My brother Brian and I have been talking to people for years about the coming U.S. Great Depression. Many wonder how it could happen, and we often discuss it in our presentations. It will also be the subject of our next book, hopefully available in 2014. Many others wonder what the Depression will look like. We have a potential glimpse into the future through current events in Greece, giving us a view of what years of unsustainable spending can do to a country.
Investors and others have lost confidence in Greece. Businesses in Greece are feeling the impact of a steep recession and a leaderless government. The unemployment rate among the young has reached 50%. Conversely, Germany's youth unemployment rate stands around 7.4%. The strength of the German economy and the weakness in Greece is creating a brain drain of talented, educated young Greeks moving to Germany, France, and other northern European nations. Greek emigration to Germany alone is up 90% year-over-year.
A brain drain is bad news for any country, and these facts show us what to expect when the U.S. economy has to pay for years of prolific spending. Technicians, engineers, tradesman, and CNC operators all represent a mobile society that will go to where the jobs are. Since America's youth has adopted a global mindset, they can be expected to seek out the opportunities wherever they may be when jobs in the U.S. become harder to find.
There are many other long-term problems associated with a financial collapse, and perhaps some readers might think that a globally mobile workforce is a small problem. I don't think so. A nation's energy, its culture, and its future are wrapped up in her youth. The hope and future of our nation ride on their ability to navigate our economy through global complexities and keep the American light burning for future generations.