spain Is Doomed: Why Austerity Is Destroying Europe

[xchrom]

http://www.theatlantic.com/business/archive/2012/04/spain-is-doomed-why-austerity-is-destroying-europe/256032/

Let's try a thought experiment. Imagine you walked into the bank, told them you were going to be taking pay cuts for the next few years, and then asked for a loan. You'd be laughed out of the office or else pay an interest rate so high that "usurious" wouldn't do it justice. The logic is simple: If you're in debt and your income is shrinking, it's mighty hard to pay back what you already owe.

It's not any different when it comes to countries that can't print their own money. That brings us to Spain.

The following charts (courtesy of Reuters) show overall and youth unemployment across the euro zone. Spain tops both measures, with truly depression-level joblessness.

[hlthe2b]

1. It is frightening to think what this may portend...

So many people being treated like refuse. So many of them young and losing hope for any kind of future. Wars have been fought for less.