54:33.757-07:00Take BLS unemployment figures only with a life thr...Take BLS unemployment figures only with a life threatening measure of salt. Accept BLS figures only in worlds with vanilla colored skies.<br /><br />When the term recession is used, no valid economic theory is being used, more likely ideology, mythology or propaganda is the basis for use.<br /><br />Europe is the U.S. largest trading partner, each bloc exchanging about half of all foreign exchange with the other. No other economic power has the ability to sustain that trade.<br /><br />European austerity is now deepening the European DEPRESSION, that depression has removed economic growth from even the strongest economies and has become severe in the peripheral members of the monetary union. Greece is likely gone from that monetary union but only contributed about 5% or less to the GDP. Spain with its massive unemployment (greater than 25% general with about 55% youth) having the monetary union's 4th largest economy (the world's 12th largest) will bring down the house on the monetary union. The collapse of the monetary union will bring down London and then Wall Street, neither will be able to economically disengage quickly enough to avoid collapse themselves.Expatnoreply@blogger.com