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Spain’s Economic Crisis Has Gone Insane

July 12th, 2012

The latest policymaking news from the Eurozone proves beyond a shadow of a doubt that clinical insanity is now the official economic and fiscal policy of this disastrous monetary union.

Spain’s insolvent banks were given a massive dose of bailout money from the taxpayers-primarily German- of the Eurozone. In exchange, the government of Spanish prime minister Mariano Rajoy, which has already imposed draconian spending cuts and tax increases on the population, had to commit to another65 billion euros in cuts and deficit reductions over the next two years, including an increase of three percent in the national value add tax. Now, Spain is already in the midst of a severe economic recession (really a depression) with 25 percent unemployment and sustained economic contraction. So, what is this additional austerity measure likely to do? Answer: further increase unemployment, facilitate demand destruction, in turn creating more economic contraction, resulting in lower government revenues. In other words, the fiscal deficit will continue. But don’t worry, the genius politicians in the Eurozone are already dusting off the next set of austerity measures for Spain.

Albert Einstein once defined insanity as doing the same thing and expecting a different result.  By that definition, the entire political class in the Eurozone is over-ripe for institutionalized commitment.






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