Spain Misery Index

Below the last Misery Index, defined as the combination of inflation and unemployment.

Following this week announcement of a surge in Spanish inflation which soared from 2.7% to 3.5%, it is clear that the Misery in Spain has never been higher.


... which for some context - is double the misery of the average European or Italian and triple that of an American...



Charts: Bloomberg

Bunga is Back!

Our Bunga buddy is back, warming up for the soon coming Italian circus of dancers, pimps, crooks and wise guys (i.e. Italian elections in May); here he is again blessing us with his wisdom:

• *BERLUSCONI SAYS EURO A `SCAM' WITHOUT CENTRAL BANK BACKING IT
• *BERLUSCONI SAYS GERMANY LEAVING EURO WOULDN'T BE A TRAGEDY
• *BERLUSCONI: BAILOUT CONDITIONS WOULD LEAD ECONOMY TO COLLAPSE
• *BERLUSCONI SAYS ITALY RISKS HEADING TOWARD 'ENDLESS CRISIS'

It appears he has a new plan (Allow Germany to leave) and start the printing press to inflate the country out in thin air while sedating the population with horny shows and lame soap operas.
Vote Bunga!

Highest inflation cases in history

In a new paper published by the Cato Institute, economics professor Steve Hanke lists the all-time worst episodes of hyperinflation:

(click for full image).

Note that Hungary's daily inflation rate was ten times greater than that in Weimar Germany, and prices doubled almost six times faster in Hungary than in the Weimar Republic.

Life in Weimar Germany was extremely difficult. But Hungary in 1946 was a lot worse.