I read today that Spain is
going to need a $125 billion bailout.
North America
- Canada, 7.2 percent
- United States, 8.2
percent
Europe
- Germany, 5.4 percent
- United Kingdom, 8.1
percent
- France, 10.2 percent
- Italy, 10.2 percent
- Portugal, 15.2
percent
- Greece, 21.7 percent
- Spain, 24.3 percent.
Spain's 24.3% unemployment rate gains perspective in that Canada's highest rate during the Great Depression was 19.3% in 1933, while the United States reached 24.75% in that toughest of years.
What’s curious about this is
that Spain “a few years ago took pride as the continent’s economic
superstar only to see it become the hot spot in the Eurozone debt crisis.”
What’s the value of a system
that can call a nation a superstar even while the very machinations of its
undoing must have already been underway? How do they get to Depression Era unemployment numbers without us seeing it coming?
Should a country called the "economic superstar" that is situated on the same continent and in the same economic zone as Germany - a country that is home to many strong global brands such as Porsche, BMW, Mercedes-Benz, Audi and Volkswagen - have had to earn such a lofty credit by having an economy based on stability and long-term viability?
How could a system miss a country like Germany while naming Spain its superstar? As if to say, "you should pattern your economy after the standards set by our superstar, Spain".
And now, from where is the money supposed to come, to bail out Spain? From the other countries who were not deemed to be economic superstars?
This is not about picking on Spain. It is calling out a system that doesn't make a whole lot of sense.