This is the end of Western economic might. — Euro zone officials: No let-up in economic stagnation, mass unemployment

Greetings,

    Look what is going on at the present time, day and night. This is the end of Western economic might. Allah (God) will destroy their power to impose the policies and culture of their people on others. This is the end of that stuff.

   …”The Doom of The World (of the white man) and the Time when his doom will come (now is the time of his doom) but those whom he has made blind, deaf, and dumb do not know who he is nor the time that he is to be taken away.

  So, therefore, The World (of the white race) is filled with confusion and they do not know that to do themselves. They have confused the Black Man to the extent that the Black Man does not know now whether he should go for himself or remain seeking guidance from the devil.”–pg.108(o.s.h.a.)

  The whole world is dying out . The world and the power of the anglo is almost no more. More signs will appear to show you that their world is being pushe into the abyss of nothingness!

Euro zone officials: No let-up in economic stagnation, mass unemployment

By Alex Lantier
The European Union’s (EU) autumn economic forecast predicts economic stagnation and rising unemployment in the euro zone, whose economy has been devastated by austerity measures and now faces an accelerating wave of job cuts.

The findings of the report, issued by EU Commissioner for Economics and Monetary Affairs Olli Rehn, constitute an indictment of the European financial aristocracy and the social devastation it has imposed in Europe since the 2008 crisis. The report projects that the combined economy of the 17 countries using the euro will contract a further 0.4 percent. The broader EU economy is expected to experience zero growth, with unemployment remaining at 11 percent.

The economic contraction is expected to be the highest in southern European countries adopting EU bailouts that demand deep social cuts and austerity measures. The Greek economy is set to shrink 4 percent this year, Portugal and Italy 1.8 percent, and Spain 1.3 percent.

The report also predicted that euro zone unemployment would remain at its historic record high of 12.2 percent, improving only at a “snail’s pace,” as employers squeeze more hours out of currently employed workers before hiring more.

It said, “[A]n early turnaround of the labor market is not expected. Rather, employment is set to follow the recovery of GDP with a lag, as firms have scope to increase hours worked before hiring new staff, and uncertainty also weighs on hiring decisions. Employment in the EU and the euro area is projected to expand by one-quarter percent in 2014, which will not be sufficient to curb high unemployment.

France and Italy are projected to see the largest increases in the jobless rate from 2013 to 2014, from 11 to 11.2 percent and 12.2 to 12.4 percent, respectively. Greece and Spain are projected to have the highest unemployment rates next year, at 26 and 26.4 percent, respectively.

Germany, whose economy is expected to grow an anemic 0.5 percent this year, is projected to see only a 0.1 percent decrease in its unemployment rate, to 5.4 percent.

The report also pointed to “higher external risks” to the European economy. These include the risk of rising energy prices due to conflict in the Middle East, and uncertainty over “fiscal and monetary policy” in the United States—an allusion to events like the recent US government shutdown in Washington.

The publication of the statistics coincides with an accelerating wave of job cuts in the central euro zone economies. In Germany, which has seen mass layoffs of 10,000 at Siemens and 800 jobs at Loewe, energy firm RWE is announcing 2,500 job cuts, and solar energy company Haticon is laying off over 300 workers.

In France, where there have been over 1,000 layoff announcements over the last year, power and transport firm Alstom recently announcing 1,300 job cuts throughout Europe, appliance maker Fagorbrandt is threatening to shut down and fire 1,870 workers, and retailer La Redoute is threatening 700 job cuts. Over 1,200 firms went bankrupt in the third quarter, a 7.5 percent increase over last year; increasingly large firms are shutting down.

There are also reports that Air France is demanding 5,000 layoffs at Alitalia, in exchange for not liquidating its joint investment with KLM in the Italian national airline.

In Spain, a slight downturn in the jobless rate over the last year reversed itself last month, as 87,000 more people were added to the jobless rolls. The reversal of the catastrophic rise in Spain’s unemployment rate—over 26 percent overall, and a staggering 56 percent for workers under 25—is bound up with the accelerating shift to a highly exploited, temp workforce. Fully 92 percent of new hires over the last year were hired on temp contracts….more here

 

 

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