Unemployment in the 12 nations which use the euro rose to 10.8 percent in February. Of the 17 countries in the eurozone, seven had unemployment rates above 10 percent, according to a Monday re- port by the Associated Press. Spain topped the list with overall unemployment of 23.6 percent and a staggering 50.5 percent for those under 25.
Economists fear Europe may be in a recession.
Europe in trouble will slow the U.S. recovery.. While the job picture is much brighter here, with unemployment fall- ing rather than rising, the U.S. economy is tied to that of both Asia and Europe. A slowdown anywhere on the globe slows U.S. growth because our economy depends to a significant extent on profitable exports.
Exports are essential to U.S. agriculture. Kansas farmers
have been enjoying high commodity prices for several consecutive years now, largely because global demand has remained strong.
These observations are made as November draws closer to remind us all the United States can do next to nothing to perk up the Euro- pean and Asian economies. Our government can, and will, offer moral support to our friends, allies and to not- so-friendly nations as well. But Washington is no longer the world’s economic engine. It hasn’t been since the days of the Marshall Plan.
Those who must have some- one or something to praise or blame when the world’s money chart lines rise or fall must find another causative agent. Maybe the Great White Buffalo is the problem.
— Emerson Lynn, jr.
