”Spengler”, eller David P. Goldman, som han egentligen heter skriver om hur Spanien står på ruinens brant och att Tyskland bör avstå från att rädda dem.

“The Spanish elite with the connivance of the Spanish government gambled with the retirement funds of the Spanish people and lost them speculating in property. If the nominal wealth of the Spanish people is written down to its fair value, a whole generation of Spaniards will suffer a penurious retirement. If the banks are put through a proper bankruptcy, new capital can be injected by foreign investors to restart the economy (as in Thailand after the 1997 real estate market crash). But the Spanish will be poorer. Will Spain’s fragile social fabric hold together? Probably not; the Spanish are still fighting the terrible civil war of 1936-1939. Spain well might descend into political chaos. But I’m not going to write them a check to prevent that. I don’t see why Chancellor Merkel should, either. With a fertility rate of just 1.4, Spain won’t be around much longer in any case.

The alternative to letting the nominal wealth of Spain sink to its fair value is to make the Germans poorer.”

Är tyskarna beredda på att bli fattigare för att spanjorerna inte skall behöva ta konsekvenserna av sin missköta ekonomi? Högst tveksamt.

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