It was modesty, no doubt, that prevented the IMF from taking credit at their annual meeting last weekend, for the success story that their policies have produced across Europe. The latest official statistics released by Eurostat indicate that the real unemployment rate in 2013 continued to soar across the region, as a direct result of the austerity policies imposed by the Troika (the IMF, the ECB, and the European Union).
The official unemployment rates in Europe are bad enough, but they understate the real rate of unemployment by excluding: a) those who have gotten discouraged at not finding a job, and are therefore no longer counted in the labor force; b) those who hold part-time jobs when they want and need full-time jobs; etc. An approximation of real unemployment can be obtained by adding to the official unemployment numbers, those who are listed by Eurostat as “Persons available to work but not seeking,” “Underemployed part-time workers,” and “Persons seeking work but not immediately available.” This estimation yields numbers for real unemployment which, if anything, are on the conservative side; but the trend over time is a useful parameter to consider, as the following table indicates: the real unemployment rate shot up as a consequence of the 2008 global bail-out and austerity process imposed by the British Empire, hitting the nations of southern Europe particularly hard.
Real Unemployment (% of the labor force) COUNTRY 2008 2012 2013 2013/2012 Eurozone 15.4% 20.1% 21.4% + 5.3% Spain 19.4% 36.7% 39.2% + 6.0% Greece 11.0% 30.6% 34.9% +13.2% Italy 19.4% 25.1% 28.0% +15.9% Portugal 11.7% 25.4% 27.6% + 6.9%
It is worth noting that these are the results achieved by the British Empire’s policy of depopulation and de- industrialization, even before their regimen of economic sanctions against Russia takes effect—sanctions whose intended result is to destroy not just Russia, but also what little remains of the industrial economies of western and central Europe.