Wednesday, May 2, 2012

Spain is falling off the same cliff as Greece

http://econintersect.com/wordpress/?p=21578

Unemployment in Spain is at 24.4%. Higher than the US at anytime during the great depression. Projected to go about 30%.

The Spanish government has announced a ban on all cash transactions above 2,500 euros ($3,300 US).


The nightmares that we are seeing unfold in Spain and Greece right now are just a preview of what is coming to most of the rest of the world.

The next wave of the economic crisis will soon envelop the United States, Japan and the rest of Europe. When it strikes, the pain will be immense. But it won’t be the end – it will only be just the beginning. The global financial system is starting to crumble.

As economies across Europe slide into recession, that is going to put even more pressure on the European financial system.  Most Americans do not realize this, but the European banking system is absolutely enormous.  It is nearly four times the size that the U.S. banking system is.  When the European banking system crashes (and it will) it is going to reverberate around the globe.  The epicenter of the next great financial crisis is going to be in Europe, and it is getting closer with each passing day.


When a point in the economic cycle is missed (e.g. a 30 or 60 year correction), the eventual correction which must occur is magnified in its devastation. We have artificially deflected the 1999 60 year correction for 13 years now. Tension is building in the tectonic plates of economic ruin. Earthquakes are hard to predict. They do what they do when they do it. The longer it builds, the more violent it will be.

Here is a comment:

PLEASE! I live here in Spain. Why are Americans so stupid? I have lived in Europe for the past 12 years and I have watched how these people systematically inflated their balloon and then popped it in front of the world. They whined about fascism. Then they whined about socialism. Then they were fooled by the socialists who wasted and stole the money with crappy food, crappy schools, crappy money, crappy socialist programs, crappy medical, crappy social policies and laws and regulations.
The people were forced to join the EU that no one wanted. It was shoved down their throats. Now they want a one world government to save the planet? This is nothing more than the Three Card Monty. Any thug in the streets of New York knows that trick. But you still watch the TV trying to figure out the game. Right. Are you that dumb?
You deserve to lose everything. You constantly allow yourselves to be scammed and can not see the forest for the trees. You are so busy watching the Monty that the thief can pick your pocket while you watch.
The EU raced to harmonize everything in Europe from the roads to the bridges to the train stations to the shopping malls to the airports. I wondered why everything was exactly the same in every town and city of Europe. Where did that money come from? It came from the tax payers by borrowing against tax revenues.
That’s right. Over here we have all new rail lines, new tunnels, new airports, etc. They never talk about that on the news. The news shows you cars burning in the middle of the street. People marching through the streets holding hands. People angry and wanting jobs. School kids wanting books and desks. Wait a second. It is true that we have no money in Europe. But more to the point is the little known fact that the people of Europe have no backbone. That was bred out of them a long time ago. (Did you know that almost all protests and so called natural disasters in Europe are contrived? They are orchestrated by our own government? This is not just a theory but a fact. But I digress.)
We have no industry in Europe, It has all been shipped to China or India. You all thought the new Airbus A380 would spark growth and jobs and homes and families. How could the development of one airplane employ millions of people and save the day. What a joke. I grew up in New York City. I know a scam when I see one.
And we in Europe just like America kept spending money and buying Chinese goods and believing that there was a thing called free medical. As I teach my kids, there is no such thing as “free”.
So we elected these bums who are communist and socialist, believing they would take care of the people. They financed these fantastic projects with our own money, created an artificial bubble, fake hope and then they popped it.
I have one question: Where did the money go? Answer: They stole it.
For example, in Barcelona they have a brand new airport just like in Malaga, Gibraltar and every place else in Europe. We have a high speed rail line just like every other country in Europe that no one uses. It costs billions. These gentlemen and ladies hired their own construction companies to build these massive projects with the people’s money.
My little village of 3000 people has a number of unfinished projects started by the Junta; hospital, senior citizens residence, housing for battered women, worthless museum, etc. Just the shell of these buildings sit for years with signs stating how the Junta financed them.
The money was allocated but now it is gone. So all over Spain and Europe unfinished projects collect dust and they say there is no money to complete them. We elected the socialist politicians because of these projects. These are not socialists or communists. These are thugs like you can fine in any urban area.
They throw around the people’s cash like someone in a rap video.
It is even worse in Central and Eastern Europe like Hungary, Poland, Romania, Bulgaria, Slovenia etc. They have never seen prosperity in the last 100 years. They too are part of the EU.
People in Scandinavia have no money either. They hide their poverty very well. All stolen. And you Americans sent your trillions here to help us out. That money was stolen as soon as it arrived. The people never even knew you had given us any money.
My point is, there are no accidents in this world. This was deliberate and is nothing more than thievery disguised as economic calamity. Will you allow this to happen to you in America? Are you a “number one stunner”? Or will you stop buying into the hip hop hype and protect yourself with real money.