Thursday, April 25, 2013

Austerity continues to work its "Magic"!

Every sentient person anticipated the Spanish Disposition (and how it would suck):

More than six million Spaniards were out of work in the first quarter of this year, raising the jobless rate in the euro zone's fourth biggest economy to 27.2 percent, the highest since records began in the 1970s.

The huge sums poured into the global financial system by major central banks have eased bond market pressure on Spain, but the cuts Madrid has made in spending to regain investors' confidence have left it deep in recession.


Raoul Paste said...

27% unemployment makes them 'deep in recession'?

If that ain't a depression, nothing is.

rudolph schnaubelt said...

workers of the world, unite!

Montag said...

Not to mention that Spain and other countries are being forced to sell off public services--often at fire-sale prices--that have taken decades of public investment to build and maintain. Which might be the key reason for creating the crunch in the first place.

The banks and the big multinationals do want to run the world, and they've found the way to do it--make governments irrelevant.

pansypoo said...

vbutbutbut bankers + investers are ok.

here at home, who needs FLOOD WARNING???