Fifteen years of strong growth jeopardized by the ambitions of Aznar, the Draft Dodger who sold Spain into the Iraq War.
According to the foreign economic media, specially The Barclays’ Telegraph and the newspapers under the control of Rupert Murdoch (The Times, The Sun: Aznar is on the board) Spain is little more than a hedge fund.
It is understandable that The Telegraph and The Business, owned by the Barclay brothers, speculators in real estate, try to tarnish the image of Spanish banking and the economy in general.
In the foreign press the image of Spain is all about the sudden end of the building bubble.
Never mind that there is no sub prime lending in Spain and the building expansion is an entirely private phenomenon. Investment banks, think tanks, universities, analysts and investment firms abroad are led astray by the fact that Spain doesn’t have important media in English and the reports by competing firms are self-interested and misleading.
== Olivier Blanchard, Boston MIT, believes Spain will have a severe adjustment, just like Portugal.
* I’ve got news for you, Olivier Blanchard: the Portuguese workers go to Spain to work every Monday, get back home every Friday evening -we are keeping Portugal alive.
== Desmond Lachman, American Enterprise Institute, a neocon think tank, says Spain is too exposed to the global crisis and the growth of the economy in 2009 will be at most 1 %.
* I’ve got news for you, Desmond: Spain grew at 3.8 % in 2007, NOT the 2.4 that The Economist said. The numbers are already in. Better Desmond you worry about the growth in the USA, Warren Buffett says there are some problems there and the fault is the banks. He should know. He’s rich, you are not !
== Bernard Connolly, AIG, is still more down beat: Spain is heading straight for a catastrophe.
* I’ve got news for you, Bernard Connolly: you were talking the same rot before the elections in Germany, to push Merkel into place. After Merkel was elected the Red Cross parcels to Germany stopped, what? The Germans discovered oil and gold in the Ruhr or something?
== Portugal, Ireland, Greece and Spain are called «The PIGS» by the anglosaxon press.
Is that sensitivity or what?
Us «pigs» are all the same. We «pigs» suffer from this building bubble and it is going to be our end.
* Dream on ! I’ve got news for you: In that case Great Britain is going to be taken to the butchers, they have a worse problem: right now new places in Manchester are being offered at 40 % below their asking price of two months ago. No buyers !
== Morgan Stanley says that Spain is the sad case of a recession.
* Is this the same Morgan Stanley we read so much about, with enormous losses because of subprimes and hedge funds and the like?
Morgan Stanley, I know you people do not read Spanish but I have news for you: You are a laughing stock in Argentina, in their press: www.lanacion.com.ar. Can you fall lower than that?
IF YOU CAN READ SPANISH
and read a full report printed in the best, most sold Spanish newspaper, El País, about this coordinated effort by the foreign press, specially British and American, to paint Spain so black.
ABC is a conservative, monarchic, Francoist newspaper.
But in the matter of our money we think alike ! You don’t play with the food on your plate, do you?
So, here «Pánico en la «City»»
I have read it for you ! It says that the banks of Britain are bankrupt and scared of the banks of Spain.
National elections for President and Parliament this month. The popular Party, the Party of Aznar is low in the polls.
Zapatero, the Socialist President of Spain is going to renew his mandate.
That, and the cuthroat competition among the European banks is the real reason behind these very misleading economic news in the foreign press.
[ This scurrilous foto published in The Onion, shows a Spanish worker taking a break after working 14 hours a day. Yes, we have the 8 hours law. But in Spain no one respects the law, least of all the bosses and ¡ The unions ! And overtime is well paid, often in the black. ]