Great analysis and insight about the forces behind the M15 movement. Below from Lluis Bassets, El Pais. Translated to English by Google. Follow link below for the full Spanish version;

Nothing is more disturbing to political staffs a phenomenon out of control and agenda. There is no answer surveys or consultation with experts and focus groups. No advertising campaign that works. Not even know who can benefit or who can get their cut. All parties hail fear as they are the others who take advantage of it. The PP says it is organizing the PSOE, PSOE and ensures that it will contribute to the abstention as the victory of the PP.

We are all shocked and almost no longer know who they are outrageous. Is it the end one man, a banker or a president of government for example? Be careful, because if so, it would be something else: a scapegoat. This uncertainty points to a revolution without a subject. If you fit the unemployed and employers, mileuristas and professionals, the rebels of today and the rebels 40 years ago, then it is a movement that is not identified with a definable group, but with everyone. It is then a revolution without a revolutionary subject.
But it is a revolution, and emerged as a Spanish adjective a mimicry perfectly explicable. If young Arabs are raised, why can not lift the Spanish youth? If democracy is against the dictatorship, why can not rebuild against stagnation and dysfunction? There are the three elements of the cocktail: a generational change, technology, social networking and economic crisis that takes jobs, housing and hope. Wish this object needs to be as clear objectives, tangible and difficult but was to push or Mubarak Ben Ali. Here it has already been used otherwise, but appears exhausted its momentum for future generations. As noted by Felipe González, the young Arabs wanted to vote like us and our wish that no vote.

http://blogs.elpais.com/lluis_bassets/2011/05/la-democracia-so%C3%B1ada.html#tp

As we have argued over the past days, the M 15 movement in Spain, will get extremely powerful over the coming days. People’s anger and mismanagement of the Spanish economy is reaching a critical point. People are tired of austerity and promises of better times ahead. These promises have proven wrong, especially with massive “hidden debt” now being revealed among different provinces. Thetrader has written extensively about the Spanish problems. With unemployment levels of +22%, austerity, politicans all waiting for the property market to take off, the huge unemployment rate among the “lost generation” is finally giving up and going into serious protest mood. This event will turn into something much biger, and will have huge impact on the Euro Zone and the European Economy. Below translated by Google from El Pais,

It is a day of reflection for regional and municipal elections. The first minute was silent in the street, but once that passed, tens of thousands of people who were demonstrating in the streets outraged launched a rallying cry, especially in the Puerta del Sol Neither the prohibition of the Central Electoral Board, or the Supreme Court’s refusal to lift the ban on protests and heavy police presence has demobilized Movement protesters 15-M. The retreat is underway and people are still on the street and no one knows how long or how far or how it will end.

Meanwhile, the Supreme Court maintains ban on rallies and rejected the appeal by the United Left. When the news broke, the coalition announced he would file an appeal to the Constitutional before midnight, but registration is already closed and tomorrow is not business day. So here ends the legal route. The ban remains in place. And so far, all alone on all seats.

A new Democracy emerging? This event will leave a big mark on the European Community. Latest from the people in Puerta del Sol, Madrid. From El Pais, translated by Google.

A few meters from the Congress of Deputies has emerged another parliament. Another democracy is born from zero at kilometer zero and has become the Puerta del Sol in a large agora. Instead of benches Members square meters of land there, instead of President of the Congress is a moderator who studied Classics and now says to go into acting. The movement grows.

The graffiti and posters on the glass dome of the Sun Metro Station – SAMUEL SANCHEZ

The first was to organize and ensure the basic needs. The second, now and now, is to articulate a discourse that allows them to explain to the global society and general complaint against the shortcomings of the prevailing democratic system.

Some further comments from frustrated protesters;

 - Force of the State. Reduction in military spending, closing weapons factories and refusal to intervene in any war scenario.

- Recovery of Historical Memory. Condemnation of the Franco regime.

All major cities in Spain are under siege by protesters demanding jobs and better standard. Politicians are under huge stress facing the upcoming elections on Sunday. Implications for the Euro, ECB and the economy could be huge. From El Pais from Barcelona direct;

Catalunya Square tonight refilled with about 5,000 people who are not afraid of the police during an eviction on Saturday. Many citizens have participated in protests and activities of the day and the organizers have asked to carry flowers for a day of reflection at midnight. Dozens of people have entered into an abandoned building and have hung a banner reading “Democracy is not dead.”

During the afternoon, hundreds of children have joined the merger of the square, converted by the camping in a huge outdoor festival with children’s musical performances, theater and performances. After six in the afternoon, a man dressed in a brown coat, simulating a troglodyte, made him sing and dance to the kids with children’s songs. Parents as Miriam and Evelyn, 41 and 42 years, wanted to join with their children to the protest. Families, many with ice cream in hand, are the protagonists of the protest.

