The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Spain:
The New Target of Speculators

May 10, 2010

Hardly had the plan to supposedly save Greece been put in place, when the “financial markets” seemed to throw themselves onto their next prey, Spain.

In fact, instead of speaking of “financial markets,” it’s better to call them by their real name: speculators. And these speculators are the main international banks, which control considerable capital they move from one stock exchange to another, from one financial product to another, always with the aim of grabbing the biggest immediate gains with these moves.

It only took a rumor, launched by someone unknown, for the European stock markets to plunge lower in a dangerous fashion – and for the U.S. markets to do the same, just two days later.

After Greece, the speculators are in search of new targets. They talked about Portugal, but finally, on May 4th, Spain was the country in their sights. In a system whose driving force is the lure of gain, the big banks and other holders of capital are perpetually on the prowl.

These predators aren’t necessary for the economy to function. They lead the entire society and with it all working people toward catastrophe. Expropriating these speculators to put the banks in the service of the whole community is a necessary emergency measure.