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Guest Post: Forget The Middle East, Spain Is Still The Elephant In The European Room!

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Thu, 03/03/2011 - 18:30 | 1016635 AN0NYM0US
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and to think that Spain was once occupied by Arabs during the Golden age of Islam and the Umayyad Caliphate of Cordoba though they didn't last long with the arrival of the Abbasids

Thu, 03/03/2011 - 18:34 | 1016672 binky
binky's picture

"I'm sorry. The card says MOOPS." 

Thu, 03/03/2011 - 18:48 | 1016739 AN0NYM0US
AN0NYM0US's picture

well said

Thu, 03/03/2011 - 21:54 | 1017194 Hugh G Rection
Hugh G Rection's picture

How is this possible. Spain is the pioneer of the green economy.

Thu, 03/03/2011 - 22:16 | 1017252 New_Meat
New_Meat's picture

simple equation:

1 green job equals -2.6 real jobs.

Why, this is QE to infinity!

- Ned

Fri, 03/04/2011 - 00:19 | 1017544 txapela
txapela's picture

not really.


they just have a crash and subsequent depression in their housing market thanks to their insertion into the EU and cheap lending.


nothing to do with politics, either party, Franco, ETA, the World Cup or the King.


ps. the Basque Country, which is the richest place in Spain, per capita, is not in that list. Why?

Maybe it's because that list is just of regions that are currently in a depression, but fails to paint the entire picture?

Double checked, Navarre isn't there either?


Also, it was the basque and the Kingdom of Navarre that slapped the shit out of the muslims in Poitiers, then spalled the shit out of the French and sent them packing back into France, and produced the Kingdom of Castille, which together with the basques, proceeded to slap the living shit out of the Caliphate of Cordoba (after the previously Caliphate had already been slapped, at the beginning of this run-on sentence).

Fri, 03/04/2011 - 05:14 | 1017851 falak pema
falak pema's picture

Lot of shit flying around since centuries. But you forget that Spain also invented the 'Convivencia' and learnt the troubadour poetic culture, along with the old Occitans, from the Moors. Also the flamenco. Learnt about irrigation and sunny palace designs, not dark dungeons. It is called "cross fertilisation". A bit like what's happening today. While a lot of shit flies around. But that is in human nature. There are two sides to every story. One told by the shit handlers, one told by those who defend progress.

Thu, 03/03/2011 - 18:25 | 1016651 Stares straight...
Stares straight ahead's picture



Thu, 03/03/2011 - 18:46 | 1016727 Shell Game
Shell Game's picture


Thu, 03/03/2011 - 18:25 | 1016652 Scottj88
Scottj88's picture

Not to mention our 110$ Trillion dollars in unfunded liabilities...

Or the $175 Trillion dollar derivatives holdings by our banking friends... (Federal Reserve Proxies)




Bernanke estimating 5.3million jobs lost at 200,000 jobs per 61Billion in debt reduction using linear extrapolation.  Moodies estimating 18.5million at 700,000 jobs per 61billion..

What a world...

Thu, 03/03/2011 - 18:30 | 1016665 baconator3000
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you are a moran

Thu, 03/03/2011 - 21:51 | 1017189 Hugh G Rection
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only a low-grade imbecile spells moron wrong.



Fri, 03/04/2011 - 03:07 | 1017778 Bonesetter Brown
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Been around the internet much, Hugh?  Try a search on "moran image"

Thu, 03/03/2011 - 18:31 | 1016666 Rainman
Rainman's picture

Spain ?? I thought that mess was all properly covered up.

Thu, 03/03/2011 - 21:13 | 1017131 kaiserhoff
kaiserhoff's picture

Fallen 20% hell.  We're talking vacation homes for the upper third of the EU who should have known better.  Wake me when it gets to 80%.

