After expelling most of the Jews over 500 years ago, Spain now wants them back. Why? Exactly for the same reasons they were expelled back in 1492 in the first place…..to bring talent, ideas and money to Spanish economy. Upon hearing the news, Wall Street Masters of the Universe offered Spain to buy high yield grade AAA Mortgage Back Securities while loading up on short-term call options for the DOW 50,000. Assuring Spain that such steps will bring Spain out of it’s financial crisis mush sooner than by simply sending over a few Jews. It was reported that Spain’s Prime Minister couldn’t contain his excitement after transferring another $50 Billion into Spain’s Goldman Sachs account to execute this exciting trade.
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Hey Wall Street, Spain Called, They Want Their Jews Back Google
There’s a whiff of desperation in Spain’s latest plan to naturalize descendants of the Jews the country’s rulers expelled back in 1492.
The initiative — advertised as righting a historic wrong — began seven years ago, and since then Spain has granted citizenship to 746 Sephardic Jews, mostly from Venezuela and Turkey. A proposed billis meant to ease the citizenship process for 3.5 million descendants, many of them living in Latin America and Israel.
The question is why now? Spain is barely clawing its way back from the deepest economic crisis in almost half a century. Unemployment hovers around 26 percent — youth joblessness is an eye-watering 50 percent — and the state has cut health, education and other entitlements. Plus, frustrated, unemployed Spaniards aren’t toowelcoming of foreigners.
In reality, Spain’s immigration bill is the latest attempt to attract talent, ideas and money to an economy in need of all three. It’s almost poetic justice. After all, what is worse: kicking out Jewish people because of their faith, or calling them back more than 500 years later because of the notion — prevalent in Spain — that Jews are educated, industrious and excel at business? Spanish politicians would do well to explain why such a spirit of historic justice doesn’t extend to the descendants of the almost 300,000 Muslims Spain cast out in 1609.
In fairness, the bill is well-intentioned. For starters, it means Spain recognizes the need to shake up things and bring in new blood. The bill would also allow Jewish beneficiaries to keep other citizenships instead of asking them to renounce them. This suggests Spanish politicians are finally grasping that openness to national diversity makes countries such as the U.S. powerful magnets for international talent. Moreover, immigrants tend to have a solid work ethic; Spain’s Chinese community, for example, has thrived amid the country’s economic woes.
The immigration bill also helps account for why many Brazilians seem eager these days to explore their Jewish ancestry and obtain a Spanish passport even though Brazil’s economic troubles are arguably more manageable than Spain’s. It is no secret that immigration has flowed the other way in recent years, with a generation of young Spaniards heading to the U.S. and Latin America looking for a better life.
If Spain wants immigrants to help overcome its economic difficulties it could do much more. True, Spain already began cutting taxes to stimulate growth. But it should tailor and promote more attractive tax advantages for those who create companies and generate new jobs. Spain might also learn something from Chile — it’s former colony — where the government has offered money and tax breaks totechnology startups willing to set up shop in Santiago.
Getting a country back on its feet takes more than a passport, a handshake and talk of redemption. If Spain is really so intent on making amends for the wrongs it committed so long ago, there’s a whole region called Latin America that wants its gold back.