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Spain Promises Much, Does Little And Will Tap Social Security Reserves For Funding
Lots of headlines but little action. Germany will not be pleased:
- SAENZ SAYS SPAIN PLANS 43 NEW LAWS TO BOLSTER ECONOMY
- SAENZ SAYS REFORM PLAN IS TO MEET PLEDGES TO EU PARTNERS
- SPAIN APPROVES DECREE ON WAGE BARGAINING
- SPAIN APPROVES INCENTIVES FOR ENERGY EFFICIENT VEHICLES: The SEAT VOLT is coming to Ibiza!
- SAENZ SAYS SPAIN TO PAY EU1,000 SUBSIDY PER EFFICIENT VEHICLE
The kickers:
- SPANISH BUDGET BASED ON UNCHANGED ECONOMIC FORECASTS, SEES GDP DOWN 0.5%
In other words everything will be massively wrong for the country with the epic bank run. And the one the people have been waiting for:
- SPAIN TO TAP €3 BILLION FROM SOCIAL SECURITY RESERVES IN ORDER TO FUND LIQUIDITY NEEDS.
Incidentally this is the same fund which has 9 months of pension reserves and is invested in... drumroll... Spanish Bonds!
And cue to the riotcam.
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They're just going to dip into pension reserves. Just dip their toe in. Just a little dippity dip. Nothing to worry about.
Dipping into pension reserves just means they have a couple more weeks for them to try and find a solution and come up with nothing.
And then they will dip again to buy some more time... then another little dip. Because resistance is futile and they will be assimilated.
So, does this mean they are going to sell their SS bond IOUs and replace them with bonds backed by bonds? Like and IOU squared? This is getting interesting!
A repeat post (I thought it was worth it!):
The sooner that the European nation states and the US sovereign states secede from their respective central politburos, the sooner we can take control of the collapse and the direction that the Ordo ab Chao aftermath takes.
Otherwise, the globalists dictate the fall and the terms of an unconscionable aftermath.
Seconded.
Looks like they are playing the "Just the Tip" game and it will feel good, they'll go all in and poof...no more social security. Coming sure to a country near you...
Spain is soo slow... The US did the tapping SS for cash years ago!
They say the Devil's water it ain't so sweet
You don't have to drink right now
But you can dip your feet
Every once in a little while
- When you were young - Killers
That reminds me of a game I used to play called "Just the Tip".
BWHAHAHAHAHAHAHAH
So how many kids do you have now????
If they put their toe in the financial Whirlpool of doom, the best they can hope is losing a leg.
I have it on good authority from 1950's Sci-fi adventure serials that what happens near whirlpools and quicksand.
If this wasn't Spain, they would call it "Simpson-Bowles." A banker-politician panacea for the rent collectors.
And US markets explode on more promises of puppy dog kisses (Reuters)
Definition Politics:
The process of delaying a problem until it is no longer relevant.
Pensions, SS are going to vapoirze, I expect all of spain (every citizen) with debt to essentially default over-night, its pretty much the end of spain, they lost the monopoly game that they were playing with the other euro nations and got wiped out.... bad roll of the dice.
Government is probably going to be replaced/revolution because when you take the savings of your entire population and give them nothing for it back, they usually get pissed off and do something about it.
That's nothing. Just wait till Timahy and Uncle Ben start raiding the G-fund and SS here in the states once we back up next to the debt ceiling.
Already been raided. Now we just add 0's to the treasury accounts.
My message to Spain (Spanish language version):
http://www.youtube.com/watch?v=5mvn0U4lS24
I can't see anything wrong with buying your own bonds, much less Spanish bonds!
Nothing to see here... Cue the recovery!
This is like monetizing your own debt without actually printing money. Genius!
Printed money? How last milleneum!
Apparently this "fixed" the EUR, as the EUR/USD just swallowed the little blue pill.
LMFAO!!!!
Just the tip baby, just the tip.
Siesta time, bitchez!
With it this bad and Germany still holding the party line, I know for certain tey have a gun to their head by the EU masters. No more wondering if the EU "Is meant to fail," for if it was, they have 101 excuses to do so right now.
Sure, raid the kid's piggy bank. That solves everything. $20.00 on Sea Biscuit in the third race...
With Spiderman riding him he is a lock!
pods
Why not even more laws to bolster the economy that much more?
These "Law-Makers" are such pussies!
All fixed!
Amazing how the same old shit gets recycled, repackaged and the market acts like it's never heard of such possibilities. This is the greatest magic act of all time - market goes down, just rehash the same nonsense and presto! up she goes!
Must be easy to put on a magic show for autistic children...or maybe retarded ones...
You will come to understand it only when you fully embrace the reality that the world you grew up in doesn't exist anymore. There is no market. There is only computers, and they read headlines.
The headline phrasing is PROVIDED to the EU and they are careful to use it as specified in their announcements. Then you get the "market" reaction desired.
It's all bullshit. Walk away from it. Find a farm. The whole thing is going to fall. No, don't try to "short" it. Don't buy gold. The whole thing is going to fall. Farmland is the only hope.
I'm placing into the markets the derivates of tickets' entrance to my farm in Patagonia. Goldman Sachs is negotiating it with great success. I'm thinking about QEasing ing ing tickets also. Ah! Long live to the finantial casino! Everything can be "collateralized" and "QEasingnized"! Many times! (By the way: the ones you have the original tickets don't have to worry: I've hired BlackWater to watch over the farm).
You, Sir - are on point. Sooner people wake up to this reality the better. Actually - time is short - if you're someone who hasnt got this by now - you are fecked.
IC
buy Microsecond Arbitrage.
[sarc]
que a AAPL ramp. distraction bitchez
This is how it says on BBC!
Among the key points presented by Deputy Prime Minister Soraya Saenz de Santamaria were:
An increase in pensions??? Positive rite?!
http://www.bbc.co.uk/news/business-19733995
End of quarter coming up, and you can't have the hedgies coming up short of fees with their biggest hotel. Gotta get my 2 and 20 bitches! Oct 1 is tooooooo late.
The end game is upon us. The same shit will happen in the States when the FED is forced to raid the "SS Trust Fund" (there is nothing there...it was raided long ago.) The reaction of the people to this will tell us a lot about the strength of the revolts in Europe. If they don't hang some banksters and political whores it is full speed a head with the depression and collapse.
yeah, but 401k's must look mighty appetizing to the beast....
These last EU generations have been coddled and raised by The State, "They is ruint! I'm telling you!" they can't work and never learned to pray. Coming to a town near you, Citizen.
Same thing here in the states. Welfare is more profitable than working at the local grocery and thugging is more fun than being pious and having honor. In fact it is and has been pretty much federally funded open season on Christianity here for the last decade. Anyone not invested in ammo and firearms at this point hasn't been paying attention for the past decade. It will get bad when the state economies start to drop like flies.
Of course, every economics PhD on the planet knows that you create economic prosperity by writing laws, not by producing more! Paul Krugman must be of Spanish ancestry.
Actually Spain has some assinine labor laws....I am assuming that these new laws are to lesson those....but probably not....
If you really want to lessen the regulatory burden of the labor market, you repudiate laws, you don't make new ones... just sayin...
Oil scarcity won't permit you to produce more.
Ever.
Please, folks, find a way to get to a farm. I know how hard it is to reject the presumption that the internet is the path to riches, but it simply is not in the New Normal.
A lot of people are going to die, soon, and your only hope is to have access to and be welcome at a farm.
yeah, buy a farm before you buy the fucking farm!....y'allz
Thanksfully ZH framed the message that the looting is targeting the benefits that Spainiards CONTRIBUTED TO and not entitlements. Think of what will happen with the gray hairs in the US seeing the looting of THEIR FORCED CONTRIBUTIONS. Lies, damned lies of the politic. Promises that can never be kept.
