Lame Stream Media has neatly scrubbed the bulk of this story from the front pages and yet it's far more important than some generals playing slap and tickle, something that should be relegated to the tabloids, but I guess that's where the right gets its' strategies and tactics.
On Wednesday November 14 literally millions took to the streets to protest wage cuts, cuts to pensions and the raising of taxes on those who could least afford it. Furor was added to the anger when a woman in the process of eviction jumped to her death in Spain. With a youth unemployment rate of over 50% in the country and banks getting a bail out with no future in sight is it any wonder frustrations have come to a head. What we're witnessing in Spain has already begun in Greece with their country facing years more of recession. But what was truly shocking was a comment by a central bank representative Olli Rehn who said the cuts were not enough to bring economic stability, that more were needed. Maybe he'd like to suck the marrow off our dead bones.
It's just a matter of time before the UK, France and Germany get sucked into this debt black hole as they have skin in this game. Remember they are part of the IMF and the central bank who made these bail out loans. When nobody can pay they too will be faced with deficits and debt they can't pay. Maybe that will be a good thing though. Maybe they'll come to realize the mess they've created and we can all start to write off this massive burden and start anew.
What is apparent is that this story is not making it to the main stream media. We witnessed the effects through the markets today. Some would blame this on Israel's attack on Gaza but that is only a minor thing that happens quite often and rarely gets covered. Instability in Europe is a far bigger deal when there so much financial paper spread throughout the continent. Nothing scares a trader more than instability in a country but in this case it's many countries and spreading fast now.