Spaniards Vow To Reconquer New World, Launch Fleet

Juan Carlos issued an Imperial decree to build an "unstoppable" naval fleet of some 130 ships constructed from the "finest timbers felled from the grandest forests of Christendom," the likes of which, according to Spanish lore, "has not been espied on the high seas since the glory days of the 16th century."

Analysts say that Spain, with a standing army of 86,000 and one of the smallest military budgets in Western Europe, will face significant challenges in its rise to empire.

"It remains to be seen how the highly organized information- and service-based economy of the Bahamas will adapt to brutal conquest and forced labor," said University of Chicago political science professor Thomas Osbourne. "But the Spanish do have centuries of experience, so they should not be underestimated