All
Spain All the Time
By John Mauldin | March 31, 2012
All Spain All
the Time
Structural versus Cyclical Dilemmas The Mother of All Housing Bubbles Spanish Banks en Bancarrota Meanwhile in the Rest of Europe And Two More Leaked Documents The Fat Lady Has Not Sung San Francisco, New York, and Philadelphia
Last
Monday I was in Paris and was asked to do a spot on CNBC London. I arrived at
the studios an hour early due to a misunderstanding of the time zones, so
while trying to catch up on the news I listened to CNBC. I had just written
about Spain in last week's letter and guessed that was what they wanted to
talk to me about, but for the full hour before I got on it seemed like every
guest wanted to talk about Spain. When I had my turn and indeed got the Spain
question, I smiled and noted that we were now in a period when it would be
"All Spain All the Time," for at least the next year. I should have
noted that there would be brief interruptions where we glanced at Portugal
and perhaps Ireland, but the real focus would be on Spain.
I
fully intended to write about something other than Europe this week, but the
events of the last 24 hours compel me to once again look "across the
pond" at the problems that not only plague Europe but will be a drag on
world growth as well, as Europe goes through its continued painful adjustment
as a consequence of trying to adopt a single currency. Since Spain is going
to be on the front page for some time, it will be useful to look at some of
the problems it is facing, to put it all into context. And what I heard while
in Europe in private meetings is troubling.
READ MORE HERE |
Saturday, March 31, 2012
John Mauldin's Thoughts from the Frontline: Spain, All Spain
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment