April 30, 2012
Tags: Debt, Economic Decline, Spain, Unemployment
Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
“Against all odds, the frameworks of the world’s economic, political, and social systems are being shaken and are beginning to crumble.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
Just hours after Standard & Poor’s downgraded Spain’s debt, the beleaguered nation reported a record high in unemployment.
Official figures show an employment rate of 24.4% with over 5.6 million people looking for work.
The government has announced several reforms in an attempt to curb the problem including cutting severance pay and inflation-linked pay increases. Labor unions, outraged by the moves, have staged widespread strikes in protest of the decisions.
A chief economist with the HSBC told the BBC that Spain is on the verge of developing an economic cycle like Greece.
While cutting Spain’s rating, Standard & Poor’s also issued positive comments that the new government was installing policies that could produce long term growth.