Archived posting to the Leica Users Group, 2011/07/19
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]I am not sure I agree with you regarding Spain - the level of debt is important, but not as important as what is called the Debt/Service Ratio, the capacity to service the debt, firstly in regard to interest payments, and secondly the repayment of principal. Spain is found wanting on both counts. They are an economy similar to Ireland in recent times - GDP growth and revenue built on tax receipts from real estate development. Now that has dried up, so the revenues needed to service debt are severely reduced. In addition the whole 'Caja' banking sector (savings banks, like S&L in the USA) have to be bailed out - the sector as a whole in bankrupt because of indiscriminate lending to the real estate sector - again not unlike Ireland. Anemic growth will continue, for what will drive the GDP instead of real estate? The only period in recent memory that Spain has had a flourishing economy is during the boom years of real estate. The surprising thing in all this is that the Spanish Central Bank saw this collapse coming years before anyone else and raised reserve requirements on real estate loans - it was still not enough to save the Cajas. Banco Santander is more exposed to the economies of Latin America than Spain anyway, so I do not suppose this will overly hurt them. Spain is way ahead of Greece though - I cannot see Greece ever being able to repay their debt. Cheers Jayanand On Tue, Jul 19, 2011 at 11:20 AM, Nathan Wajsman <photo at frozenlight.eu>wrote: > Hi Jayanand, > > I second your high opinion of Lluis's book. I will just address the > economic issue you raise. The protests were not a political movement in the > traditional strength which was at the time seen as a strength but it is now > clear that without a coherent political programme, providing answers to > questions such as the ones you raise, the movement is in the process of > fizzling out. As Lluis himself noted, towards the end of the sit-ins there > were increasingly just various bums and hoodlums rather than the idealists > of the early days. If you asked, you would get many different answers. > > Also, I must say that the fundamental problem in Spain is not the debt > (much lower as % of GDP than Italy or Greece) but anemic growth. So what is > needed more than anything else are reforms of the economy to make it more > competitive, allowing the country to grow its way out of trouble. In the > case of Spain it is possible. Difficult, but possible. In the case of > Greece > it is not. > > Cheers, > Nathan > > Nathan Wajsman > Alicante, Spain > http://www.frozenlight.eu > http://www.greatpix.eu > http://www.nathanfoto.com > PICTURE OF THE WEEK: http://www.fotocycle.dk/paws > Blog: http://www.fotocycle.dk/blog > > YNWA > > > > > > > > On Jul 19, 2011, at 4:47 AM, Jayanand Govindaraj wrote: > > > Sorry - by mistake I posted this on the forum yesterday - it is about two > > books... > > > > I received two books at the same time yesterday - Luis' 'Indignats' and > > Steve McCurry's 'The Iconic Photographs'. Both are exceptional and highly > > recommended, and have a common thread close to my heart - in both the > books > > the central subject is human beings. > > > > Luis' has really brought a book of street photographs - though I have > seen > > many of them before, their impact, taken as a whole, is considerable. > > Beautifully and coherently done. It really brings his talent in capturing > > human beings to the fore. Blurb seems to have improved its B&W printing > as > > well, it looks quite neutral to my eyes. > > > > I just want to ask a question of Luis: > > > > If, as I think is the case, Spain's long term bondage to French and > German > > Banks can only be solved by defaulting and leaving the Eurozone, because > for > > obvious reasons neither France or Germany are going to do anything to > > constructively help Spain ahead of their own banks, what would the > > protesters do in that case - would they want the Eurozone subsidies to > > continue, and exist in that bondage for a generation or two, or go > through a > > period of severe transition for a possibly better life for their > children? > > It is all very well to protest, but I want to know what they are > protesting > > against. > > > > On to the second book - a very apt name - iconic photographs indeed, > printed > > beautifully and LARGE, in a limited edition of 3000 copies. This > magnificent > > book is all of 20"x15" and weighs 16.2 lbs! I actually just strained my > > shoulder trying to manhandle it onto a bookshelf! I love McCurry's work, > > probably because it is very easy for me to culturally identify myself > with > > his work, as most of it is in our neighborhood. I bought this book > because > > it has a free signed print! When I wanted to buy one of his originals, he > > wanted US$1500 for a 16x20 print. This book includes a free print of > 18"x12" > > size of 'Flower Seller, Dal Lake, Kashmir, 1996'. I think, despite the > high > > price of GBP160 that I paid for it, (luckily Amazon UK has free shipping > to > > India at present), the sheer quality of the printing and the original > signed > > print that you get with it, makes this book a bargain in my eyes. > > > > > http://www.amazon.com/Steve-McCurry-Iconic-Photographs/dp/0714856339/ref=sr_1_1?ie=UTF8&qid=1310995138&sr=8-1 > > > > > > > > Cheers > > Jayanand > > > > _______________________________________________ > > Leica Users Group. > > See http://leica-users.org/mailman/listinfo/lug for more information > > > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information >