Origin and Destination of the Crisis

Category: Photography & Branding

Extraordinary exhibition in Las Rozas (Madrid), with Juan Velarde, Fernando Fernandez, Jose Miguel Guerrero and Bonifacio (Mayor). The origin of the crisis is in the basement of the development of Spain from 2003 by means of imports and funds proceeding from outside, when the foreign investments stop and there is needed foreign financing, which is given to us due to the liquidity excess provoked by China, making the credit grow a huge magnitude up to almost 4 times the nominal GDP. Then Spain stops compeeting with the outside, which together with the rejection to nuclear power, provokes an unstoppable increase of costs (energies and workforce). Credit is granted without evaluating the risk, the regulators do not act and the people (us) are left to go. All this together with the voluntary rejection to maintain the budget equiibrium shows clear symthoms in 2006, that turned serious in 2007 when foreign financing was closed. The destination is not clear, but the competitivity recovery is needed via flexibility, innovation and cost reduction.

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