More Misery Made in Germany

W-spain721

The Washington Post has a long piece about the despair that is engulfing Spain, where unemployment is now 26.3% and youth unemployment is a staggering 56.1%:

On a scorching July afternoon last year…Francisco Lema walked to the rear of his fourth-floor apartment, clutching a note from the city of Cordoba. The bank had foreclosed on his home months earlier, an act that in Spain still leaves underwater homeowners on the hook for any debt not recouped at auction. On top of that, Cordoba’s tax office had just sent the jobless bricklayer a letter demanding back taxes on his lost home. On the verge of being evicted again for being late with the rent, Lema stepped out onto his balcony, letter in hand, and jumped.

Once again, it bears noting that while some of this misery was an unavoidable consequence of the global economic crash, quite a bit was also caused by unnecessary, counter-productive, economically senseless austerity policies which leading German politicians and bankers continue to support. And that in the coming Parliamentary elections, German voters are likely to return those same politicians to power. 

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