I sure would like to see that! Change the smug arrogance of entitlement for some fear of reality regarding what has already been done! Let alone what is happening now and in the future. Good luck!
43 new laws to bolster economy?WTF? Hey fucknuts maybe it's the thousands of laws you have in place killing the economy. Fucking morons.
What would you expect from the Spanish socialist that have run their country in to the ground? The same thing is going on here in the US. For instance: Obama wants to hire more teachers. That's great except the state or tax payer has to hire them. Not to mention the real reason is that he can give the teachers unions the pay back for their support.
Spain is our future America unless we choose a different pathway and it's not Forward.
Except the US was one step "ahead" in dipping into the SS fund and flushing money down the toilet investing in energy efficient cars. We would be worse than Spain if we didn't have the ability to print (although that will cause its own problems) and reserve currency status.
Excuse me, pal, but taking THAT for Socialism is driving you into absolute ignorance about both Politics and Economics. Then the Show goes on and you 're out of tickets.
Be positive and think of the ways to trade these new laws and all the derivatives based on those!
Do you remember Madame Defarge from "A Tale of Two Cities"? This is Defarge in reverse. They will continue with their pointless stitching and busywork while they watch their citizens hung, one at a time, by the laws they created.
give the spaniards credit. At least they publically announce austarity. Here we call it "stimulative QE' which is essentially austarity and a bailout disguised to the I-sheep as being good
The "shared sacrifice" to be shared by everyone except by those who created the disaster to begin with. This is what austerity truly is. Its the protection of the privileged classes by the sacrifice of the workers who did absolutely nothing wrong except exist.
Because the people continue to allow it.
"SAENZ SAYS SPAIN PLANS 43 NEW LAWS TO BOLSTER ECONOMY"
Because 42 plus the thousands already on the books just ain't enough.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA.............................................................................
Tap SS to fund...
Textbook Geithner fucktard economics
When a guy says "I'd tap that" doesn't it mean he would screw it? Just askin'.
I think of kegs of Guinness.
I think of Kim Kardashien.
fair enough, i think about Barney Fife
OMG! this is hilarious today!!! One can only laugh! I spit my coffee all over my screen thx to you MsCreant! lmao!
Its all a question of prospection.
Taps, and screws, depend on the promise of the vein, if it throbs it robs you of your pipe drain.
That's right, stealing from the future again to pay bankers in the present.
Genius.
From the Matrix - "It's not the currency that bends, it's you....."
Chupa mi pinga, Bernanke!
Hey, that's my plan too. I'm using AAPL profits to buy some more AAPL shares.
........er........
They've gone full retard.
Austerity baby!
Law #42..all dumpsters will be double locked and guarded by dogs
"SAENZ SAYS SPAIN PLANS 43 NEW LAWS TO BOLSTER ECONOMY"
Moar laywers!
the only criterium is : anti-banksta or pro-banksta laws; knowing their oligarchy creed its a given that it will just feed the turncoat lawyer breed.
spain needs to order some hollow nosed bullets for its chorizo vendors, things are going to get very spicy there :-)
"Spain Promises Much, Does Little"
People have become so accustomed to being lied to and *ss-raped that they need some serious motivation to be woken up out of their stupor, such as, may I propose: every time a person is lied to, that they are poked in the bunghole with a red hot poker.
Great idea!!!
I think your avatar is hott!
Well at least that would cauterize the tears from the latest round of QE?
pods
Welll...the markets are still GREEN.....weeeeeeeeeee...DOW up 17 bitches.....it really is incredible that any market is up today....but they all are.....WTF...
Where is the reset button?
I've been hitting this one. It's a fake too.
The reset button is Hillary Clintons clit.
That's why nothing changes.
IOUs are just as good as cash!
