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Spain: Eurozone deal fails to ease concerns
Spain's financial woes have deepened despite eurozone finance ministers approving a deal to lend up to 100bn euros (£78bn) to bolster its banks.
The heavily-indebted Valencia region requested an undisclosed loan from a new rescue fund set up last Friday.
And the yield on Spanish 10-year bonds shot up a quarter percentage point to 7.28%, a rate regarded by analysts as unsustainable in the long run.
Satori wrote:the "long emergency" is well under way
society increasingly will be divided between the haves and the have nots
middle class rapidly disappearing
people like us will become the working poor
a SUBSTANTIAL portion of the population will be chronically unemployed or under employed
Pops wrote:Actually what I started to say had more to do with late-stage capitalism, an economy moving from industry toward "information" (whatever that means) and financialization / speculation and the increasing wealth disparity that unlike in the 30's, the Great Recession only exacerbated rather than deflated.
But hey, it's Friday.
SeaGypsy wrote:Complexity is still increasing, so, no we aren't there yet.
The 'lost decade' theory is bunkum, based on the other theory that the banking crisis had nothing to do with peak oil, which it very clearly did and still does.
The permanent global recession theory is also bunkum, as economics are, as far as concerns the individual, local. Looked at from statistical perspective, ok, but people don't live in 'The World' they live in towns, cities, regions and countries; each of which has it's own perils and pitfalls, blessings and chances.
SeaGypsy wrote:What projection. It won't be a decade was my point. So far, the first few years of 'permanent global recession' under peak oil, (actually more a bumpy plateau also, so far) has been a mega boom in China, India, and not too bad at all for Brazil and several other southern countries. So call it a 'global recession' if you like, which it may be in overall gross numbers; but not everywhere. Large parts of Australia have yet to see 6%+ unemployment.
ralfy wrote:Actually, your point was that it won't be a decade-long global recession or a permanent one. What's left then, is a recession that's more than a decade-long or no recession at all. What is your choice?
Mega boom? Perhaps you mean mega-hoard and mega-asset bubbles.
Not too bad for Brazil and "several other southern countries," and thus no global recession? Australia is doing fine, and thus no global recession, either? Looks like a fallacy of hasty generalization to me, if not more economic "growth" based on trillions in bailout money pumped into the system.
Why not look at global food and oil prices, unemployment, global economic growth to determine such?
For a wider perspective, how about global ave. ecological footprint per capita vs. biocapacity?
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