By Don Quijones, a freelance writer and translator based in Barcelona, Spain. His blog, Raging Bull-Shit, is a modest attempt to challenge some of the wishful thinking and scrub away the lathers of soft soap peddled by our political and business leaders and their loyal mainstream media.
It seems that nary a day goes by without Catalonia receiving some kind of threat about the dire consequences of declaring independence from Spain. If it isn’t former Spanish premier José María Aznar talking about the possibility of imprisoning Catalonian premier Artur Mas should his government grant a referendum on independence, it’s some washed up military general calling for tanks in the streets and an aerial bombardment of Barcelona.
The latest person to weigh in on the issue was the governor of the Bank of Spain, Luis María Linde, who last week warned that declaring independence would ultimately lead to Catalonia’s financial downfall. In what can only be described as a barely veiled threat to a region of more than seven million inhabitants, Linde said that Catalonian banks would tumble and chaos would ensue.
“A small territory that separates from a big one would be obligated to create its own currency and its own (banking) supervisory authority,” Linde said. The fact that the new nation’s assets would be denominated in the new currency and the liabilities in euros would ultimately “lead to its bankruptcy.”