I’m not a generally pessimistic guy, and I’m nowhere near as pessimistic as this guy, but some of his data about Europe and the economies of the European countries is frightening.
The following are [some of the] 20 signs that Europe is plunging into a full-blown economic depression….
#1 The unemployment rate for those between the ages of 16 and 24 is 28 percent in Italy, 43 percent in Greece and 51 percent in Spain.
#2 Overall, the unemployment rate for those under the age of 25 in the EU is 22.7 percent.
#3 Citigroup is projecting that the economy of Portugal will shrink by 5.7 percent this year.
#4 The total of all forms of debt in Portugal (government, business and consumer) is equivalent to 360 percent of GDP.
#6 The Greek economy shrank by 6 percent during 2011.
#7 It is being projected that the Greek economy will shrink by another 5 percent during 2012.
#8 The overall unemployment rate in Greece is now 18.5 percent.
#11 According to the IMF, the amount of debt accumulated by the Greek government is equal to approximately 160 percent of GDP.
#13 Bad loans in Spain recently reached a 17-year high.
#14 The overall unemployment rate in Spain is now a whopping 22.8 percent.
#15 The number of property repossessions in Spain has risen by 32 percent over the past year.
#16 When the maturing debt that the Italian government must roll over in 2012 is added to their projected budget deficit, the total comes to approximately 23.1 percent of Italy’s GDP.
#18 The UK economy actually contracted during the 4th quarter of 2011.
#19 The German economy actually contracted during the 4th quarter of 2011.