Thu, 03/03/2011 - 18:32 | 1016668 kaiten
kaiten's picture

I see someone in eurozone is unhappy with surging euro ;)

Thu, 03/03/2011 - 18:53 | 1016759 tld
tld's picture

Spain is really screwed. That's what you get when you have a economy that's 50% based in the real estate sector. They just keep importing stuff instead of producing stuff like the Germans. Spain = California (without the hi-tech and cinema).

Thu, 03/03/2011 - 20:34 | 1017070 Jackfish
Jackfish's picture

Nice try. 

California is not so nearly Spain.

US Rankings:

Agricultural production = first by a large margin

Livestock production = second (after Texas)

Commercial fishing = first

Despite popular misconception, California is one of the leading mining states, one of the leading timber states, and first among states in manufacturing.

California has issues to be sure, but it could easily be a self sustaining country as it is a net tax payer to the Federal Government.


Thu, 03/03/2011 - 20:43 | 1017079 Orly
Orly's picture

And the cows. Don't forget the cows.

Happy cows come from California.  So does happy cheese.

Thu, 03/03/2011 - 21:09 | 1017127 New_Meat
New_Meat's picture

why, the celebrated town of cows--Vacaville.

... oops ... there's cow dung all around the BK 'ville.

- Ned

Thu, 03/03/2011 - 23:07 | 1017357 destraht
destraht's picture

I have the misfortune of currently sleeping in Vacaville. Its basically the military industrial complex here.

Thu, 03/03/2011 - 23:09 | 1017358 BetTheHouse
BetTheHouse's picture

Midnight Moon is a nice goat gouda from Northern CA.  Really outstanding stuff.  Worth seeking out. 

Thu, 03/03/2011 - 20:55 | 1017099 Shameful
Shameful's picture

Shame that with the voter record I can't see CA standing up to Uncle Sugar as they slide into insolvency.  Sure there will be a lot of great deals as CA gov sells off state assets.  When you're tied to the anchor doesn't matter how good a swimmer you are.

Fri, 03/04/2011 - 01:29 | 1017664 sunny
sunny's picture

If Spain and Europe and the euro are in such deep shit how come the euro is pushing 1.40 on a massive run-up.  Flight to Trash?


Fri, 03/04/2011 - 02:34 | 1017745 Orly
Orly's picture

Besides the fact that the Chinese, the Japanese and the Europeans themselves have dropped at least a trillion dollars propping it up over the past two months, I'd say it is because Euros are prettier than dollars.


Thu, 03/03/2011 - 18:54 | 1016764 FoieGras
FoieGras's picture

Property quality in Spain is some of the worst you've ever seen. Generally low quality builds, crappy materials, amateurish finnishing. 20% drop from peak prices won't make these garbage houses bargains.

Thu, 03/03/2011 - 21:41 | 1017168 Lord Koos
Lord Koos's picture

So, you buy a nice old house.

Fri, 03/04/2011 - 04:22 | 1017823 A Man without Q...
A Man without Qualities's picture

I saw a program about a British couple who were planning to retire to Spain.  They'd bought a place off plan, putting their savings down for the deposit. When the house was "ready", they found it built to a seriously poor standard, only a small percentage of the other homes had been sold, the infrastructure wasn't ready.   Add to that, Sterling had dropped from 1.6 to 1.2 vs the Euro (their income was a UK pension), their home in the UK had fallen in value and the best of the lot, a new freeway was being built that would be no more than 10 yards from their front door, and actually cut through the garden.  The seller argued it was the fault of the local lawyer, that he'd recommended, to find this out.  

I realize this is just one story in a million, but it's illustrative of the damage done to peoples' lives, while the bankers are back to business as usual..

Fri, 03/04/2011 - 05:20 | 1017857 falak pema
falak pema's picture

That's because it was built essentially since forty years for the english investor/tourist industry. What can you offer a 'rule britannia' freak other than fish and chips wrapped up in dirty newspaper?

Thu, 03/03/2011 - 20:00 | 1016997 claycalhoun
claycalhoun's picture

Spain and it's property are a busted flush.

