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Spain In A Nutshell

Tyler Durden's picture




 

Confused why contrary to all public lies otherwise, Spain is Greece? Here's why

  • TAX RECEIPTS THROUGH AUGUST FELL 4.6% ON YR, SPAIN DATA SHOW: perhaps their tax collectors were also on strike?
  • SPAIN GOVT SPENDING THROUGH AUGUST ROSE 8.9%, BUDGET DATA SHOWS: missed the austerity by just thiiiiiiis much
  • SPAIN JAN-AUG CENTRAL BUDGET DEFICIT 4.77% GDP VS 3.81% YR AGO

Luckily, there is always hope that the magic money tree will bloom eventually

  • SPAIN EXPECTS HIGHER TAX REVENUE IN COMING MONTHS

So, to summarize: revenues down, spending up, budget deficit naturally higher than last year. Oh, stop calculating... and just buy their bonds. The Central Planners will make sure the math is irrelevant always and forever.

 

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Tue, 09/25/2012 - 10:50 | 2827815 HelluvaEngineer
HelluvaEngineer's picture

So you're saying there's a chance?

Tue, 09/25/2012 - 11:01 | 2827889 Cash2Riches
Cash2Riches's picture

Let's keep those printing presses rolling!

 

http://jimrickards.blogspot.ca/

Tue, 09/25/2012 - 18:39 | 2830010 Buck Johnson
Buck Johnson's picture

We have Greece lying by 50% if not more about their austerity and needing more money.  We have Spain saying just buy the bonds and worry about getting paid later.  And the money buying it is from central banks.

Tue, 09/25/2012 - 10:53 | 2827823 sUccRAM
sUccRAM's picture

Higher tax revenue due to a rise in VAT. from 18% to 21% for general goods in September. At least this is the idea.

Tue, 09/25/2012 - 10:58 | 2827869 LawsofPhysics
LawsofPhysics's picture

Ahh yes, theft by inflation or taxation.  At least the mafia has the decency to show up in person and say "fuck you, pay me".

Tue, 09/25/2012 - 11:24 | 2828004 DoChenRollingBearing
DoChenRollingBearing's picture

We are on vacation in Italy.  Things are very bad here as well (worse than America, please believe me).  When I get back I have two nice articles planned re Italy (on their disappearing gold and unusual photos).

A bookstore seller in Brindisi told me that there is so little street crime here in far SE Italy is because the mafia WANTS it that way, they get a cut of everything.  And THEY want the tourists to come and spend...  We have not yet felt menaced by "the usual immigrant groups", I believe that explains why...

The same guy told me that the WHOLE COUNTRY (including Milan and its stock exchange) is TOTALLY corrupted by the various mafias (especially the Calabresian Mafia which has a strong presence in Milan).  No real surprise as our own exchanges are corrupted (just by different "mafias" ("banksters")).

But, forget setting up a business here in Italy.  I would not even do that in the USA, but I am getting old...

Tue, 09/25/2012 - 10:53 | 2827826 Winston Churchill
Winston Churchill's picture

I thought Spain was Uganda,or is that the USSA.

Whats Greece ?

Very confusing.

Tue, 09/25/2012 - 11:00 | 2827882 saturn
saturn's picture

Greece is Cyprus.

Tue, 09/25/2012 - 10:54 | 2827832 GaryNeville
GaryNeville's picture

Welcome to the post financial crisis' brand new 2012 paridgm...

Rejection of Mathematic principals

Rejection of Fundementals

HOPE in central bankers ability to make reality disappear. People only see what their eyes want them to see....

Tue, 09/25/2012 - 10:54 | 2827836 Dr. Engali
Dr. Engali's picture

Clearly bullish for the IBEX. Just BTFD.

Tue, 09/25/2012 - 10:59 | 2827875 LULZBank
LULZBank's picture

Clearly they need more banks and financial institutions to bring them prosperity.

And not forgetting more properties under the sun.

Tue, 09/25/2012 - 11:00 | 2827883 Nobody For President
Nobody For President's picture

Happy days are here tomorrow!

Tue, 09/25/2012 - 11:45 | 2828103 Dexter for President
Dexter for President's picture

At least I spared some thought and selected someone (Dexter) for president. LOL

Tue, 09/25/2012 - 12:02 | 2828184 SmallerGovNow2
SmallerGovNow2's picture

Is that like the Free Beer Tomorrow sign at a bar?

Tue, 09/25/2012 - 11:03 | 2827899 pods
pods's picture

They just need to hedonically adjust their numbers!

pods

Tue, 09/25/2012 - 11:10 | 2827933 SmoothCoolSmoke
SmoothCoolSmoke's picture

SP 1463.  No worries!

Tue, 09/25/2012 - 11:18 | 2827973 riphowardkatz
riphowardkatz's picture

What happened to blaming the bond vigilantes? They were such an easy target. h

Tue, 09/25/2012 - 11:45 | 2828097 Haus-Targaryen
Haus-Targaryen's picture

Don't worry guys.  Spain doesn't need a bailout.  

Tue, 09/25/2012 - 11:48 | 2828118 americanspirit
americanspirit's picture

Coming very soon - currency sniffing dogs at Spanish borders, currency controls, and harsh penalties for hoarding. Gulag Iberia.

Tue, 09/25/2012 - 12:16 | 2828233 Urban Redneck
Urban Redneck's picture

On what basis could they be expecting higher revenues later in the year, is there some double secret 90% tax on Lotería de Navidad they're planning to roll out in three months?

Tue, 09/25/2012 - 21:18 | 2830554 zippy_uk
zippy_uk's picture

STOP PRESS - Europe has banned "Mathematics" on the basis it unethically undermining The Euro.

In a commnique issued from Brussels, Mr Junker confirmed the Maths is not necessary for assessing Euro markets as numbers would "always be positive" , hence finding out where these numbers came from is not necessary.

In a follow up meeting with Barroso and Van Rompoy stressed the problems and dangers of unauthorised Maths causing market distorting views of economic performance in Europe, particularly those originating out of London or "Amerika" of which all things economically bad should be blamed, "no matter what".

Wed, 09/26/2012 - 16:05 | 2833324 SaulGood
SaulGood's picture

So if spending has gone up, what are people protesting?

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