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Spanish social commentary

Last year I posted on the plight of the young Spanish mileuristas, the generation forced to live on a 1000 Euro a month salary. Now, I recently came across a cartoon:

The translation of this would be, starting on the left: “A few years ago.” “I am a mileurista.” “Oh, poor thing.” “Exploited. ” “What a pity.” “This salary is miserable.”

And on the right, “Today.” “I am a mileurista.” “So lucky!” “Good connections.” “I’m jealous.” “I wish I had a salary like that.”

 
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Posted by on February 27, 2012 in Economics, EU, Spain

 

NY Times is catching up

As I stated in my penultimate post, Euro-skepticism is increasing with startling quickness. The NY Times finally got around to an article on the True Finns, making some important statements about what is happening in Europe.

The two issues — the European Union and immigration — are increasingly being linked across Europe. “The overwhelming draw of parties like the True Finns is the feeling among some Europeans that they are losing control of their destiny and that their nations are losing their identity,” said Magali Balent, an expert on European politics . . .

 
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Posted by on April 23, 2011 in EU, Europe, Politics

 

Rise of Euro-skepticism

I recently predicted that Euro-skepticism is going to rise very quickly following the Portugal bail out. I didn’t expect it would happen so soon. In Finland, the True Finns just took in 19% of the vote, compared to the ruling coalition party, which took in 20% of the vote.

If Finland doesn’t agree to bail out Portugal, what happens next?

 
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Posted by on April 18, 2011 in Economics, EU, Politics

 

Spain will ask for a bail out

My prediction is that it will happen in early 2012, because the People’s Party is likely to be elected in April of that year. The ruling Socialist Party knows that they’re going to lose the election and in order to screw over the more economically liberal PP, and tie their monetary policy to the EU, they’ll ask for a bail out from the EU. Plus they’ll have nothing to lose then, and their constant optimism and bread and circuses won’t serve an purpose anymore.

Why do I think this will happen? Well, this is exactly what happened in Portugal, as reported in the Asia Times,

The news that Portugal has requested a bailout from the European Union is hardly surprising. The outgoing socialist government, having wrecked the economy and emptied the government coffers, wants to tie down its center-right successor, due to be elected June 5.

Similarly, when later this year Spain finds itself in similar or worse trouble and approaching an election in April 2012, you can be pretty sure that the corrupt Spanish socialist government will make the same choice.

Spain will ask for a bail out, but that doesn’t mean that they’ll get it, of course. We don’t even know if Europe can afford to give them it. Maybe they’ll take it from the EU-IMF fund instead or it will just be rejected. At that point Germany might be starting to get angry with the so-called PIIGS.

Spain has now been the sick man of Europe for some time. Or rather, it’s the gangrenous arm of a sick half-corpse, because the northern countries aren’t far behind them, especially Britain.

Free Republic has a good article which points out the four main causes of Spain’s downfall, stemming primarily from Socialist Policies, Incompetent Politicians, Reckless Government Spending and Voter Apathy.

Whew . . .  I was almost worried for a second about the USA.

 
 

Monday on the European Scene

What’s going on in Europe? Here’s a very brief overview of the dramas of Monday, April 11th.

Spain: Financial Times says it will be next to fall

Spain: “We will make it, we aren’t Portugal”

Belarus: Blast in Metro kills 11

France: Ban on Burqa comes into effect

United Kingdom: Protests against France’s burqa ban

Italy: Berlusconi: “I gave her money to avoid prostitution”

Germany: Berlin unwilling to accept refugees

 
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Posted by on April 12, 2011 in Current Events, EU, Europe, Politics

 

Portugal sinks; is Spain next?

Greece, Ireland, Portugal . . . What does it matter?

Well, for a couple of reasons.

By seeking a bailout from the Northern Powers (France, Germany, Sweden) these nations essentially become EU protectorates. They lose the ability to control their own finances, print money, change their interest rates and, far more important, to decide things democratically. They become appendages to the eye of the EU octopus—Brussels.

On the other hand, they can now afford to pay their public sector employees, pump some money into the economy and they can pay off the running interest on their debts. But whether this will actually lead to long-term competitiveness is dubious.

Neither of this first three nations has a very large economy or population. Greece has about 10 million people, Ireland about 4 million and Portugal about 10 million. 24 million people out of the over 500 million in the EU is no biggie, except for the fact that there’s only about 80 million in Germany, the largest funder of the bail outs.

So the new big question is . . . What’s going to happen to Spain, a nation of 46 million, with the 5th largest economy in Europe? Will it seek a bailout or is it “too big to fail”? And after Spain, what about Italy? (But by that time, there might not be any more possibility for bailouts.)

Naturally, the Spanish are saying there’s no need to worry. I remind you though that about a week ago I overheard on television the Portuguese prime minister saying that Portugal would most certainly not be needing a bailout, and yesterday it came . . . and back in 2010, people were much more worried about Spain than Portugal. Considering the state of Spain, I’m predict it’s only a matter of time.

These are destined to be interesting times for Europe. Its very future hinges on the fate of Spain. And not just economically. This could have huge repercussions for the EU in general; I suspect Euro-skepticism will rise in the coming years.

 
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Posted by on April 7, 2011 in Economics, EU, Politics, Spain