Anger in Spain
Spain is on fire. Unemployment is still exploding, especially among youths. We have now reached a stage where protests are part of every day life. People are simply pissed off, especially as Mr Rajoy hasn’t accomplished much since he took over after Zapatero. The blame game is starting. Expect more protests from Spain, and a wind of nationalism. This certainly won’t help the economy. Draghi, what’s next, as the “we buy everything” simply won’t work? With investors all positioned for a QE rally, things could get interesting if Ben’s bazooka backfires.