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“eso de la OTAN ya está muy pasado de moda, ahora lo que tira es Rusia y Putin. Es la relación que hay que intensificar. ¡Yo soy pro Putin! ¡Viva Putin!...!"
Temptations of a Peseta default in Spain By Ambrose Evans-Pritchard Economics Last updated: July 30th, 2012Comment on this Comment on this article Defying charges of heresy, Spanish economist Lorenzo Bernaldo de Quiros has penned a piece in El Mundo that more or less calls for Spanish withdrawal from the euro – unless Mario Draghi conjurs up real magic at the ECB.My rough summary/translation:Spain is heading for insolvency as big chunks of debt come due later this year. Events are moving fast. The relevant issue is no longer whether this will happen, but whether it is better for Spain to restructure its debt "inside or outside" EMU."Inside the euro and without financial resources, a debt reduction is pointless. The Spanish economy would have to go into deepening internal deflation, with cuts in prices and salaries, to restore competititeness. This is impossible, or at least improbable."The process would take too long. Capital flight would continue. It would lead to another debt resturturing in short order (as in Greece). "The snake would bite its own tail in a diabolic spiral," he said.Mr Bernaldo de Quiros — who heads Freemarket Corporate Intelligence — seems to assume that there will not fact be a eurozone rescue (or that the Rajoy government will refuse to accept Troaika terms).He contemptuously rebuts the "apocalypic casuistry" of those who claim that the banking system would necessarily collapse, or that real interest rates would surge, or that Spain would succumb to hyperinflation.He notes the success of Britain, and the Scandinavian states in leaving the Gold Standard in 1931 – and those Latin American states that did so later (perhaps a better parallel, since Spain today has net external debt near 100pc of GDP). Their recoveries were in stark contrast to those like France, Poland, Belgium, Italy, and the Netherlands that clung to the dysfunctional fixed-exchange system until the bitter end, trapped in perma-slump.He cites a study from the Centre for Economic Policy Research studying 13 cases of devaluation shocks over the last two decades. Output exceeded its previous level within three years in ten of the countries, with an average growth rate of 10.3pc (ie, even more than the oft-cited growth rate of Argentina, post-liberation).Nothing is foreordained, either way. What matters is the policy pursued afterwards. "It would be in our hands whether it would be a success or failure."Competitiveness would be restored rapidly; the Bank of Spain would be able to act as a lender of last resort again and eliminate the risk of future debt restructurings. The country would at least have a sporting chance of avoiding protracted depression.Obviously it would all go wrong if the government turned crudely populist. "Whatever the case, the current situation is unsustainable".I pass this along. The arguments are familiar to readers of this thread. He does not address the issue of what would happen to Italy, and therefore to France, and therefore to Germany, and therefore back to Spain itself, if Madrid did indeed light a match to this powder keg, but again, perhaps that is apocalyptic casuistry.What is significant is that Spanish dissidents are at last gaining a platform in their own press. The debate is joined. These arguments are gaining traction, and will prevail in my opinion, determining the next phase of world economic history (if the Germans don't beat them to it by pulling the plug first)..Last week, the president of Asturias said it would be better for Spain to leave the euro than hold out a "begging bowl".Who can argue with him? Unemployment is now 24.6pc, or roughly 29pc under the measuring method used in the early 1990s. This is the worst in Spain's recorded history.There is no light whatsoever at the end of the tunnel. Pure blackness. EMU really is that destructive.Growth will contract by a least 3pc next year, according to Citigroup. The slump will grind on into the middle of the decade.It strikes me as very naive to imagine that the Spanish people will put up with this Maquina Infernal for year after year.Why should they?
Yo no me creo nada y menos del tahúr con corona este. Para que este personaje diga eso, no me extrañaría que hubiese detrás algún suculento regalo de algún "inversor" ruso que quiere comprar algo en España. Si estamos atentos en los próximos meses igual vemos un desembarco "inversor". En la zona de la costa del Sol ya hay bastantes ruskis e incluso hay anuncios en la carretera escritos solo en ruso. Que no está ni gagá ni borracho. Campechano no da puntada sin hilo. Nunca lo infravaloren.
