by John Galt
February 5, 2015 21:30 ET
As the European Union, the financial media zipperheads on cable TV and in print, along with the mainstream media continues to refuse or understand the difference between an “inability to currently pay debts” and “insolvency” this little tidbit floated across my Twitter feed from none other than the United States version of the old Soviet Pravda, the New York Times:
So the thinking is that because wages are depressed under orders from the European Central Bank that this is the time to expand operations for exports back into the European Union from Spain because there is no way that Spain will become another Greece, right?
Via Reuters on January 31, 2015:
MADRID, Jan 31 (Reuters) – Tens of thousands marched in Madrid on Saturday in the biggest show of support yet for Spanish anti-austerity party Podemos, whose policies and surging pre-election popularity have drawn comparisons with Greece’s new Syriza rulers.
Crowds chanted “yes we can” or “tic tac tic tac” to suggest the clock was ticking for Spain’s scandal-ridden political elite. Many waved Greek and Republican flags and banners reading “the change is now” or “Pablo president.”
Podemos (“We Can”) was formed just a year ago by university professor Pablo Iglesias, but produced a major shock by winning five seats in elections for the European Parliament in May.
In other words what has just happened in Greece is probably going to happen in Spain. This is what happens when multinational corporations focus on financials instead of culture and sociological impacts of economic distress upon citizens.
Perhaps some these morons should hire a historian or two to remind them of what happened with all their cheap labor investments in Havana in the 1950’s. Spain is nothing more than another Greece waiting to happen except this default and future withdrawal from the Euro will destroy the banks in London, Brussels, and Berlin.