Riot police took to the streets of Spain as protesters burned bins, vandalized shops and attacked officers during a one day nationwide general strike. Spaniards angry with having the eurozone’s highest unemployment rate refused to go to work in protest at further crushing austerity measures being brought in by the new center-right Popular Party government.
Why are the US media not covering the financial situation in Spain? The unemployment, debt crisis, and the collapse of their “green economy” have brought them to a general strike and riots. What is the solution? First we have to define the real problem. Once the European Central Bank and the US Federal Reserve bailed out Greece and their credit default swaps, Spain (and every other country) has come to realize that a collapse of any country will collapse the world’s economy. The threat of not being bailed out has become irrelevant and the so-called austerity measures promised to be enacted are not enough to save the country. So the real problem is the “too big to fail” rationale has overtaken reason in the streets and in the governments. They know that they will be bailed out until the whole system does collapse so what is the problem with a little anarchy in the streets? In the meantime, the riots and attacks on the banks will continue until morale improves.