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Insane in Spain
Back from travel! (But more crazy travel next week)
So, the euro crisis is risk on again. And this time it’s centered on Spain — which in a way is a good thing, because now the essential craziness of the orthodox German-inspired diagnosis of the crisis is on full display.
For this is really, really not about fiscal irresponsibility. Just as a reminder, on the eve of the crisis Spain seemed to be a fiscal paragon:
What happened to Spain was a housing bubble — fueled, to an important degree, by lending from German banks — that burst, taking the economy down with it. Now the country has 23.6 percent unemployment, 50.5 percent among the young.
And the policy response is supposed to be even more austerity, with the European Central Bank, natch, obsessing over inflation — and officials claiming that the incredibly foolish rate hike last year was actually something to be proud of.
I’m really starting to think that we’re heading for a crackup of the whole system.
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This requires no comments from me. It's been there all along, with untold numbers of people watching in horror as Germany seems to think they can conquer Europe - again. This time, as usual, their policies seem to be leading to disaster.
One of the very saddest things is that so many "KKKonservative" LOVE them everything German - including their failures.
I truly fear for whatever freedom, whatever power, whatever status, whatever moral strength, is left in the USA. Our right wing seems bent on destroying EVERYTHING.
Once again, I'm happy to be 73, and not 23. Good luck youngsters!
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