Monday, April 29, 2013

Is Europe heading towards a revolution?

Spanish unemployment rate hit a record high. Youth unemployment has soared up to 55%. Strategist at investment bank Citigroup, Jose Luis Martinez said, “We haven't seen the bottom yet and employment will continue falling in the first quarter”.

Greece youth unemployment rate is the highest in Europe with 57.6 %. On the other hand, Italy’s youth unemployment rate is 37%. There were 23.7 % people unemployed who were under 25 years of age in the 27 European countries according to the EU's statistics body, Eurostat.

The situation in USA is not too good either. The youth unemployment stands at 16.2% in USA. It is at a record high since the World War II.

This is a recipe for disaster. The West is heading towards a catastrophe. It should ring alarm bells in all countries of the world because it is a security issue. The history of the West is full of bloodshed and wars. The West started the World War II to get rid of the Great Depression. What it will do to get rid of the Great Recession is a big question mark.