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The Real Crisis in Europe Will Be Political With Spain as Ground Zero
Spain’s Mariano Rajoy is back with yet another display of why he should never have been allowed to take office in the first place.
For those who need a quick primer, here’s a quick highlight reel of Rajoy’s more notable accomplishments:
1) Helped facilitate biggest housing bubble in Spanish history, a bubble so large that the US’s looks like a molehill in comparison
2) Took bribes and kickbacks from developers in helping to create said bubble (more on this later).
3) Claimed Spain would never need a bailout, then demanded a €100 billion bailout one weekend before flying off to watch a soccer match.
4) Raided Spain’s social security fund, investing 90% of its assets in Spanish bonds… which were on the verge of default a mere six months before.
5) Got caught with dirty money he received from property developers and stated the following, “…everything that has been said about me and my colleagues in the party is untrue, except for some things that have been published by some media outlets,”
Now Rajoy is dealing with the problem of Catalonia (a region in Spain) wanting independence. Catalonians are proposing putting the matter to a vote, much as Scotland recently did regarding its own move to potentially break away from the UK.
Rajoy, never one to miss the opportunity to embarrass himself, has called the decision to vote for independence “profoundly anti-democratic.”
Bear in mind, this is the same “leader” who likes to proclaim that Spain is in a recovery… while Spain’s unemployment is roughly 24% and youth unemployment is above 50%.
At some point, the markets will call BS on Spain’s dreams of recovery and the bond markets will rebel. When this happens the whole fraud will come unraveled. However it might take a full-scale political crisis before this happens. And by the look of things we’re not far from one.
We’re back in trouble whenever Spain takes out the long-term trendline for its 10-year bond yields.
This concludes this article. If you’re looking for the means of protecting your portfolio from the coming collapse, you can pick up a FREE investment report titled Protect Your Portfolio at http://phoenixcapitalmarketing.com/special-reports.html.
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bond marketçentral banks buy the bonds issued by Governments, the bonds are then monetized by the same central banks. Does have anybody an expresion, which suites this scheme?
People are done with crony capitalism. Rig the vote if you want to. Eventually the people will be heard one way or another.
This is completely true, our government is destroying our economy completely by increasing debt without end, as in many countries, the difference being that our politicians lie even more, they manipulate numbers even more AND they keep saying that we are in a "recovery" - WTF??
These are the consequences of a bubble economy, and then killing time by socializing losses, increasing public debt, etc.
It will end badly.
the Bourbons of Spain need desperately a regime change.
Bring back the Catalonian passionara of 1936 !
The U.S. Federal Reserve could easily (and would) throw water on the fires of any Spanish civil war. It'll likely be done without US taxpayer knowledge. All civil wars are ultimately about money and its ability to control/harness power (the US civil war was no exception). The elite liberal internationalists will not stand for secessionist movements especially in their European homeland. A united, one-world gov't is job-one on their agenda.
In a more civilized time, Spain would be invaded and Rajoy would be executed. The price for incompetent and self centered leadership.
Gold down $11 this morning. Why in the world gold is trading above $200 is beyond me
Catalonia's autonomy from 1931 was eradicated by Franco whose supporters created the Ppoluar Party led by Rajoy.
This is a powder keg which makes the Scots look like domesticated rabbits
And in a nutshell,
When Germany guaranees via an open checkbook to buy those 10 yr bonds and in sufficient quantities to guarantee thos same yields today, tomorrow, next week, next month next year ad infinitum then you know the EUSS Projekt has won.
And NK will start to look prosperous
Bond market??? What bond market?
There are no markets anymore. They cannot rebel.
I did an 18 month tour in NATO and took some of my down time in Barcelona. The Catalan's are some great people to party with but I wouldn't want to piss'em off.
.
The Democratic Paradigm has been profoundly penetrated by parasites.
It is failing . Hence secession pressures , and elites mobilizing to take over .
See http://andreswhy.blogspot.com/2014/09/the-elite.html
Expect qualified franchise and disintegration to Ostrum levels .
See
http://andreswhy.blogspot.com/2011/10/ostrum-game.html
Rivaling Spain to be "the straw that breaks the camel's back" is Italy which is the third largest economy of the Euro-zone after Germany and France. Unfortunately Italy holds the largest public debt totaling over 2 trillion euro. This debt has been growing at an astonishing pace, even in more recent times and particularly as a ratio to GDP.
