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overtheedge
Member since May 2012
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Podemos "Economic Manifesto" Calls for Debt Restructuring, Spain to Abandon the "Euro Trap" - Mish - Global Economic Analysis

"Eventually, there will come a time when a populist office-seeker will stand before the voters, hold up a copy of the EU treaty and (correctly) declare all the bail out debt foisted on their country to be null and void. That person will be elected."

The world had better dread the accuracy behind your predictions.
I truly fear you are correct.

"If Spain had one person in five in public services, as did Sweden in 2010, there would be more than three million and additional jobs in our country."

Obviously math skills are not a requirement to be a politician or politician wannabe.
With absolutely no skim, the five workers would need to pay no less than 20% tax just to cover the one public servant (an oxymoron term).
With administrative skim, 35% tax is closer to the truth.
Then there are other federal, state and local skims in the form of income, sales, luxury, property, VAT, etc.
So total skim will probably exceed 60%.

We won't bother pointing out that government produces nothing, but is a ravenous consumer of wealth. Oops, just did.

Now consider the collateral damage to Euro-land when Spain decides to put the EU in the rear view mirror.
Of course this projectile defecation will flow across oceans and continents drowning everyone in copious amounts of political name-calling, economic/military threats and backroom pleading to remain on board the sinking ship.
If something can't go on forever, it will end.
Atlas will shrug. And then we all will face drowning.

You will either have a life preserver or you won't.
Imagine the selling price of life preservers on that fateful day?
Imagine the fools that will sell theirs for magic paper backed by incantations of wizards.
Yes, there will be fools in abundance.

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Now consider Target2 accounts and the impact of Spain withdrawing from the EU.
Might I suggest everyone laying in a bunch of toilet paper.
No, no, no. Not dollars, euros or yen. I'm talking 2 layers of softness and absorbency.
When the inevitable happens, you, me, everyone is gonna need it.
Besides, tangibles always beat out promises from deadbeat governments.

Commented 3433 days ago

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Beginning of the headline :The Podemos party, a far-left populist party in Spain led by Pablo Iglesias, has come from out of nowhere to lead the polls. Podemos' economic manifesto includes debt restructuring, exiting the European Monetary Union, and a jobs program to end unemployment. The plan was drawn up by Vincenç Navarro and Juan Torres, two Spanish economists. Left to right: Pablo Iglesias (party leader), Carolina Bescansa (party member) and economists Vincenç Navarro and Juan Torres, present Podemos' economic... Read More

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