Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

xchrom

(108,903 posts)
13. 'Trust No One Over 30!' Euro Crisis Morphs into Generational Conflict
Mon Aug 13, 2012, 06:30 AM
Aug 2012
http://www.spiegel.de/international/europe/commentary-why-the-euro-crisis-is-also-a-generational-conflict-a-849165.html

"Que se vayan todos," or "Away with all of them," became one of the slogans chanted by the tens of thousands of "Indignados" in Spain at protests last year. In addition to their eponymous outrage, many had one thing in common: Most were young and viewed themselves as victims of the crisis.

They might have been more specific and instead chanted: "All the old people must go!" This phrase would apply because, in many ways, the euro crisis is also a conflict between generations -- the flush baby boomers in their fifties and sixties are today living prosperously at the expense of young people.
Intergenerational equity -- measured among other things by levels of direct and hidden debts and pension entitlements -- is particularly low in Southern Europe. In a 2011 study of intergenerational equity in 31 countries by the Bertelsmann Foundation, Greece came in last place. Italy, Portugal and Spain didn't do much better, landing in 28th, 24th and 22nd place respectively. Currently, the unequal distribution of income and opportunities is particularly distinct:

The employment market collapse has hit young Europeans much harder than older generations. In Greece and Spain more than half of those under age 25 are unemployed -- twice the rate of older workers. Things are even worse in parts of southern Italy, where youth unemployment has risen above 50 percent.
One reason for this situation is unequal employment circumstances. Older Spaniards and Italians, for example, profit from worker protection laws preventing them from getting fired that are quite strong by international comparison. But almost half of young Italians and 60 percent of young Spaniards are on temporary employment contracts and can easily lose their jobs.
The burdens and risks of the euro bailouts are also mainly borne by young people. Ultimately, growing national debts and bailout funds worth billions will be financed through bonds that won't be due for many years to come.
And the runner up! Tansy_Gold Aug 2012 #1
When the Financially Corrupt Were Tortured, Hanged and Beheaded MARK KARLIN, EDITOR OF BUZZFLASH Demeter Aug 2012 #3
But there's no such thing as global warming. It's all an Al Gore hoax. tclambert Aug 2012 #14
Groan. Friday the 13th Come on a Monday, This Month Demeter Aug 2012 #2
what can i say? xchrom Aug 2012 #4
HUSSMAN: Investors Are So Complacent, They're Missing The Global Recession At Hand xchrom Aug 2012 #5
and the charts show it---Dollar and Yen in Race to the Bottom Demeter Aug 2012 #15
Japan's economic growth slows to 0.3% in second quarter xchrom Aug 2012 #6
I don't believe any of those purposely distorted numbers just1voice Aug 2012 #52
China’s Stocks Drop Most In Month On Growth, Policy Concerns xchrom Aug 2012 #7
IMF Says Bailouts Iceland-Style Hold Lessons In Crisis Times xchrom Aug 2012 #8
Iceland Proved Once and For All that the IMF is NOT a Help but an IED Demeter Aug 2012 #16
Italy Sells 8 Billion Euros Of Bills As Borrowing Costs Rise xchrom Aug 2012 #9
TEA PARTY EVOLVES, ACHIEVES STATE POLICY VICTORIES xchrom Aug 2012 #10
It's not Evolution, It's Gresham's Law as Applied to Politics (aka Devolution) Demeter Aug 2012 #17
... xchrom Aug 2012 #18
GREEK ECONOMY CONTRACTS 6.2 PCT IN Q2 OVER YEAR xchrom Aug 2012 #11
NKOREA OFFICIAL TO VISIT CHINA FOR ECONOMIC TALKS xchrom Aug 2012 #12
'Trust No One Over 30!' Euro Crisis Morphs into Generational Conflict xchrom Aug 2012 #13
Another Wave Of Greek Government Job Cuts May Trigger Revolt In The Streets xchrom Aug 2012 #19
Biggest story you missed Demeter Aug 2012 #20
Government May Wiretap US Citizens Without Warrants, Federal Judges Rule Demeter Aug 2012 #21
Now That Paul Ryan Has Explicitly Put Slashing Medicare and Social Security on the Table Demeter Aug 2012 #22
If the markets decline like they did 4 years ago DemReadingDU Aug 2012 #26
Problems Riddle Moves to Collect Credit Card Debt Demeter Aug 2012 #23
Seal Beach man to pay $5-million to settle foreclosure suit Demeter Aug 2012 #24
Does Happiness Cost $75,000 a Year? Demeter Aug 2012 #25
Some of my posts are ending up in the wrong places Demeter Aug 2012 #27
As long as they're in this thread Tansy_Gold Aug 2012 #30
Why We Should Care About the Homeless Vote Demeter Aug 2012 #28
US Futures flat, Greece GDP declining less than expected Roland99 Aug 2012 #29
First came Grexit, then came the SPanic, now will we have...ItalEx? Roland99 Aug 2012 #31
And right after that comes the FuckIt. Fuddnik Aug 2012 #32
And still, nothing has changed Demeter Aug 2012 #33
And to cure the problem Tansy_Gold Aug 2012 #42
I was wondering when the fairies would report for duty... Demeter Aug 2012 #34
The Fed, Ben Bernanke, and the Rotten Libor By Dean Baker Demeter Aug 2012 #35
Banks could be obliged to set Libor rates Demeter Aug 2012 #47
US Border Patrol agents convicted in $2 million human smuggling case Demeter Aug 2012 #36
Saving the Post Office: Letter Carriers Consider Bringing Back Banking Services Demeter Aug 2012 #37
Sign me up DemReadingDU Aug 2012 #49
I think Americans should have an official email address provided by the govt kickysnana Aug 2012 #38
For Billionaires, a Heaven on Earth Beckons By Sam Pizzigati Demeter Aug 2012 #39
Africans Chase Away Almighty Dollar Demeter Aug 2012 #40
SEE ALSO Demeter Aug 2012 #41
Defaulting Sovereigns Risk Second Restructuring, Moody’s Says Demeter Aug 2012 #43
Greece to issue T-bills to pay maturing bond Demeter Aug 2012 #44
Greek exit from euro is 'manageable’ says Jean-Claude Juncker Demeter Aug 2012 #45
Juncker: "When It Becomes Serious, You Have To Lie" DemReadingDU Aug 2012 #50
Then I wish they'd take it seriously Demeter Aug 2012 #51
Carlyle Group to buy TCW from Societe Generale Demeter Aug 2012 #46
Goldman says SEC drops probe into its role in MBS deal SLIPPERY SQUID! Demeter Aug 2012 #48
Latest Discussions»Issue Forums»Economy»STOCK MARKET WATCH -- Mon...»Reply #13