Spain To Slash Spending as Economy Slumps Back into Recession!

• The Eurozone is a ticking time bomb. The Illuminists are simply lining up the pieces for a global catastrophic collapse. Do not be taken for a ride. The collapse will likely start in the PIIGS, spread across Europe, UK, Japan … and finally America. It will be a global event. They want a global economic, monetary and financial collapse leading to World War 3 to lay the groundwork for the coming of the Luciferian New World Order!
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• The Illuminists want to introduce their New Global Monetary Hegemony, One World Currency backed by gold and Global Supra-National Central Bank. How do you get countries all over the world to abandon their national fiat currencies and accept the One World Currency backed by gold? By destroying all fiat currencies via currency debasement and hyperinflation! Got physical gold yet?
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  Spain to slash spending as economy slumps back into recession! 
  By Ambrose Evans-Pritchard, http://www.telegraph.co.uk/ 
  Spain’s fragile economy has fallen back into recession and the country faces a year of grinding economic decline as premier Mariano Rajoy slashes spending yet further to meet EU demands.
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  The Bank of Spain said the “contractionary dynamic” in the economy continued into early 2012 for the second quarter in a row, with an “intensifying” pace of job losses. It expects GDP to fall by 1.5pc this year. Mr Rajoy said at a meeting in Seoul that he would press ahead later this week with a “very austere budget”, ordering 15pc cuts in spending across the ministries.
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  The conservative leader promised a “fair and just” distribution of pain. Public sector salaries will be frozen rather than cut and there will be no rise in VAT. It is unclear how he can slash the budget deficit from 8.5pc of GDP last year to 5.3pc to meet the compromise target agreed with Brussels after a bruising confrontation.
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  “It is frankly impossible, given that it would aggravate the recession and this would crush state revenues,” said Jesús Fernández-Villaverde from the University of Pennsylvania.
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  Fresh data from Spain’s treasury showed the deficit for January and February was worse than for the same period last year, even stripping out “one-off” costs stemming from excesses by the regional juntas. The lack of progress is grist to the mill of critics who argue that drastic “pro-cyclical” cuts can prove self-defeating, as Greece has discovered.
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  Spain’s unemployment rate is already 22.8pc, rising to more than 51pc for youths, the highest since records began.
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  … for more click here!

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