Indignados: Rebels Without a Cause

Spaniards are angry. Their corrupt government continues to cut spending on social programs while billions of euros are spent to bailout the banks.

Some of the protesters get it; the people need to overthrow the banksters:

Organizers said Spain today is experiencing a “coup” by banks, which they blame for the collapse of Spain’s housing market and the ensuing recession.

At the behest of the Germans, banks are receiving aid totaling 3.2% of GDP just in 2012, and austerity is shoved down the throat of a populace dealing with an economic depression featuring an unemployment rate just shy of 27%.

The problem is that these protests have failed to present an alternative to the present course of action. If elections were held today, the socialists would probably get first crack at forming a government. They’re the ones who started austerity and bank bailouts in the first place.

Spain’s real issue is its membership in a currency union for which its economy is not suited, but the Spanish people favor maintaining membership in the eurozone by a margin of 2 to 1. This cognitive dissonance must be resolved if Spain is to move forward. Only then will it be able to reassess its relationship to the euro.

[link to dareconomics.wordpress.com]