Courtesy of Mish.
The Podemos party, a far-left populist party in Spain led by Pablo Iglesias, has come from out of nowhere to lead the polls.
Podemos’ economic manifesto includes debt restructuring, exiting the European Monetary Union, and a jobs program to end unemployment.
The plan was drawn up by Vincenç Navarro and Juan Torres, two Spanish economists.
Left to right: Pablo Iglesias (party leader), Carolina Bescansa (party member) and economists Vincenç Navarro and Juan Torres, present Podemos’ economic program.
Via translation from Libre Mercado, Podemos Admits Its Economic program Unfeasible Under Current Euro.
Globalization and National Sovereignty Incompatible
The document includes harsh criticism of globalization, stating “democracy, national sovereignty and global economic integration are mutually incompatible.”
Euro Trap
“Besides being quite integrated into the global economy, Spain is mostly integrated in the euro monetary union and this also represents a first order constraint when developing an economic program of government.”
“Our membership of the single European currency means, as is well known, that do not have essential instruments of economic policy, as control over the amount of money or the external value of the currency. But not only that. It also means that other instruments which in principle could be at our disposal, such as fiscal policy and sectoral policies can only be used with great limitations and in some cases with hands completely tied.”…
