Silly Europeans – Democracy Died When You Created the EU

16 Sep

So go ahead and hold your protests and referendums – until you take back your countries it will make no difference…

Anti-Austerity Protests Return To Spain

The developments came as Luis de Guindos, economy minister, said that Spain’s borrowing costs still do not reflect the country’s economic and fiscal adjustment, despite their recent easing.” The key word uttered that makes this whole protest a moot point: “referendum” – silly Europeans don’t seem to get quite yet that Democracy has been dead for decades, supplanted by kleptofascist globalization with just enough handouts for the lower and middle classes (usually in terms of welfare promises) to keep everyone happy…

On one hand people are protesting wage cuts; on the other Spain itself is insolvent as priced in by the market which anticipates Spain will eventually request a rescue by the ECB in turn sending its bonds lower; on the third hand Rajoy has now made it clear as long as Spanish bonds are cheap he will not request a bailout; on the fourth hand, the recent action by the Fed appears to have finally broken the hope trade with Spanish bonds sliding even as the IBEX ripped meaning very soon not only will Spain run out of cash

Zero Hedge


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