Spain drops reassuring gloss as crisis deepens

Spain drops reassuring gloss as crisis deepens

www.telegraph.co.uk

Spain's finance minister Pedro Solbes has stunned the markets with an admission that his country faces the worst economic crisis in its history as the full effects of the property crash spread through the economy.

(visit the link for the full news article)

I did a quick scan for this post but didn't see it. Just thought that it was interesting to compare it to the rest of the reports that tell us everything is fine.

www.telegraph.co.uk
(visit the link for the full news article)

Star and flag from me. So it begins. Global Depression.

[edit on 7/17/0808 by jackinthebox]

HOLY!


Did you read this part of the article?

In reality, this is unlikely to be the worst economic crisis in Spain's history. Philip II defaulted on his sovereign debts three times in the 16th century after he bankrupted the Spanish Empire to pay for his Counter-Reformation wars against Protestants. He crippled the Italian banking system in the process - much to the benefit of London and Amsterdam.

Now replace King Phillip with George W Bush, and then replace "London & Amsterdam" with "Iran & Syria"

My God, I see the handwriting on the wall.

Again we see a growing amount of very related threads cropping up here on ATS.

IMO, there can be no doubt that something very, very wrong is going on.

I only hope everyone has got some sort of plan.

If all that appears to be happening blows over and turns out to be nothing more than a big belch, then that's great..if not, buckle your seatbelt, dorothy, cos the banks are going 'bye bye'....

This was on the cards for quite a while.

AND with a slow British economy, tourism to Spain looks likely to drop, causing even more hardship!

So the US, Uk, Spain and Ireland are after hitting recession!
The good points for the EU nations is the booming economies of the Eastern bloc countries and Germany which will keep the slower EU economies ticking along.

BUT Economies change all the time, countries make money from taking advantage of other countries problems... This is not so hardlined in the EU but the US looks to be in trouble with outsourcing and Insane spending.

We should all sell everything we own and move to the Middle east, set up shop there for pittance and make an absolute fortune selling miniature Syrian flags.

Originally posted by Dermo
This is not so hardlined in the EU but the US looks to be in trouble with outsourcing and Insane spending.

The EU is actually the one who outsources more then the US...

Originally posted by West Coast

Originally posted by Dermo
This is not so hardlined in the EU but the US looks to be in trouble with outsourcing and Insane spending.

The EU is actually the one who outsources more then the US...

How can the EU outsource? Its an economic community, not a country....yet.

Originally posted by Dermo

Originally posted by West Coast

Originally posted by Dermo
This is not so hardlined in the EU but the US looks to be in trouble with outsourcing and Insane spending.

The EU is actually the one who outsources more then the US...

How can the EU outsource? Its an economic community, not a country....yet.

It is, however, if you want to make a fair comparison, as many here do in the same regards, then the EU outsources more then the US. Its because of an overpriced euro.

Global depression? No.

A perfect example of why a single monetary policy can never work over 15 independent nations. Spain, Ireland, France and Italy all needed an interest cut but the ECB increased rates to help the Germany economy.