Más presión sobre Europa y el euro: Citar Temptations of a Peseta default in Spain By Ambrose Evans-Pritchard Economics Last updated: July 30th, 2012Comment on this Comment on this article Defying charges of heresy, Spanish economist Lorenzo Bernaldo de Quiros has penned a piece in El Mundo that more or less calls for Spanish withdrawal from the euro – unless Mario Draghi conjurs up real magic at the ECB.My rough summary/translation:Spain is heading for insolvency as big chunks of debt come due later this year. Events are moving fast. The relevant issue is no longer whether this will happen, but whether it is better for Spain to restructure its debt "inside or outside" EMU."Inside the euro and without financial resources, a debt reduction is pointless. The Spanish economy would have to go into deepening internal deflation, with cuts in prices and salaries, to restore competititeness. This is impossible, or at least improbable."The process would take too long. Capital flight would continue. It would lead to another debt resturturing in short order (as in Greece). "The snake would bite its own tail in a diabolic spiral," he said.Mr Bernaldo de Quiros — who heads Freemarket Corporate Intelligence — seems to assume that there will not fact be a eurozone rescue (or that the Rajoy government will refuse to accept Troaika terms).He contemptuously rebuts the "apocalypic casuistry" of those who claim that the banking system would necessarily collapse, or that real interest rates would surge, or that Spain would succumb to hyperinflation.He notes the success of Britain, and the Scandinavian states in leaving the Gold Standard in 1931 – and those Latin American states that did so later (perhaps a better parallel, since Spain today has net external debt near 100pc of GDP). Their recoveries were in stark contrast to those like France, Poland, Belgium, Italy, and the Netherlands that clung to the dysfunctional fixed-exchange system until the bitter end, trapped in perma-slump.He cites a study from the Centre for Economic Policy Research studying 13 cases of devaluation shocks over the last two decades. Output exceeded its previous level within three years in ten of the countries, with an average growth rate of 10.3pc (ie, even more than the oft-cited growth rate of Argentina, post-liberation).Nothing is foreordained, either way. What matters is the policy pursued afterwards. "It would be in our hands whether it would be a success or failure."Competitiveness would be restored rapidly; the Bank of Spain would be able to act as a lender of last resort again and eliminate the risk of future debt restructurings. The country would at least have a sporting chance of avoiding protracted depression.Obviously it would all go wrong if the government turned crudely populist. "Whatever the case, the current situation is unsustainable".I pass this along. The arguments are familiar to readers of this thread. He does not address the issue of what would happen to Italy, and therefore to France, and therefore to Germany, and therefore back to Spain itself, if Madrid did indeed light a match to this powder keg, but again, perhaps that is apocalyptic casuistry.What is significant is that Spanish dissidents are at last gaining a platform in their own press. The debate is joined. These arguments are gaining traction, and will prevail in my opinion, determining the next phase of world economic history (if the Germans don't beat them to it by pulling the plug first)..Last week, the president of Asturias said it would be better for Spain to leave the euro than hold out a "begging bowl".Who can argue with him? Unemployment is now 24.6pc, or roughly 29pc under the measuring method used in the early 1990s. This is the worst in Spain's recorded history.There is no light whatsoever at the end of the tunnel. Pure blackness. EMU really is that destructive.Growth will contract by a least 3pc next year, according to Citigroup. The slump will grind on into the middle of the decade.It strikes me as very naive to imagine that the Spanish people will put up with this Maquina Infernal for year after year.Why should they? Naturalmente, viene de la City de Londres. http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100019218/temptations-of-a-peseta-default-in-spain/
Pues que quieren que les diga, yo creo que el monarca no está gaga, y poniéndome conspiranoico, harto como debe estar de las maniobras para quitarlo de en medio organizadas desde hace años por los libegales anglofilícos que tenemos en España -, manda un mensaje a navegantes y les dice campechanamente que su hora ya ha pasado y es el momento del eje carolingio-eslavo.Por cierto, que esas afirmaciones refuerzan la postura de la corriente mayoritaria de este foro.
Pero ojo, como la moda se extienda y se pasen al transicionismo Zarzuela, Moncloa, Génova y Ferraz, ya me dirán que transición vamos a tener: la de siempre.
¿GN -> GAZPROM?