Soros predicted permanent crisis for Spain, and the data backs him up

Soros's prophecy: Spain, stuck in permanent crisis while wages sink

More than a decade ago, George Soros made a statement that sounded provocative at the time: "Spain's destiny is to remain permanently in crisis." Judging by the macroeconomic data the country has accumulated, the prophecy has been coming true with a precision that is uncomfortable for the official narrative.

The latest indicators paint a picture that fits poorly with the recovery headlines. While the eurozone has seen its real disposable income grow by 20% since 2010, in Spain it has been frozen. The most common wage has fallen by almost 4,000 euros over the same period, now standing at 14,586 euros a year. And the Banco de España (Spain's central bank) already warns that inflation is approaching 6%, further eroding purchasing power.

The wage stagnation that feeds the crisis

If anything explains the "permanent crisis" that Soros diagnosed, it is the evolution of the Spanish labour market. Wages rise less than in the EU even in the years of strongest GDP growth. The result is a country where employment grows, but quality of life does not. Spain is the second EU country with the most workers at risk of poverty or social exclusion, behind only Bulgaria, and it leads the child poverty rate.

Public debate has focused on labour reforms and economic recovery, but the numbers indicate that the model has produced structural stagnation. Households' real disposable income has not returned to pre-crisis levels, and precarity has become the norm.

Immigration, pensions and the cost of pogre policies

Another vector of the crisis is the labour dumping linked to mass immigration. Organisations such as the Gates and Soros foundations have taken part in pogre summits promoted by Pedro Sánchez, according to published reports. Meanwhile, the former head of Frontex denounced pressure from Brussels and the Soros network to impose open borders. The result, according to critics, is downward pressure on wages and a hole in pensions that widens with structural unemployment.

Government rhetoric insists that Spain is the fastest-growing economy in the EU, but once inflation is discounted and real income is examined, the picture changes. Thirty years of wage stagnation —as even El País acknowledges— is the harshest proof that the productive model has failed to translate growth into well-being.

War between elites or a programmed crisis?

Behind this diagnosis lies a geopolitical reading that some analysts point to: the existence of a struggle between factions of global power. BlackRock, through its CEO Larry Fink, has already acknowledged that the "proge agenda" was a failed experiment. And Elon Musk has accused Sánchez of "high treason" over the mass regularisation of immigrants.

On this chessboard, Soros's vision —as an investor and philanthropist— has been hegemonic in European pogre circles for years. But the crisis he himself predicted for Spain seems to have become a self-fulfilling prophecy. While Spaniards lose purchasing power year after year, the question nobody fully answers is whether the destiny was inevitable or whether decisions accelerated it.

The evidence suggests that the permanent crisis is not an accident, but the result of an economic model that has prioritised labour flexibility and cheap immigration over productivity and social cohesion. Until that model is questioned, Soros's forecast will remain valid.