A Spanish minister has been reported in the UK press appealing to Brits to buy Spanish

Property because it is now so cheap.

I think not!!

With a population of around 40 million, 8 million of whom are unemployed, they have 700,000 houses unsold or unfinished.

You buy if you wish to!!

Thu, 03/03/2011 - 20:03 | 1017010 DosZap
DosZap's picture

Waste of time, I told ya, their all going D_O_W_N.

Thu, 03/03/2011 - 20:31 | 1017063 Ahmeexnal
Ahmeexnal's picture

The spaniards will pull another thievery they are famous for. When they were bankrupt in 1492 during the rule of catholic queen Isabella, they robbed, tortured, killed, expelled, force-converted and betrayed both moslems and jews. Those who managed to survive and refused conversion were expelled and forced to sell all their belongings at ridiculously low prices. A large part of that loot was destined to pay their masters at the Vatican. And then the spaniards went on to rob, enslave, torture, kill, force-convert the inhabitants  of the New World, in some instances carrying out mass genocide where no one was left alive as the Taino who became extinct. Expect a rebirth of the spanish inquisition. Compared to the catholic kings of spain, the neocon industrial complex is just a girls scout brigade.

Thu, 03/03/2011 - 21:16 | 1017135 New_Meat
New_Meat's picture

Torquemada bitchez. e.g.:


"Compared to the catholic kings of spain, the neocon industrial complex is just a girls scout brigade."

Abmee-why that is probably the nicest thing you will say about neocons.  Do you sense any ... er ... cognitive dissonance in your comment?

Why do you say "girl scout brigade?"  Do you have some fetish you'd wish to share?

- Ned

Thu, 03/03/2011 - 22:43 | 1017299 Ahmeexnal
Ahmeexnal's picture

Don't get me wrong New_Meat, neocons have done enuff wrong and will get their due punishment.

Sadly, the world has no historic memory and we hear the enlightened democracies of Europe condemning any crimes against humanity....except when they are the ones carrying them out in industrial scale in the name of their lord mr. money.


Thu, 03/03/2011 - 21:43 | 1017176 Lord Koos
Lord Koos's picture

Gotta say, even for ZH this is a pretty stupid post, & that's saying a lot.

Thu, 03/03/2011 - 22:25 | 1017264 New_Meat
New_Meat's picture

My Newbie Lord, one asks with all regard to the Lord[ed. z] exaulted position and evident intelligence, what the Exhaulted Lourd would consider an intelligent, or even an informed, nor even a n0n-StupID post.  I've SaID ALot 'cuz az one of MyLordz Koouzoos SubJecTZ, i aM nEW-Meet anD aM nOt woRthY oV Ur(ine).


[ed. in brackets so lOrD can undrrstnd]

Thu, 03/03/2011 - 23:43 | 1017453 RockyRacoon
RockyRacoon's picture

You were too easy on him.

Fri, 03/04/2011 - 05:23 | 1017859 falak pema
falak pema's picture

Now I know Dick Cheney's and Ronald Rumsfeld's true pedigree. They were basques masquerading as Wasps. Wrong race of stingers!

Fri, 03/04/2011 - 09:06 | 1018007 litoralkey
litoralkey's picture

I agree with your sentiments, but you got this one sentence wrong:

"Expect a rebirth of the spanish inquisition."  There will be no rebirth of Spain.  The women of Spain have refused to birth children for the last 35 years and have the lowest rate of births per 1000 population in Europe, and one of the lowest fertility rates in the world (1.2).  Spain will not exist as currently understood in 20 years, there won't be many Spaniards, and there will be unending waves of African/Magrheb immigration to repopulate the country.

In summation, if you plan to holiday through Spain in your lifetime, do it now, do it soon, and take lots of photos of Christian historic sites, because on average 4 Christian holy sites are attacked every week in Spain by various immigrant and atheist lunatics.



