The Pain in Spain

We pretty much know that the fate of Greece is sealed...but Greece is a tiny economy compared to Spain.  We are reading reports that Spain's unemployment rate is over 25%, which is about what it was in the USA during the Great Depression.

Check out what TIME had to say about why Spain could be a major problem for us all.

May 1, 2012 – SPAIN – We should all be very worried about what’s going on in Spain. Because Spain isn’t Greece. The Greek crisis was most likely not a direct threat to the survival of the monetary union. Its economy was simply too small. The danger was in the possible contagion effect Greece might present if it outright defaulted or bolted from the union. Spain, the zone’s fourth-largest economy (after Germany, France and Italy) can do a lot of damage all by itself. If Spain ultimately requires a bailout, it would strain the resources available in the zone’s rescue fund (the European portion of which was recently boosted to a total of $925 billion) and put pressure on the zone to fatten up the fund even more, which Germany and others have been reluctant to do. Such an event would also be the biggest blow to the future of the euro yet, likely reigniting the crisis in Italy and making other bailouts more likely (especially for Portugal). With emerging markets slowing down, Europe in the toilet, the U.S. recovery uncertain, and energy prices high, a Spanish meltdown is exactly what the global economy doesn’t need right now. Watching developments in Spain since the beginning of April has been source of non-stop déjà vu for anyone who spent 2010 watching events unfold in Ireland. There are a number of striking similarities between the position in which the Spanish government now finds itself and the Irish government’s situation in November 2010, just before it was forced into an EU/IMF bailout programme. Based on Ireland’s experience, a bailout for Spain seems inevitable.

Here;  http://theextinctionprotocol.wordpress.com/2012/05/01/economic-refugees-fleeing-spain-why-we-should-worry-about-spains-economic-pain/

Now, for all of us who are watching for news about "aliens"...check out what the first commenter said after reading this article;

"Sadly they have to take out the economy and start world war 3 and rely on an alien invasion before they can complete their goals of bringing in a one world government, religion, and economy."

Of course the top news here in Minnesota is about how we are going to go about getting $1 billion dollars so we can build a new stadium for our beloved Minnesota Vikings football team.

The violinists continued playing on the Titanic as the ship went down.