It's much too soon to gloat, but there are hopeful signs all across the horizon.
The intellectual back-stops of austerity have been revealed as frauds.
That will be good news for the many millions who are more than tired of the Merkel-induced and Reinhart and Rogoff inspired "austerity enema" from Greece to Spain to Cyprus to Italy and beyond.
Little people across the board are less inclined to give the free pass to the banksters who have weaseled multiple billions out of the public purse over the past few years.
Ultra-conservative Alberta has a major labour uprising on its hands.
And Jason Collins just made it OK to be gay.
The shape of a new world is coming into focus.
Showing posts with label Spain bank bailout. Show all posts
Showing posts with label Spain bank bailout. Show all posts
Monday, April 29, 2013
Sunday, June 10, 2012
Save the banks, screw the people
The news sites are full of headlines today to the effect that the pain in Spain is going to hurt for a good long time.
But at least this hundred billion euro bailout has saved the banks! At least for now.
That must come as a relief if you're one of that quarter of the Spanish population who is unemployed. Among young people it's about half.
Each one of them just took on another 20 thousand euros in debt to save the banks.
The usual experts will of course rally round and claim that there is no other choice.
There is.
Let the banks sink.
Oh, but that will destroy confidence in the banking system!
Well duh!
It's the bankers who have destroyed not only confidence but the banking system itself. It was well educated and well paid bankers who loaded their institutions with crap loans to speculative property developers. The end of the the property bubble was as predictable as the end of the tulip bubble or the dot com bubble.
It is neither just nor sensible to saddle the unemployed youth of Spain with more debt to bail out the banks. Those unemployed youth know that better than I do.
Occupy Madrid!
But at least this hundred billion euro bailout has saved the banks! At least for now.
That must come as a relief if you're one of that quarter of the Spanish population who is unemployed. Among young people it's about half.
Each one of them just took on another 20 thousand euros in debt to save the banks.
The usual experts will of course rally round and claim that there is no other choice.
There is.
Let the banks sink.
Oh, but that will destroy confidence in the banking system!
Well duh!
It's the bankers who have destroyed not only confidence but the banking system itself. It was well educated and well paid bankers who loaded their institutions with crap loans to speculative property developers. The end of the the property bubble was as predictable as the end of the tulip bubble or the dot com bubble.
It is neither just nor sensible to saddle the unemployed youth of Spain with more debt to bail out the banks. Those unemployed youth know that better than I do.
Occupy Madrid!
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