Before, as a result of Rodrigo Rato's speech in Congress, we hit anor story as false as seraphic Catalonia oppressed by Spanish ogre, it seems appropriate to offer a relationship of inheritance left by two legislatures of Joseph María Aznar in Spanish economy. The legacy time (its responsibility in crisis) is not exhausted in a triumphant relationship of reforms (?) and glory of macroeconomic stability. It can be counted like this. 1. A housing bubble whose explosion was taken ahead of savings banks and was responsible as of 2008 of dazzling collapse of employment; That bubble, emphatically denied by Aznar and Rato, was initially sold (again story) as an economic miracle, when in reality it responded to fact that Spanish economy was operating with an interest rate (that of eurozone) far below necessary for Correct inflation.
2. State-intensive fiscal disarmament by means of out-of-place tax cuts in a weaker tax structure than those of countries in ir European environment. The tax irresponsibility caused state's defencelessness in acute recession provoked by financial crisis and inaugurated neurotic political behavior of curing all ills, whatever ir nature, by means of tax reductions; Which, by way, also applied Shoemaker and Solbes.
3. Invasion of councils of savings banks by political cadres without technical capacity; The political occupation of councils allowed to place clientele of autonomous powers, deteriorated quality of management of boxes and opened floodgates to devastating squandering of loans and mortgage loans to brick market, cause Efficient of most serious financial crisis that Spain has suffered ( governments of Mr. Aznar, of which Mr. Rato was Vice-president, legally allowed this interventionist model and encouraged its development). 4. Systematic degradation of prestige of Bank of Spain, relegated by governments of PP to role of preacher plaintive of overvaluation of housing, without capacity to correct it, in landscape of real estate boom politically inflated to Hang medals of easy growth.
Still last Tuesday was allowed Vice-President conceptual Ninguneo of Bank of Spain. On one hand, according to him, those responsible for managing crisis were "central banks"; But at same time it boasted that central banks "do not make decisions without government authorization." You Áteme that fly by tail!, that would say Galdós. Here is crux of crisis: an economic policy of clientele and contrary to interests of State (it is not even necessary to introduce factor of corruption) that was not corrected by subsequent governments and bankrupted one third of financial system. While he could have exposed this narrative in Congress; It explains more than his, made of plots and or mistakes. Like in a novel by Ponson du Terrail.
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