Greece Turning The Corner —— Learning Process Not Happening


Well some unemployment numbers are out…… no I’ll wait for tomorrow for the US.  But, for Greece they have some numbers.  They seem to have their own competition with Spain.

Record Greek jobless rate highest in euro zone in September

ATHENS (Reuters) – Unemployment in Greece climbed to a new record of 26 percent in September, topping that of Spain to become the highest in the euro area, data by Greece’s statistics service ELSTAT showed on Thursday.

Greece’s jobless rate has almost tripled since it started climbing in September 2009, driven higher by the global financial crisis and then by severe austerity policies imposed by the bailed-out country’s international lenders.

Unemployment is more than double the euro zone average of 11.6 percent, edging past the rate in struggling Spain, which was 25.8 percent in September, according to data from European statistics agency Eurostat. Greece’s jobless rate climbed from a revised 25.3 percent in August.

Here’s what I don’t get.  It’s been over 3 years since the date referenced.  The people in Greece, the ECB, the IMF, and all of the other pinheads can’t see that what they’re doing isn’t working?  How long do they have to be wrong before they acknowledge that their statist view of economics is a failed view?  Likely, they will never acknowledge this, but clearly they aren’t doing the things necessary to turn that little economy around.  No amount of tax increases, loans and haircuts are going to fix this mess.  And the mess only becomes larger the longer this goes on. 

This entry was posted in Economics. Bookmark the permalink.

7 Responses to Greece Turning The Corner —— Learning Process Not Happening

  1. philjourdan says:

    Why would the greeks be any smarter than Americans? We know that Obama failed to accomplish anything in 4 years except the revocation of liberties. And yet he was re-elected and he is still blaming bush for his policies 4 years later.

    People are people. And most chose to remain stupid.

  2. tckev says:

    The strange logic of the Eurocommicrats,
    1. Maintain the Euro value to an arbitrarily high value.
    2. Ensure all the debtor partners have to make tax increases, repay loans, reduce inflation, take loans, reduce government spending, increase employment, and have fiscal haircuts.
    Job done!
    If this does work the first time round then repeat until it does.
    Simple really and it all makes so much sense.

  3. leftinbrooklyn says:

    Since when has Liberalism been about fixing anything?

  4. Bruce says:

    See chart #3 at the link. Now that is a hockey stick. Greece will reach 100% unemployment in 2020 on the current trend.

    I am sure they enjoy their eurocratic eutopia.

  5. DirkH says:

    What Greece would have to do is fire the useless bureaucrats and start over with a reduced wage level (Wages are reduced for the private sector already). As they can’t devalue their own currency that would be the equivalent of devaluation. Problem is that the Euro denominated debt would rise relatively to their new price level.

    And the unions, esp. public sector unions of course try to block that process as much as they can.

    So the private sector will continue to vanish while the public sector continues to pay itself wages they can’t justify for work that they don’t do.

    As EVERY Eurozone nation is a statist regime, there is nobody who will really kick their butts into action. Statists have all the understanding in the world for other Statists clinging on to power.

    • suyts says:

      Yep. It would be funny if the consequences of their stupidity weren’t so overarching. They keep doing the same thing over and over again, and keep saying that they’re just about ready to turn it around. And as time passes things just get worse and worse.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s