The European Disaster Is Far Larger Than Greece
By Staff News & Analysis - November 01, 2011

Spain's town hall meltdown – Cuts are now biting deep into civic life. One council has even bet its budget on the lottery … If Carmen Martinez Gomez, a nurse, wants to see the effects of the dramatic spending cuts Spain is currently enduring, all she has to do is glance down from her seventh-floor balcony at the building work below on the Metro, Granada's first underground line. It is less than 10 miles long, but the Metro has already been five years in the making. And with its workers unpaid since January, its inauguration has just been put back again, reports said last week, until 2013. "It feels as if it's never going to be finished," Ms Martinez says. "The whole of Camino de Ronda" – three miles long and one of Granada's main arterial streets – "looks as if a bomb hit it. Shops are going out of business. – UK Independent

Dominant Social Theme: The EU is close to solving its euro-problems and once Greece is secured, it should be "smooth sailing."

Free-Market Analysis: This article speaks clearly to a dilemma faced by a grand and ancient culture – and with the EU by extension. One unspoken reason that Eurocrats are trying to set up a US$5 trillion slush fund is because Spain, Italy, Portugal and even France are in danger of collapsing into Greek style chaos. This article tells us something about Spain's increasing dilemma.

Due to the euro-implosion Spain is in a bad way. But there has been a virtual news blackout regarding Spain's problems because the Anglosphere elites seem to want to concentrate on one EU problem at a time. Therefore the emergent dominant social theme: Solve the Greek problem, solve the "world."

Of course, as we've pointed out, this latest bailout package won't work any better than others. In fact, the powers-that-be probably don't want the EU crisis solved. The more chaos the merrier as the world winds down toward international governance and a global currency. At least that's the plan.

In the meantime, how to keep a lid on things? One way is with a news blackout. While unrest continues throughout Europe only the Greeks are in the news. There are slips-ups, however, and this article (excerpted above) in the UK Independent would seem to break the news blockade. We note that it is a "soft" news report, focusing on the minutiae of the crisis rather than its broader impacts. Here's some more:

The roots of the problem stretch seemingly beyond the control of any single government. Across Spain, before the economic recession started in 2009, what felt like an endless series of credits allowed town halls to spend way beyond their means. Take Granada's Metro. Building work began in 2007, and by May this year, 73 per cent had been constructed. But since then, only 1 per cent more has been built – and three local town halls, including Granada, have said they are not paying a cent more to fund it.

It is hard to find a Spanish city, in fact, without its own particular white-elephant project from the boom years. In Aviles in the north, the €44m Niemeyer arts centre which had been compared to the Guggenheim museum in Bilbao has closed after six months. In Tardienta, Aragon (population approximately 1,000), the gleaming high-speed train station is used by 22 passengers a day. In Huesca in the Pyrenees, a new €40m airport has received four commercial flights in three months of service.

In Castellon, close to Valencia, a €150m airport was opened in March, but its first flights will not be until at least April next year. Sebastian Martinez, a town councillor in Linares, a medium-sized Andalusian city with one in four adults out of work after a car factory shut its doors, said: "You can't help wondering how far this will go before there's some kind of major social fracturing." If this does happen, then a completion date for the Metro in Granada will probably be the least of Spain's worries.

Spain teeters on the brink of a fiscal and monetary disaster that rivals Greece's. The difference is that Spain is much bigger and a Spanish implosion would put paid the euro and perhaps the EU as well. The elites are staving off the inevitable because they have to. To simply surrender would look suspicious. The euro has to go down fighting. But down it will go, news blackout or no.

What never comes across in this sort of reporting is the extent to which the South of Europe mortgaged itself to the failed euro. We think it was done on purpose. The idea was to create a financial catastrophe big enough to provide an impetus for further centralization.

But it doesn't seem to be working out that way, and here we find the influence of the Internet, which has both informed Europeans and angered them significantly. The Internet Reformation was not something that the elites took into account when they started this latest round of globalizing efforts after 9/11. Now they're paying attention to it, but it may be too late.

All across Southern Europe unsustainable infrastructure has been built. In Spain, where some of our elves have been traveling, the grandiosity is both evident and ruinous. The result of this splurge of public spending will haunt Europe for decades to come. Eventually, most of it will be ripped down.

By then the EU itself may be history, or at least the euro. People simply have no idea of the disaster that the elites accomplished in Europe with their lust for power and their willingness to destroy whole civilizations to achieve it.

After Thoughts

No wonder Southern Europeans are angry. Their cultures have been leveled by the nuclear detonation of the euro. The elites sold the Southern Europe a proverbial "pig-in-a-poke." Now the South will have to pay. But it may be a mutually assured destruction, one that brings down Brussels as well.

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