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Saturday, May 15, 2010

Spanish budget cuts less than quarterly benefits of just four companies

I'd say this is a very relevant figure: it means that taxing these companies 25% on benefits would allow the government to keep spending. As there are many more companies, the tax could be much lower, of course.

According to the labour union Basque Workers' Solidarity (ELA), just four large Spanish companies, Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Telefónica and ENDESA, earned in the last quarter more (6.6 billion euros) than the local IMF's puppet, Rodríguez Zapatero, aims to cut in public spending this year (five billion euros).

But instead of taxing them, the government gives them public aid: 61 billion that would have been much better spent in much needed pensions, direct public investment and unemployment aid.

This is an outraging situation not restricted to Spain. In fact it's the generalized abuse in which EU countries, following US lead, have fallen in: tax the poor to give to the rich.

Nothing less than 3.7 trillion euros have been gifted to the banks after squeezing them from the public. And now they say it's time to cut welfare and salaries. Are we dumb or what?!

The public aid to banks reaches the 12% of the European GDP and is going to reach as much as 22%.

Meanhiwle stocks sink anyhow... I wonder if some remnant of common sense in the brains of the vampires is telling them that this rape is just the last untenable bubble and that they are going to even devour the very states and imperial that allow their mere existence. If so, it doesn't matter if you sell or buy because neither kind of paper is going to be worth anymore.

You know I have very bad opinion of Capitalism but something I never really expected it to do was to suicide in this stupid way. I though they'd fight till the last penny but seems that they prefer to destroy all society as long as they can have their dose of benefits today.

Damn junkies! They can never think of tomorrow!

Source: Gara[es].

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