Spain: Italy! We are first!

Vitaliy_Kiselev

Via: http://www.businessinsider.com/chart-on-the-spanish-economy-2012-4#the-spanish-pmi-predicts-sharply-negative-gdp-1

Mark_the_Harp

Jesus, that's all a bit worrying. I'm not sure what it all means but I'm guessing it means "We're screwed!"

Vitaliy_Kiselev

@nic2011

And in that things you see some sense?

jokieone

One can only hope that this leads to something good. Zizek mentions in " First As a Tragedy Then As a Farce" that the current financial crisis is vital in waking us up in west, to realize that captialism is an ideology, that it is flawed and that our hedonistical hypocracy is a choice. Not a law. Naomi Klein would call it Shock Therapy.

manuelrm

in Italy we'are dying....many people started to kill themselves beouse of the financial crise

raoul

I really like that this forum is not limited to cameras. Vitaliy's aproach to hacking cameras is connected to corpoate politics and thereby also the whole structure of capitalism. So for me it seems natural to also discuss economy and alternatives to capitalism.

What I find most sad in the figures at the top of this post are the youth unemployment rates. Can you imagine the frustration of 50% of young people having no perspective?

brianluce

Jobless rate among youth with college degrees is not nearly as daunting. Large portions of society are disenfranchised now. A world of winners and losers and little in the way of social justice.

sebasp1

wow i now realize why spain dont want ypf taken away they are in a really bad situation.

stoney

Lots of charts.

Fundamentals have been deteriorating while stock markets had been making new highs since 2009 market bottom. The stock market charts are looking really bad. The worst since 2009 bottom. Normally I don't say this but... sky is falling!!!!

agoltz

I have one foot in one of the countries that used to be part of 'Eastern Europe', the other in the UK. So I have sampled both economic dogmas. I find Personal-View blog one of the most intelligent sources of info on what is happening in this muddled world. Thank you Vitaly. Oh yes, I also have a GH2;-)

jimmykorea

@Vitaliy I like the fact you have a handle on world economics. I seems if you are going to be a filmaker you need to know what is going on around you. And what is going on in the world is this subject. Honestly I'm not sure the average westerner is awake to the turmoil that is fast approaching and are mainly accepting the kool aid fed by the mainstream media of an economic revovery. Again this is a reason to be discerneing about the media we watch. On the subject of Spain yeah it was always about the larger PIIGS rather than Greece. What it's really about is how leveraged the banks are in sovereign debt and how that will domino to American banks. The real thing that is not understood is how Germany is as vunerable as anyone else in the EU. By the nature of the EU everyone is tied together in this sinking ship.

liquidify

American banks will die because of currency collapse. The debt issue is only one part of it. Credit default swaps will play a role as well, but biggest thing to understand is that the groundwork for removing the dollar from its position as reserve currency is already established. It is now just a matter of creating some infrastructure and then letting people choose to move from the dollar toward stronger currencies. It will be ironic that capitalism will lead to the death of the dollar. Probably take between 2 and 4 years. Maybe faster if some world wide event occurs that changes things on a faster time scale.

ahbleza

Some commentators think the Eurozone crash is coming soon....

http://news.goldseek.com/GoldSeek/1334502720.php

And now Spanish bond yields are 6% -- this could lead to a Greek scenario, and not so slowly.

http://money.cnn.com/2012/04/16/markets/bondcenter/spanish-bonds/index.htm?hpt=hp_bn1

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