Spain's Destruction Duplicates Greece: Opinion

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( Bullion Bulls Canada) -- What we see taking place in Spain today is an exact, carbon-copy of what we saw in Greece. On the one hand, we have a traitor-government willingly imposing round after round of Friedman Austerity on its own people -- despite the utter futility of such sadistic budget-cutting. On the other hand, we have the banking crime syndicate (with the gleeful assistance of Big Media) relentlessly driving interest rates on Spain's debt ever higher, clawing back every penny of that austerity in interest payments to the Bond Parasites.

Spain's Prime Minister, Mariano Rajoy commented: "Spain is facing an economic situation of extreme difficulty, I repeat of extreme difficulty, and anyone who doesn't understand that is fooling themselves . . . the alternative is infinitely worse."

Congratulations Chicken Little! Rajoy succeeded in convincing his people that the sky is falling. Unfortunately, what he forgot to tell them was that the budget cuts he's imposing have absolutely zero chance of improving things for his own people, while serving to engorge the Bond Parasites. Already Spain's government is budgeting 29 billion euros this year for interest payments alone, roughly 30% more than one year ago -- while imposing savage budget cuts on its own people.

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At the same time, Rajoy then increased upward pressure on the country's budget deficit by announcing "amnesty" for the nation's tax cheats. Milton Friedman must be smiling from Hell. The wealthy get the "carrot" in Spanish austerity, while the Little People get only the "stick" -- exactly as occurred in Greece. Even worse, having granted amnesty to tax-cheats once, this creates massive incentive/reward for future tax evasion -- guaranteeing that government tax revenues will plummet lower and the deficit will soar higher.

As for Rajoy's warning (or threat) to his own people that "the alternative is infinitely worse," Spain's official (i.e., phony) unemployment rate has already reached 24%, even higher than in Greece and the highest in Europe. Combined with the budget cuts, I would suggest that nothing could be "infinitely worse" than that.

Meanwhile (exactly as occurred in Greece), immediately after this new "austerity" is announced, Bloomberg and the Wall Street terrorists are busily at work manipulating Spain's interest rates much, much higher -- their reward for the budget cuts just announced by their amigo, Rajoy.

Here is Bloomberg's salvo: ". . . Spanish borrowing costs have been going up since Rajoy announced on March 2 that his government wouldn't comply with the deficit target the previous administration had set with the European Union . . . . The country hasn't met the EU's 3% of GDP deficit ceiling since 2007, and the government forecasts debt to reach 79.8% of GDP, the highest in more than three decades."

The propagandists of Bloomberg fail to include a piece of important context in their "analysis": The U.S. is currently running budget deficits equal to roughly 10% of GDP. And its $14 trillion-plus national debt is already 100% of GDP. Bloomberg is attempting to explain to its readers why Spain's interest rates should continue going higher -- even though they are already several multiples of U.S. interest rates.

Meanwhile, Bloomberg (and the bankers themselves) considers it totally appropriate for interest rates on U.S. debt to be at the lowest levels in history, despite the U.S. having the largest deficits and debts in the history of the world (even without including the $100 trillion-plus in "unfunded liabilities") which it excludes from any/all official calculations.

Obviously when the biggest sovereign deadbeat in the history of the world enjoys the lowest interest rates on its own debt in history (see "Maximum Fraud in U.S. Treasuries Market"), while lesser debtors see their own interest rates and payments ratcheted up inexorably higher, this is empirical proof of the fraudulent manipulation of our debt-markets - wholly deserving of the label "economic terrorism."

If it isn't bad enough already that individual European governments are willingly facilitating the economic rape of their own nations, there is increasing talk of these traitor-governments creating a " Euro bond": One bond for all of Europe, and thus one debt market for all of Europe. Should the bankers be able to persuade (or blackmail) their political lackeys into embarking upon this act of collective, economic suicide, the Wall Street terrorists would then be able to do simultaneously, to all of Europe, what they currently have to perpetrate against these nations one at a time.

While obviously it is primarily the peoples of Europe who should be demanding the immediate, unilateral repudiation of all credit default swap contracts relating to their own markets, we see absolutely no indications of awareness among their own populations about what is really taking place. Consequently, people in North America should also be very, very concerned -- and actively lobbying to remove the political stooges who permit such crimes against humanity.

The question we should all be asking ourselves is this: Once the Wall Street terrorists have finished laying waste to the economies of their friends in Europe, whose debt markets do you think they are going to destroy next?
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.