STAFF NEWS & ANALYSIS
300 Million Young People Out of Work? Economist Mag Suggests 'Solution'
By Staff News & Analysis - April 30, 2013

Generation jobless … "YOUNG people ought not to be idle. It is very bad for them," said Margaret Thatcher in 1984. She was right: there are few worse things that society can do to its young than to leave them in limbo …The International Labour Organisation reports that 75m young people globally are looking for a job. World Bank surveys suggest that 262m young people in emerging markets are economically inactive. Depending on how you measure them, the number of young people without a job is nearly as large as the population of America (311m). – Economist

Dominant Social Theme: This is a global tragedy and we need more education and training.

Free-Market Analysis: The bad news goes on and on. From The Economist magazine we learn that some 300 million young people are out of work in emerging markets. We suppose this does not count the tens of millions out of work in Southern Europe and a similar number in the US.

What really isn't working is the rigid, inflationary system of monetary debasement that is gradually (purposefully?) crushing Western civilization.

Ironically, it is our suspicion that all is NOT so bad as it seems, that the West's plight is at least in part a deliberate effort to "even out" East and West preparatory to installing yet more globalist economic solutions. The BRICs are "up" coincidentally just as the West is "down." We are either not supposed to notice this or to believe – despite the enormous clout of central banking – that this is merely some sort of vast coincidence.

In any event, we are not supposed to blame it on the "system." The system, mind you, is just what it is. It has "evolved." In other words, it was never controlled and is not controlled now. Monopoly central banking and the leadership provided by the BIS (where central bankers meet bi-monthly) is yet another serendipitous evolution.

We know this because the mainstream mouthpiece of elitist control – The Economist magazine – tells us it is so. Here's more from this discouraging article.

Two factors play a big part. First, the long slowdown in the West has reduced demand for labour, and it is easier to put off hiring young people than it is to fire older workers. Second, in emerging economies population growth is fastest in countries with dysfunctional labour markets, such as India and Egypt.

The result is an "arc of unemployment", from southern Europe through north Africa and the Middle East to South Asia, where the rich world's recession meets the poor world's youthquake. The anger of the young jobless has already burst onto the streets in the Middle East. Violent crime, generally in decline in the rich world, is rising in Spain, Italy and Portugal—countries with startlingly high youth unemployment.

Will growth give them a job? The most obvious way to tackle this problem is to reignite growth. That is easier said than done in a world plagued by debt, and is anyway only a partial answer. The countries where the problem is worst (such as Spain and Egypt) suffered from high youth unemployment even when their economies were growing. Throughout the recession companies have continued to complain that they cannot find young people with the right skills. This underlines the importance of two other solutions: reforming labour markets and improving education. These are familiar prescriptions, but ones that need to be delivered with both a new vigour and a new twist.

… The problem of youth unemployment has been getting worse for several years. But there are at last some reasons for hope. Governments are trying to address the mismatch between education and the labour market. Companies are beginning to take more responsibility for investing in the young. And technology is helping democratise education and training. The world has a real chance of introducing an education-and-training revolution worthy of the scale of the problem.

You see? Unemployment is caused by too many people. Presumably if there were fewer people there would be more jobs. Simplistic, eh?

And what of the idea that the shortage of employment – the failure of the current economic system, actually – can be rectified by "education and training"? Presumably, we are to believe that the same system that has ruined economies around the world can "educate and train" youth in necessary modern employment necessities.

Our modest proposal remains the same. Reduce complexity; don't expand it. Reduce compulsory schooling that has destroyed the apprentice system and let the market itself take over from the myriad managers of currencies, taxes, regulation and education.

Leave people alone. Let market provide the incentives. If economies were allowed to grow organically again, people would have the freedom to create their own employment. Of course, the globalists that are trying to steer the world in a certain direction, would find this intolerable.

They would rather continue to build a world of hopelessness and unemployment while suggesting now and again in various newspapers that the real problem is a lack of appropriate "training and education."

But training and education will not prove to be a proverbial magic bullet. What would make a substantive difference would be to end the horrible currency debasement going on throughout the world that creates perpetual booms and busts – and incrementally expands both misery and wealth centralization.

After Thoughts

The problems are evident and so are the solutions. You won't learn about them in this article, though.

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