Thu, 03/03/2011 - 21:06 | 1017118 Scorpio69er
Scorpio69er's picture

Newly Built Ghost Towns Haunt Banks in Spain

Just how big a loss the banks are facing is unknown, at least publicly...Spain’s economy, the fifth largest in Europe, is much bigger than Ireland’s or Greece’s, and a bailout of its banks could be far more costly, an event that could push the government into default and end up dooming the euro itself.



Thu, 03/03/2011 - 22:10 | 1017239 cdskiller
cdskiller's picture

Good reference, Scorpio. Most of my extended family is in Spain. I spent several months there in the past year. The situation is far worse than here. The entire country was turned into Florida or Vegas. The ghost towns are everywhere. We are talking about a huge economy entirely driven by speculative investment. They've got 20% acknowledged unemployment that is actually closer to 25%. They thought the bubble would never burst and began paying themselves irrationally. Air traffic controllers in Spain averaged $300,000 euros a year. Spanish real estate NEEDS to drop not just another 20%, but 50-60% to get back in line with what people can afford. That will take years and over the course of those years, the ghost towns will sit empty and decay and be predated upon so much that they will be worthless. The losses from this kind of bubble always take years to work their way through the system. For Spain, it will mean collapse and 10-15 years of stagnation.

Thu, 03/03/2011 - 23:00 | 1017336 Buck Johnson
Buck Johnson's picture

You are correct, it will take years and believe it or not we will help it along in the US.  Because we are in such a calamity with our fiscal issues, that one day we will wake up to the economy imploding.

Thu, 03/03/2011 - 22:21 | 1017261 IQ 145
IQ 145's picture

Portugal. Not Spain.

Thu, 03/03/2011 - 22:25 | 1017271 New_Meat
New_Meat's picture


Thu, 03/03/2011 - 23:44 | 1017462 RockyRacoon
RockyRacoon's picture

Just a damn minute.

The latest unemployment figures from the peripheral country are devastating. Last month (February ’11) the number of unemployed citizens in Spain stood at 4.3 million, more than 20 percent of the working class and above 40 percent among the youngsters!

Why quote UE ShadowStats figures for the U. S. in an article about Spain?

Oh, wait...


Fri, 03/04/2011 - 00:48 | 1017601 Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

Do they have MERS?

Fri, 03/04/2011 - 05:11 | 1017847 Sudden Debt
Sudden Debt's picture




Almost EVERY 500euro bill is located in Spain. reason is because everybody who has black money pumps it to Spain and bought real estate with it over there.

Half of those properties where paid under the counter. A house with official 200K pricing was usually payd 200K legit and 200K under the counter.


The pricedrop is more severe!

Fri, 03/04/2011 - 05:32 | 1017866 falak pema
falak pema's picture

Long live the drug mafia, the russian mafia, the arms mafia, the Sicilian mafia, the Napolitan mafia, The ME Sheikh mafia. They all invested laundered money in El-Andalus. Now they wait thirty years for the chicken shit to roost, fester and turn to fertiliser. Wahoo! what a return of cleaned laundery!

Fri, 03/04/2011 - 06:42 | 1017892 Volaille de Bresse
Volaille de Bresse's picture

"Also, it was the basque and the Kingdom of Navarre that slapped the shit out of the muslims in Poitiers"

Utter BS. The Basque country had already been conquered and invaded by the Arabs. At Poitiers in 732 it's Charles Martel who stopped them and their leader Abd El-Rahmann, near the Loire river.

El-Rahmann had first conquered Spain and the Basque country then moved up north and destroyed Bordeaux. He was killed at Poitiers.

101 history lesson here...


Fri, 03/04/2011 - 06:52 | 1017900 Volaille de Bresse
Volaille de Bresse's picture

And don't forget the latest scam from our friends in Spain. They exported tons of cheap albacore tuna as premium red tuna by simply injecting in the flesh of the fish a red alimentary colorant made from beetroot...

Olé! .
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