My view: The pain of austerity that Spain is experiencing in the labour market with high unemployment is spreading to other areas. The Spanish deficit is huge and nearly untameable at this point. The country is trapped in the currency prison called "The Euro" which is driving up borrowing costs as the recent increase in bond yields shows. Spain, like Greece, is an excellent candidate for exiting the Euro. One ponders the question of when, rather than if, they will leave the currency union as national interests begin to take precident as the crisis deepens. While the crisis may be good for that trashy reserve currency the US dollar temporarily, the day of reckoning is coming for it too. When that day comes, the bond market will demand higher yields for US bonds. That is when austerity comes to the United States and the fireworks begin.