Harry and Lloyd seemed to think so...
does anyone on here think there is any possibility of a happy ending to the current endgame?
if not, is this really really the beginning of the trumpets playing?
im scared ish
This sort of looks like a circle jerk. Can you have one if no one actually has a real dick to hold?
OMG!!!!! lmfao!!!! I needed that today!!!
Said something like that to a big boss once. In retrospect, it was not helpful. He was restrained by another boss. Excepting for that, I might have had a little fun on what otherwise proved itself to be a very bad day.
Off topic, but something very interesting about the attacks in Libya.
It is really interesting to me to watch the news reports coming out of Fox, CNN, MSNBC, AP, Reuters, etc (every single news organization) reporting that the US ambassador to Libya was killed in Benghazi when the ONLY US embassy or consulate in Libya is over 400 miles away on the other side of the Gulf of Sirte, in Tripoli.
http://www.usembassy.gov/
http://www.lonelyplanet.com/maps/africa/libya/
its also not listed on the USA Gov website as an agency!
they must think everyone is stupud
Well, it would open a bigger can of worms if they called it a CIA safe-house...
ring around the roses
a pocket full of euro"ses
roses
euros"es
and they all fall DOWN!!!!!!!!!!
The pox to your euro.
Rings in your noses, a yolk on your shoulders, ashes, ashes, it all burns down!
There goes their mother's perscription drug medication money -- off to the banksters.
OT/ Sex and the university major
Here is a table of the sexually active heirarchy of US university grads; by type of subject.
One depressing statistic; the "green ecology" subject has the lowest hit rate; lower than theology!
The environmentalists don't have a bright future in our age, even as students!
Which subject's students have the most sex?| studentbeans.com
The economics students getting more bangs for their buck.
No wonder they are all morons.
RRRRRR just had a vision of a naked Krugman.
spoken like a true engineer.
If I'm reading it correctly, results will be skewed toward those majors which have higher degree completion rates. Earth Sciences near th bottom. Field season gets lonely.
and the dow rockets higher...
Spain is tapping their reserves! Quick buy more AAPL and AMZN! Guess they'll be using the proceeds of austerity to buy iPads and shop online ...
Que Riot Dog!
At least Spain has a budget...can't say that about the US
If fixing the economy were as simple as passing a bunch of laws you have to wonder why they did not do that a long time ago; could it because these laws will greatly upset the citizens?
PMs and equities on a tear here for last 15 minutes: have I missed the news?
Argentina here we come...seriously, this stupid market seems to simply value anyone speaking, doesn't matter what they say. I am really starting to believe that civil war or a strike on Iran would be looked at positively as "doing something" to avert a worse problem...Dow 20,000..you heard it here first
Civil war - Bullish for ammo, S&W and Sturm Ruger!
Strike on Iran - Bullish for GE and other defense contractors!
It's all good! /sarc
In the US since there are no SS reserves (just IOUs) it starts to make you wonder if we can leave IOUs for other IOUs...I promise to pay you so you can promise to pay someone else...that would open up another era of prosperity.
Why there's an entirely new derivative industry right there. IOU on IOU backed securities!! iBS ! The FED would likely buy billions of them each month! Hey - Lend me some money so I can get this started. I'll owe it to you...
IOU rehypothecation! Derivatives for IOU's!
Wowww...in a nanny-state when the gov says they are going into your retirement funds two things should be evident to the populace...things are really bad and you better get into the street before you have nothing but smoke
Queue the ratings agencies...they will have to take Germany and France down based on their proposed committment to the ESM, and the inability of Spain and Italy to pay further raising the other's committments...this is just getting silly
This is just more Eurotalk. Until you see laws being passed and money changes hands, ignore it. The Germans are stalling, because they are tiring of throwing money down a black hole:
http://dareconomics.wordpress.com/2012/09/27/eurotalk-is-cheap/
For the NSA and other assorted acrynm agencies watching ZH today.
