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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 375.93

-1.8%

Nov 14 4:00 PM EST

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To: Elroy Jetson who wrote (135857)	10/2/2017 1:40:45 PM
From: elmatador	Read Replies (1) of 217786

a comment on the FT article about the referendum Lets look at the numbers as it is easy to understand what is going on once you do. Cataluña's public debt rose 475% since the 2008 crisis and is first in public debt as of 2017 (76.7 Billion) a hair less than double that of Andalusia (33.9 Billion) and double that of Madrid (32.6 Billion)...leaving Valencia as its only rival for first place sitting at 45 billion. Cataluña's debt is so large that their credit rating is at junk status (BB). The only reason they are not defaulting is because the central Government is backing (guaranteeing) their debt, which makes their debt service payments (also subsidized by Madrid) manageable. Problem now is that Catalan politicians cannot fund their own programs as they cannot borrow any more money (cut off from the debt market since 2012) and Madrid cannot send them more money as there are much poorer regions that need funds. Since they can't exactly tell the population that they are broke due to corruption and serious financial mismanagement, they invented a boogeymam in Madrid that robs them off their taxes (the fact that Madrid pays even more into the system then it gets out compared to them is strangely ignored). So they lied to the public to cover themselves, and are using the noise generated by the referendum as a smokescreen to divert the corruption investigations from their affairs. If you have ever engaged in discussion with the average Catalan who supports Independence, you will see quite readily just how ignorant of the reality of the situation they truly are. You cannot reason with them because they have been indoctrinated on these issues for years, and will simply ignore any facts they don't agree with. ft.com

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