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Your analysis is most applicable when manufacturing is done in your country. But a major aspect of the current squeeze on the working age, well educated population is that TPTB have put them into wage arbitrage against developing economies, where wages are much lower. This effect may be much stronger in the USA than in Spain. How much of your merchandise available for purchase is made in non "First World" countries? But, in any case, the availability of cheap labor in the BRICs, in conjunction with international corporations and a domestic financial elite that acts in the interests of the international corporations and exercises de facto control over your politicians, means that Spanish citizens have trouble competing with cheap foreign labor. Any time there is financial trouble, the remedy proposed by the elites is "reform" that makes the Spanish worker less competitive.

The most important thing to get across to the protesters is that they should, at all costs, prevent the Spanish Government from bailing out private debt owed by business and individuals to other countries. There is no reason to do so except to please the bankers in Germany, France, the UK, etc. The reason not to is to prevent Spain from being in the same position as Ireland and Greece.

Last, this is all a fraud based international house of cards that allows economic elites to fleece the rest of their countryment. IF refusing to socialize the losses on loans to Spanish business and individuals brings the whole house of cards crashing down, Spain would be doing the citizens of the rest of Europe and the USA a great service, though things will be hard for a while. The longer the frauds run the worse the final collapse will be.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu May 19th, 2011 at 11:07:51 PM EST

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