5 unemployed Moroccan men set themselves on fire yesterday (January 18) over the lack of jobs especially for university graduates. Graduate unemployment rate in Morocco is about 16%.
In December 2010, a young vegetable seller set himself on fire to protest against police harassment . The police confiscated his vegetable cart for selling without license. He was slapped and spat upon. The fire also burnt the anger of the entire Tunisian population into starting the Jasmine Revolution.
In Europe, the current youth unemployment rate is at record high.
Spain is fast approaching 50%. Greece is about 45%. Ireland, Italy and Portugal are about 30%. France is heading for 25%. With recession and further austerity drive and near zero or negative GDP growth. I expect more violent in Europe this year especially with high food prices.
Europe cannot be good in 2012.
In US, the finance sector is very bad. Goldman Sachs's 2011 earning dropped 67%, Bank of America earning fell 53% and Morgan Stanley's income down by 42%, despite of cheap money from QE1 and QE2. Federal Reserve may have no choice but to print more money.
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