Wednesday, 26 September 2012

Cuidado, Querida España

As a postscript, I strongly recommend this well-hidden piece from the Telegraph site by Ambrose Evans-Pritchard
The Draghi bond plan can certainly put off the day of reckoning. It can lower borrowing costs across the board and cushion the slump. But it cannot in itself stop the slow asphyxiation of these societies. We are moving from the financial phase of this crisis to the full-blown political phase. It really is playing out like the 1930s.
Beware, Dear Spain indeed. 

11 comments:

Demetrius said...

Ah, at last, someone who agrees with me. Where will it begin?

Ian Hills said...

I think "Demetrius" gives us a clue!

Weekend Yachtsman said...

One does rather wonder why the Spanish are so desperately keen to stay in the Euro, that they're prepared to see their economy destroyed, their people on the streets, and possibly their country dismembered, rather than just telling the Germans where to shove it.

Or is it just the Spanish political class that's doing these things? If so, how long before the people push them all into the sea?

Anonymous said...

There have been some mass demos in Madrid, trying to force the politicians to resign!

Anonymous said...

@WY
Undoubtedly its the political class that is the driving force to remain part of the Euro. It would mean the abruptly buffered end of their gravey train if they were to leave.

However, its been a part of their lives now since Jan 99 and therefore a generation don't know much else and those that do have forgotten what it is like to fly solo. Like birds in a cage, they need to be released and not fear the flight.

Coney Island

Anonymous said...

The Spanish are not keen to stay in the Euro, a growing movement exists to leave the Euro and devalue.
The economy is too large to bail-out, requiring some trillion euros, whereas Greece can be subsidised forever at 200 billion a year.
Not only that but Spain HAS a productive economy, unlike Greece AND it has a an existing Hispanic market to be part of.
Spain will go before Greece, and be a lot better off for it. The holidays will also be cheaper.

Anonymous said...

And war is coming anyway, maybe not this year or next, but the mid-east will pop soon and may go nuclear.

G. Tingey said...

Anon - not yet.
We are at about 1931-2, and the new Adolf has not yeat appeared/taken over a country - not even Iran ...
I'd give it about 8-12 years, with a tnendency towards the shorter time.

Span Ows said...

Hola Raewald, tienes alguna conexión con Catalunya? Tus blog-posts son interesantes pero da la impresión que eres involucrado mas que lo normal (yo también, volvía a Inglaterra el año pasado después de ocho años en Barcelona)

Anonymous said...

I would go shorter.
The US has two carrier groups (carrier and carrier-air-wing) floating around near Iran and one big-deck amphibious-warfare vessel a few hundred miles away. And it's an election year with Obama leading slightly in the presidential race and lagging in the Senate/Congress race.

John

Raedwald said...

Span Ows; No, I've never lived in Barca - or anywhere else in Spain, and have only a fraction of your experience there - which is probably the reason I'm as infatuated with Northern Iberia as a gormless teen. Porto and Barca. Not quite as c**tstruck as poor Ambrose E-P(see the next post) but mix Fado, a chilled bottle of La Gitana, some cured smoked pork products and a bowl of Lupini beans in a culturally confused melange, and I'm either back on the Tagus on a warm summer night, or on the Barca waterfront ....