For retirees, who are dependent on the market, these dark clouds are worth paying attention to. There appears here, a sad echo between the damaging austerity climate in Europe, and the devastation caused by debtor’s prison in the US over traffic tickets and child support which has decimated the black male population.
Having a new pen pal in Bosnia, pushed me to look up Kosovo on a map, and read the entire article below. Kosovo is between northern Albania and Macedonia, under Serbia. It sounds like another — this time very small — country reeling from over-population and under investment. “Adding to this brew of troubles is the economy. In a region plagued by aging demographics, it is Europe’s youngest territory, with 27 the average age of its two million citizens. Kosovo would need an impossible 7 percent annual economic growth to offer work to the 25,000 to 30,000 youths the government says finish school each year. ”
The population has quadrupled since 1923, from 500,000 to about 2 Million.
400% / 92 years is and annual growth rate of 4.35. Or is it only a 300% increase, and 3.26% growth rate?
Paul Krugman ends his column: “Meanwhile, the first real debtor revolt against austerity is off to a decent start, even if nobody believes it. What’s the Greek for “Keep calm and carry on”?”
PKFP. Paul Krugman for president. I just saw the movie, The Imitation Game, about a team of Britsh code breakers during World War two, which was excellent and fascinating, and recommended to 13 and above — a 9/10. Krugman here is begging for European leaders to lighten up on Greece, to avoid collapse and possible mayhem in Greece. He makes a cogent argument based on how leaders often draw the wrong lessons by filtering history poorly. If the Germans don’t lighten up, Greece should probably leave the European Union, so they they can float down the value of their currency and grow their economy.
Steven Rattner reports in the NYT that unemployment in Europe is now worse than in the US during the Great Depression.