Youth unemployment in Europe now reached 23% but 41% in Spain. Last year the International Labor Organization’s report regarded them as a “lost generation.” Accordingly, this youth generation may have temporary jobs but without social contributions and if ever they will actually land a permanent job, they are projected to receive only 480 euro pension for their retirement. Youth unemployment was the main agenda at the last summit of European heads of state in Brussels. But Europe’s leaders decided to give only 6 billion dollars of European money to fight youth unemployment and apportion 60 billion dollars to support European banks. A German delegate at the summit said, “We know well what we are supposed to do, to calm financial markets. But we are not elected by financial markets, we are elected by German citizens.”

It has been said, today’s democracy is based on leaders who follow popular feelings, but not on leaders who feel their duty is towards their constituents present and future well beings. However, according to reports, the three powerful players, United States, Europe and Japan are commonly unable and unwilling to place banks under control. The U.S. Securities and Exchange Commission (SEC) discovered and investigated many financial institutions guilty of fraud, but to avoid trial for fraud just agreed to fines and compensations. Many times things went wrong in the banks but nobody ever go to jail. Under the old capitalist economy, no enterprise would run without capital adequate to its need. Experts say we have today a new branch of economy which wants to play without capital, and expects the state to bail it out if anything goes wrong. What about the millions of people who have lost their jobs? What about the new generation of young people who are seeking jobs but find none? What really matters now?

***

Tidbits:

US Senator John D (Jay) Rockefeller IV, chair of the US Senate Committee on Commerce, Science and Transportation, has introduced legislation to close a tax loophole that enables cruise ships to avoid paying US income tax.

***

Although there has been relative quiet in the previous piracy hot spots of the Gulf of Aden and Indian Ocean, armed robbery and piracy continue to be risks for seafarers around the world, particularly the growing attacks on shipping off West Africa.

***

Another year of God’s blessing to Lou Joshua M. Tac-an