And while the kids enjoyed the performance, the judicious talks on the future of the country were. So much so that events are intermingled and it was almost impossible to break through. On one hand, child’s play, on the other, the debate about the future, threatened by the decision of the Electoral Board of the supported Provincialn Centralna saying that the camp is illegal and has to be dissolved. The Catalan government has hinted, in any case, the concentration will not evict unless there is unrest.

…but what will the protesters do over weekend? From El Mundo, translated for our readers;

José Luis Rodríguez Zapatero has closed the PSOE’s election campaign with a nod to the protests constant motion 15-M, but was particularly direct when he said: “The demands and protests do not scare us, we pledge to give social responses needed people for their future. ” But before that, has entered into two central issues of the protests. First, to say that the PSOE’s who fought hardest for democracy and freedom “, then, to emphasize that his government” has not given money to the banks, “it only has” borrowed “and therefore he “has taken on commissions.”

So, has called on all progressive people go to the polls on Sunday and proclaimed that “the fate and the future is always in the hands of the people.”

From the State Bar, translated to our readers;

The State Bar has recommended to the Interior Ministry not to proceed with the dissolution by force of the concentrations of the “movement of 15-M” if not violent act “supplied then” to fulfill the decision of the Board.

SSegún legal sources, the analysis Rubalcaba referred to the decision of the JEC, the Judge Advocate General of State recalls the requirements of the Organic Law governing the right of assembly provides for the compulsory dissolution of a demonstration. Specifically, Article 5 of the Act provides that the governing authority shall suspend and, if necessary, proceed to dissolve the assemblies and demonstrations, when considered criminally illegal, occurring public disturbances, danger to persons or property, or when attendees wear paramilitary uniforms.

Until one of these cases, the State Bar recommends that Interior did not resort to force if no violent incidents in the concentration, as also includes the European Court in Strasbourg. In this sense, legal departments of State considers that the Police must act in a proportionate and informed the meeting that their protests have been declared illegal and then urge them to desist and leave.

If the concentrated ignored that recommendation and if there is not any argument that requires the use of force, there is the possibility of imposing a fine or administrative penalty.

http://www.ustream.tv/channel/motionlook

Stay tuned for all developments during this weekend.

Some more on the police vs protestors in Spain. Politicians are now starting to understand the movement is huge. Madrid’s Puerta del Sol looks like Tahrir square. The situation in other cities is similar, and now spreading to other locations in the world. A bleeding Spain is not helped by the protests that risk derailing the economy. With the tourist season approaching rapidly, this is the last thing Spain needs. Now is the time to fill up playas and restaurants with tourist spending money, so the long harsh winter can be survived, instead of protesters taking over major cities. Espana, everything under the sun. From El Pais, translated for our readers;

Before being subjected to questions about monographs on what to do with the police ban on protests by the Central Electoral Board, Rubalcaba wanted to clarify a number of principles aimed primarily at the demonstrators. ”It is elemental that democracy is a set of rules that we have given the Spanish and we have taken as their own, and these rules are called laws and no democracy if there is no enforcement,” he said.

What device will be staying, asked Perez Rubalcaba: “The usual during an election like this, one need only walk down the street to see that there are many Guardia Civil and police.” ”These concentrations have been developed in a peaceful manner, and that is good and reassuring, and the government must tell people who are alone. This is a well-functioning state,” said the vice president about the possible eviction of violence camps.

Here we go. Protest affecting policymakers. We have argued over the past days, the developments in Spain, will affect Spain and spread to othe countries in Europe. The tsunami has started. Austerity sucks, while people still buy LinedIn at p/e 1000. Stay tuned as we will bring updates of this extremely important events from Spain. Translated to english for our readers from El Pais;

The ‘number two’ in the executive suspends a rally tonight in Algeciras (Cadiz) and Malaga
The Prime Minister says he must wait before “further developments”
The Catalan government will not evict “for now ” to the campers in the Plaza de Catalunya

So we don’t get carried away by the false upticks. The leading stocks are leading us lower, but people are too busy chasing LinkedIn shares at 1000 p/e multiples. Financials stocks are not healthy, and the mighty Goldman are trading very poorly. This market won’t make new “good” highs with LinkedIn and Netflix. BTW Glencore is trading under the IPO price. Remember, we wrote about this weeks ago. The Glencore people are way to smart, to sell themselves short at low prices. Welcome to Irrational Exuberance, where smart money is exiting. Below Goldman and SPX.