Well, isn’t socialism just the bomb?
Its amazing how all these stories talk around the real issue. Its not a “liquidity” issue. Its not a “real estate bubble” issue. Both of those things happened before and the economy got back on track after two or three years. The issue is an out of control government that can’t stop spending and that is taxing and regulating everyone to the point where they can’t run a productive business.
Spain, though, hasn't been exactly a model for robust growth for awhile now. 20%+ unemployment is not unusual for southern europe even though they're trying to pretend it's an apocalypse.