Wasteland: Europe stalked by spectre of mass unemployment

Unlike the great transition in the 30's Depression that saw massive job loss through the mechanization within and transition away from agriculture, this great transition will be characterized by massive public sector job losses. As confidence in the public sector continues to ebb, capital will follow that transition from public to private assets. That transition, unfortunately for most Western economies, is moving from West (New York) to East (Shanghai).

"Major job losses are on the way in the public sector as the Government slashes spending, and we doubt that the private sector will be able fully to compensate for this. Indeed, we suspect that firms will become increasingly cautious in their employment plans, reflecting their concerns that the intensified fiscal squeeze will hold back growth."

Source: independent.co.uk

From Bob