Published yesterday, his Telegraph article entitled Vibrant exports will save Spain, and perhaps the euro comes to this, given his personal history as a raving apocalyptical, rather unexpected conclusion:
But those who still thinks that Spain will trigger the break-up of the euro are barking up the wrong tree.
Although the piece emits that unmistakable aroma of interested parties talking their books (indicating itself that serious money found its way into Spain over the last few fearful months), readers of Ibex Salad who take the trouble to read it will not be entirely unfamiliar with some of his arguments.
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4 Comments:
I agree that, as you put it, "the piece emits that unmistakable aroma of interested parties..."
Or perhaps Ambrose has just gone crazy. His previous weekly column was on the impact of the declining bee population on food supply.
The only thing "cured" in Spain is its ham....when you´re 120% in debt perhousehold, and then you start saving 20% its called break even. And I question the 20% savings rate. Assuming it were true, it means the death of consumption. And we all know what happens when there is no consumption....we start dressing our salads with castor oil, instead of olive oil.
And whether the 20% unemployment is real or not, is really besides the point. The govt spends, or subsidizes, AS IF 20% were unemployed. Additionally, even if it were important, I´m sure the extra 500,000 people on "education rehabilitation" that do not count towards the jobless rate make up for it.
Finally, to name a "high end" industry that accounts for less than 2% of the GDP, as the source of Spains rebirth, is, well, short-sighted.
I lived in another country in the late 80´s, early 90´s, that went through the same (scaringly precisely the same) stages of political rot and corruption that I see in Spain today. The "at least he creates jobs" response to the accusation of "he´s lined the pockets of his suits, no pun intended, with gold thread". This is the kiss of death to organized and civil society. Economic turmoil will ensue.
Spain is in the stage of "delirium tremends".
At least, there El Barca too keep us happy.
What's Ambrose trying to be, the designated contrarian indicator?
Byline was Ambrose, Curtly Ambrose.
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