Incredible Populist Positions in Podemos' 'Economic Manifesto'; Populism Explained

By: Mike Shedlock | Tue, Dec 2, 2014
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As noted last week, Spain's top-polling political party, Podemos, released an "Economic Manifesto" that called for "Debt Restructuring" and for Spain to "Abandon the Euro Trap".

The manifesto is 600 pages long and I did not dig into the detailsany further.

Via translation from Libre Mercado, here are some additional details to consider:

Thanks to reader "Bran" for some of the above translations.

Did Paul Krugman secretly write that manifesto? Regardless, this plan makes the socialist nannycrats in Brussels look like extreme right-wingers.

If Spain abandons the euro and adopts anything close to this platform, expect a complete collapse in the Spanish economy.


Populism Explained

These populist ideas are taking hold for the simple reason the burden of the euro crisis is falling on the average worker, while the banks, the bankers, and the political classes were bailed out.

It should be no wonder that with each passing day, radical left and radical right parties attract voters.

Eventually, there is going to be a revolt in Spain, Greece, or Italy. Podemos is a strong candidate to lead the opening salvo.

For the current setup in Greece, another strong candidate to lead a populist revolt, please see Greece Needs Another €10 Billion Bailout; Syriza Leader Prepares for Power

 


 

Mike Shedlock

Author: Mike Shedlock

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Mike Shedlock

Michael "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com/ to learn more about wealth management for investors seeking strong performance with low volatility.

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