There is going to be a day, and in my opinion it is right here on top of us when you and your pals pop along to the shop and buy a paper and read a headline saying that:-
Politician (bankster?) has been found either shot dead, or hanged from a tree.
At that point, you will have to choose a side.
Prepare accordingly gentlemen. History this time will be dictated by those on the internet, the awareness is too great.
Somewhere deep in the bowels of a building in Ft. Meade, Md, right this minute, there are a bunch of NSA analysists having a good laugh at your expense and pulling up your facebook pages, twitter account, your google search history, your bank account balance, your credit history, your cell phone calling history, what you had for lunch yesterday, and your latest colonoscopy video .
And see that little spec circling around your house waaaaaay up there in the sky? That's called a drone....
so what.
let them eat shit.
That right RSBriggs?
Unlike dimwits like yourself, I am on one posting internet site which is this one son. I have no other contact at all with the interweb servers. I have never unlike you stupid ones posted any details of my life other than those I wish to divulge here, nor card numbers or any other inane shit.
And to top it off, if you caught new yorks finest last month shooting indescriminatly at civilians instead of the bloke they should have shot, I have fuck all to worry about. Send your drones and your back up men. You fucking imbecile. RSBriggs, the epitomy of narrow thought and imagination.
Idiot
This is so wrong, on a social, economic, and moral level. There was absolutely no pledge to the citizens of Spain and no alleviation of fear and hunger that come with long-term unemployment. So I guess the plan for the people is to stake your claim at a dumpster outside of a restaurant that only fatcats can afford and gather up leftovers for yourself and your family. Investments in the Spanish labor force will be redefined as not eating all of the leftovers yourself, willingness to go hungry even more then selling a few scraps here and there to your neighbors.
One day soon all those EBT cards in the US won't work, and the result will be such that protests in Spain will look like a quiet picnic in a park somewhere. All major cities will start burning a few days later - we burn shit down here, for real, once things start rolling...
Of course this does nothing for the actual Spanish people. The globalists motto - screw those little people. We need bigger multi-million dollar bonuses! What does that have to do with people eating? Nothing! So fuck 'em.
What we are seeing today is every f..king "underperforming"fund manager, buying every f..king thing they can before Q3 ends!
So as to save their worthless "underperforming"asses!
Look a little closer and you'll see all the Fed's "friends" fading this WTF rally.
Yep. Good call Smithy.;-)
So, they are going to sell their own previsouly issued bonds to fund themselves. Whoa, I am getting confused here. I wonder if my mortgage lender would let me sell my mortgage back to him again.
No, he's already reversed it and done that to you. Chopped your mortgage up into MBS securities, sold them to the Fed, which lets you pay for it all over again via taxes and inflation. Sold it to you once, and you get to pay for it twice.
Actually... Iif you multiply out your payments to get your loan's total payback amount, then look at your supposed purchase price, you'll find out that he's sold it to you 5 or 6 times over already....
Man, can you see the Spaniards lining up to buy them lectric cars - as soon as they finish dining on their new "bargain" wages?
And how the F* does buying cars made in Italy, Germany, France .. and yes US ... help Spain's job picture?
And the banks are gonna lend people money they don't have to finance these cars?
Nobody expects the Spanish Inquisition!
hard to believe they haven't already tapped (STOLEN) the pension money.
oh - it looks like the pension is invested in spanish bonds so realistically the money has already been tapped (STOLEN).
this is similar to the US social security being invested (STOLEN) in special non-marketable government debt.
good luck spanish retirees - but you'll have a lot of company around the world.
Europe’s $39 Trillion Pension black hole is coming ... Young Spaniard, Portuguese, French, Italian etc should seek work and hope for the future abroad
Robert Maxwell tried this and we all know what happened to him
didn't us raid the ss reserves long ago?
isn't ss reserves an obsolete concept?
at this point assets exist only so they can be leveraged...repeatedly.