The fact that the GDP is contracting has exacerbated the problem. This is not sustainable and the country is held together only because of the direct intervention of the ECB which made over 102 billion euro of Italian bond purchases in 2011-2012 alone. This has continued since then and the sum has gotten much larger. Only through the LTRO can the finances of the Italian state be kept afloat. For more on how government debt has made Italy the Achilles heel of Europe see the article below.
http://brucewilds.blogspot.com/2014/09/italy-achilles-heel-of-europe.htm...
Always remember: Nobody does civil war as well the the Spanish. They are the undisputed masters in this and have carried the skill set to all of their (former) colonial possessions.
Franco got a lot of help from Hitler and Mussolini. All he had to do was say he was "fighting communism". Come to think of it, Hitler said he was "fighting communism" too, which I think was part of why Britain and the US let him build more battleships than they let France build. I think Britain has been afraid that France was going to "go communist" ever since the French Revolution. The main thing Britain has always wanted was to make sure their working class never actually gets a voice in government. They even have separate schools for the working class and the ruling class.
No he did not. Hitler and Mussolini wanted to test their new military equipment just as the US gives Israel kit to test.
Hitler had his new Luftwaffe and wanted the Condor Legion to practise in Spain.
Don't forget Picasso wanted to paint Guernica and Hemingway wanted to write "for whom the bell tolls"; so they were all trying to test something at the expense of the poor Spaniards.
Viva Salvador Dali. Now DAT, was a moustache!
Dunno, the Eglish civil war was fairly impressive in terms of the number of political filth killed, which is, of course, the only thing that matters.
Civil wars are the bloodiest.
Junker taught him well. Nuff said.
Before the end of the year, pro-independence movements without any base on real freedom values (mostly socialists) attempting to break away from a country that is totally corrupt, bankrupt and one of the worst places in Europe to make business only as a headlong rush of people sick and tired about a not-to-distant-from Franco crony capitalism will end well.
Don't worry about spanish papers. It's all right. They are as safe as Germans. That's why spanish public funds for public pensions are 40% or more invested on it.
We are making our best to make sense to the concept "lost generation". Appreciate our efforts, please.
With love, from the Basque Country.
Pensions are not in Spanish paper cuz it's safe. They are forced into the bonds by .gov theft.
"Carry On".
Good luck with that.
We have over 100 trillion in unfunded liabilities and thats just Federal.
Still doesn't negate the fact that he was elected by VOTERS. So was Obama. And every member of congress and the Senate and British parliament and every European country. In fact the only countries that didn't vote their highest ranking officials in are the ones that are prospering. So much for the wisdom of crowds
You're going to have to remind me just when the Peasants voted for the political filth of the EU.
I recall seeing French voters toasting champagne at the election of Hollande. Maybe it was a photoshop job but it looked genuine. If you vote, you are part of the problem, needless to say. When I vote, I vote R/D/R/D/R/D. Therefore they can't lynch me for nonparticipation, and I can always say I voted against whoever you voted for. Its not a perfect system
"As long as slaves can vote they will think their free."
read that hear not mine but its awesome
A commute that usually takes two hours took me 15 minutes the other day. Because I lied to myself and believed it did. See, I can do what voters do
they're free
read that here
it's awesome
fukin mowon wabbit
god, slaves can vote and think they are free? people here have no idea how much fsa you get if you are the right minority. you only see the tip of the iceberg. none of the "welfare totals" ever include the loan subsidies for mortgage loans and automobiles, as well as education. if you are the right "equal" pig in america you are doing quite, quite. well and when those loans default the government has the guaranty in place with all of their power.
and all the morons that shout democrat republican la la la. you have to be the stupidist of people that i encounter on a day to day basis to believe any of that spew. i hope that the gatekeeper and the keymaster get together real soon and bring zeul to deal with them, every single sell out corrupt banker, government worker, judge and politician
i hope it all burns, to the damn ground. i hope all politicians have a special spot in hell where they can listen to the vile spew of lyndon johnson for eternity as they go through eternal agony.
up the republic
Rotflmao...you forgot the sarc tag...