I got this note from Jonathan Carmel: "John, I love your stuff. This is an excellent Spain Presentation – I know because I wrote it! Would like to make contact with you and discuss." I get this type of thing all the time and do give most of it a glance. This drew me in. It is most excellent. I am not exactly ignorant of how bad things are in Spain, but there were some numbers and takeaways here that were new. This is worth your time to peruse. Spain is going to be a nightmare for Europe. I am not sure that Jonathan is right that there is no way Europe can deal with Spain, as the ECB could do it IF they commited to a very high level of firepower – forget bazookas, we are talking bunker busters here. But will the rest of Northern Europe really let them kill the euro valuation? The answer is, they just might. These people are committed to keeping the eurozone together. Never underestimate the potential destructive power of politicians in pursuit of a dream on someone else's nickel.