Looking at the crisis from Spain

The most significant thing about the financial crisis, up till now, is that it is universal.

Something with its origins in the US financial sector has hit the entire world economy and the numbers are horrible everywhere. Millions of people are suffering from the effects of an economic philosophy and ideology that was hatched in America's nest, just as those same millions enjoyed the economic boom that nest and philosophy produced, until the bubble burst.

For the first time in history we are all sailing in the same leaky boat.

Spain in no exception. Their wish to be a major player and to end the long isolation Franco brought upon them has been amply granted, for good and for bad.

I have known the country in austere and dignified poverty and as out of the world as Tibet and now, only a few years later, its banks are considered the best run in the world, its film directors and actors win Oscars, and Spanish athletes like, Miguel Indurain, Rafa Nadal, Pau Gasol and the European champion national soccer team have lifted the self confidence and self esteem of all the younger generations.

http://tpmcafe.talkingpointsmemo.com/talk/blogs/david_seaton/2009/02/looking-at-the-crisis-from-spa.php

And we all signed on to the ship of globalism. But the Capitan was a ruthless bastard that only wanted riches for himself. and to ultimately own the whole world.

was using their homes as ATM machines - wages were not keeping up with housing - once you stop the paychecks and the income from fake housing market - bam - there goes the economy worldwide

Everyone there waas speculating on their own houses, prices inflated hugely every year and then poof.