Spain’s Giant Post Debt Hangover:Coming to America
by Eric Margolis
BARCELONA – Viva la revolution! Spain’s youth are staging boisterous but peaceful protests across the country that many call the Iberian version of the popular revolutions sweeping the Arab world.
Plaza Catalunya, the center of this marvelous city that pulses with life and fun, is packed with young demonstrators waving placards calling for revolution and end to capitalism and globalism, and blaring American 70’s rock songs.
“The banks grow rich while the rest of the world lives on the edge” reads one poster. The Wall Street crash of 2008 caused by reckless American bankers has hit Europe full force.
Who can blame these kids for being angry? Spain’s unemployment rate is 20% – 4.9 million. For those under 25, it’s 44.3% – mirroring parts of the restive Arab world.
But so far, youth protests in Spain, as well as Britain,