Protests Mount in Spain; Sovereign Debt Crisis to Follow

My friend Bran emails from Spain...

Hello Mish

Street protests are starting in Spain. Protesters call for real democracy and an end to corruption and big corporation rule, amongst other things. Organizers estimate the protest yesterday in Madrid was around 25,000.

Now there are protests planned in twenty main cities with camp-ins. It seems this is a non-union, non-partisan protest movement, particularly youth.

All the best, Bran.

Protests Mount

Via Google Translate please consider a page of Spanish Protest Articles.

Here is a clip from one of them.

The protesters who have come on Tuesday to the Puerta del Sol called for 'Real Democracy Ya' have started at 21 hours a meeting to decide if, like yesterday, just camping tonight with tents and bags for their refusal to denounce the political class in general.

As "outraged" the demonstrators, mostly young, want to show they are not resigned to the current political parties do nothing against the crisis, and although it is forbidden to camp in the Square Kilometer Zero to be considered illegal occupation of public roads, do not hesitate to repeat the attempt to stay tonight.

In the early hours of the night, all that is heard among the audience is screaming "We're not going" as servants of the Security Forces and closely monitor the concentration is carried normally.

Video of One Protest



Link if embedded video does not play: http://www.youtube.com/watch?v=ar2nmOQZEjw&feature=player_embedded#at=18

10-Year Government Bonds



Every week I keep wondering "When will the financial markets turn on Spain?"

Every week the answer has been "Not Yet". I strongly suspect this is about to change.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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