Actually..The World Becoming Alstry
Let's repeat the story from the NY Times obtained from CRisk:
Even as the American economy shows tentative signs of a rebound, the human toll of the recession continues to mount, with millions of Americans remaining out of work, out of savings and nearing the end of their unemployment benefits.
Economists fear that the nascent recovery will leave more people behind than in past recessions, failing to create jobs in sufficient numbers to absorb the record-setting ranks of the long-term unemployed.
Call them the new poor: people long accustomed to the comforts of middle-class life who are now relying on public assistance for the first time in their lives — potentially for years to come.
Yet the social safety net is already showing severe strains. Roughly 2.7 million jobless people will lose their unemployment check before the end of April unless Congress approves the Obama administration’s proposal to extend the payments, according to the Labor Department.
The money is simply running out as we bridge from the Industrial Age into the Digital Age. In the Digital Age we simply don't need as many jobs as we enter this period of greater efficicency.
Sometimes when you become too efficient, there is not much for people to do.........at least not much that they can earn a living at.......
This is undoubtedly unfolding into The Greatest Finaicial and Social Crisis in World History......how it proceeds forward from here will be anyone's guess.
Here is a snipit from Mish's blog on Spain:
How are you? It never rains in southern Spain, it pours. We have had so much rain lately. Here are some odds and ends from Spain.
Eurostat Data for Nov. 2009 - youth unemployment (under 25) in Spain almost 44%. I don't believe it's any better since then.
England is not doing much better....
Lending to British businesses falls at record pace
Any thoughts about Portugal, Greece, Dubai, Latvia, Iceland, Italy, Japan, Russia, Bulgaria, France, China....China tightens bank lending rules
Again....it is not the end of the world....just a radical change to almost everything in the world we presently live and function within.