Both Greece and Spain are in the midst of huge depressions. The unemployment rate in Spain is 25.8%, in Greece it's 24.4%. Youth unemployment is over 50% in both countries.

Greece is in its 6th year of depression and GDP is down another 7.2%. Expect Spain to follow.

Matthew Dalton, writing for the Wall Street Journal explains Where Spain Is Worse Than Greece

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Mike Shedlock

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.

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6 Comments So Far
Henry_VlIl Wrote: Nov 15, 2012 7:04 PM
I asked a Republican this question. "Any clue why 'Medicare Prescription' was passed when George W. Bush(R) was president, Denny Hastert(R) was Speaker of the House and Bill Frist(R) was Senate Majority Leader?"

He told me, "Ted Kennedy wrote the bill!"

Now let me ask everyone out there; just how many bills did Republicans write, When Obama, Pelosi and Reid held the levers of power in DC?"

When they blame a Democrat, again, is this taking responsibility?
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David4 Wrote: Nov 15, 2012 5:56 PM
SPAIN may never see the light. There is a good chance that it will fracture into smaller sovereign pieces before those pieces get their act together.

To PhillupSpace2: Spain also went "all in" for high speed rail back in the day. I expect that is not going so fast anymore either.
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George33 Wrote: Nov 15, 2012 10:08 PM
Spain also finished off their bankruptcy with "investments" in solar.
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willis9 Wrote: Nov 15, 2012 1:54 PM
I simply do not believe in labor shortages, the law of supply and demand works here just as it does every where. Yes there can be structural imbalances but the routine answer is worse than the cure. For Greece that would be importing cheap non-greek labor that bring along the moral equivalent of leprosy.
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Frank130 Wrote: Nov 15, 2012 6:27 AM
I don't agree with the concept of nations having "empires" (forceful imposition of one nation's will upon other groups of people), but empires show power. Spain, Italy & Greece all had empires in the past. What happened to make them the economic basket cases of today?

In a sense, America has had an empire (both economic & military with 800+ bases in 120+ nations around the world). What happened to make America the biggest economic basket case the world has ever seen? Watch our financial & military empires collapse.
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PhillupSpace2 Wrote: Nov 15, 2012 2:50 AM
And Mish, didn't Spain go all in on the Solar, wind and all renewable energy dream?
That, combined with the bias that the Latin countries have never been as industrious, all around the globe! Perhaps it is the warmer climes.

Quick now, tell me one innovation, technical development or invention of Spanish Origin! They are as big as Germany and dwarf Japan, Korea, Taiwan? Was it their 700 years under the Muslims?

Woody Allen says 80% of success is just showing up! I would add to that getting up and taking less siesta's also helps.
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