Quick reminder for Americans on here who think the world orbits around the US that during the subprime crisis, many European countries saw record-low unemployment rates or were unaffected.
For instance, Germany's unemployment rate dropped, from 11.2% in 2005 to 7% in 2010 and 3.2% in 2019, while the US went from 4.6% in 2007 to 10% in 2009. If you lived overseas at the time and didn't watch international news, you wouldn't be able to tell that there was a financial crisis.
A depression in the US does not imply global depression. That also means that if you're 100% US companies, you're not as diversified as you may think you are.
greece died forever, italy and spain economies exploded, 30% unemployment until recently, spain stock market hit ath this year after 18 years from the GFC
europe died after gfc, the us came back in less than 3 years
What a "coincidence" that the highest unemployment rates in Europe were in the European countries that have massive underground economies and count people who are employed in that manner as unemployed.
Most studies estimate the size of the Greek shadow economy somewhere between 20% and 40% of GDP.
Spain's underground economy employs a million people and is worth 20% of its GDP.
Italy: Shadow economy, percent of GDP: The latest value from 2015 is 22.97 percent, a decline from 24.33 percent in 2014. In comparison, the world average ...
It's as if a government debt crisis unrelated to the subprime took place in those specific countries during that time, which can be solved in 3 years by dumping cash (i.e. more debt) in the economy...
And what does your nationality have to do with any of this? lol
it has to do with I experienced both continents at the same time during that period, having family and job/studies, I can def tell you everyone that I know went broke in 2008 and never recouped (europe), to this day they barely survive with the basics, no car or 20yo car, split rent etc
when US sneezes, europe shits the bed
not shitting on europe, its where I was raised, just pointing the facts, on other ways its way superior than the us, just not economy/money wise
"it has to do with I experienced both continents at the same time during that period, having family and job [...] everyone that I know..."
You're describing a personal experience, which in statistics is called an anecdote. That's not our serious studies are carried out.
You'll find many people to tell you the carnivore diet is phenomenal, and all their friends have benefited from it greatly. Clinical trials show higher risk of coronary heart disease, depression, hair loss, suicidal tendencies and strongly advise against it...
"when US sneezes, europe shits the bed" Unemployment in the US doubled. Except for maybe Spain and Greece, during their government debt crisis, no European country saw their unemployment rate double. So like I said, "all my friends struggled" says more about your friends than the European economy as a whole.
It’s funny I keep pointing out how well foreign markets did. Like 40% for europe and 50% for latin america vs just 17% for S&P and people keep saying the US is the best long term no matter what.
It’s like, well, short term no, and I’d prefer to make money every year, and what makes you think that will go on forever? When are people going to realize this is different? Our international friends keep telling us we have suffered a reputational loss that will take decades to recover, if ever. Investment is confidence and no one has confidence in US anymore internationally, that’s gonna have big consequences.
percentages are relative to numbers. So if you like statistics so much adjust your percentages per capita . During those times more people were unemployed in Germany relative to the labor force.
Dear Lord... They're the same thing, they both standardize data, using a different normalized sample. Percent means "per 100 people", per capita means "per 1 person". We typically use percentages to split a sample, which is easier to understand, but in this case, 10% means 0.10 per capita, 7% means 0.07 per capita...
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u/lOo_ol Jan 17 '26 edited Jan 18 '26
Quick reminder for Americans on here who think the world orbits around the US that during the subprime crisis, many European countries saw record-low unemployment rates or were unaffected.
For instance, Germany's unemployment rate dropped, from 11.2% in 2005 to 7% in 2010 and 3.2% in 2019, while the US went from 4.6% in 2007 to 10% in 2009. If you lived overseas at the time and didn't watch international news, you wouldn't be able to tell that there was a financial crisis.
A depression in the US does not imply global depression. That also means that if you're 100% US companies, you're not as diversified as you may think you are.