This page has been archived and commenting is disabled.
Desperate Spain Wants European Rescue Fund To Be "The Bigger The Better"
No, there is no desperation in Spanish PM's Rajoy statement at all. The head of the economy, whose unemployment rate just soared to a ridiculous 23% in the past quarter, registering the largest drop since the Lehman collapse, pretty much made it clear that without European (read German) fiscal aid viagra, the unemployment rate may soon reach that of Chicago, only without the typo. Reuters reports that Spain favours the creation of the largest possible European financial rescue fund to prevent future crises, Prime Minister Mariano Rajoy said on Tuesday, adding that his government will meet its budget deficit target this year. "We support a rescue mechanism, the bigger the better, for it to act as a dissuading element for certain things that we've been going through lately," Rajoy told reporters after meeting his Portuguese counterpart, Pedro Passos Coelho. He said Spain will meet its budget gap goal of 4.4 percent of GDP this year. Judging by the Spanish (un)employment chart, and specifically recent trends therein, we will take the under. And the over on the Enzyte jokes.
»
- 9409 reads
- Printer-friendly version
- Send to friend
- advertisements -
Spain and Portugal already negociating the terms of their default. Hey Ireland, you want in on this (Why Ireland hasn't hung it's bankers already is beyond me, prehaps the beer is cheap)?
You know who took huge position in Irish banks
who?
tax payors
Only pharoahs can fight pharaohs....
....so I've trained up some good ones.
CLICK THE LINK IF YOU LIKE THE ROCK AND THE ROLL
http://www.youtube.com/watch?v=P2YZv3Ihxlg
Wilbur Ross
My mom. Sorry couldn't resist. You probably won't get it if you don't have kids who watch Regular Show on cartoon Network.
Warren Buffett....
The Pope
Bigger is better,where it comes to tits. But, more than a mouthful is a waste, to some. Even truckloads of big tits can't save this shitbag scam.
Everybody can't be on welfare. This is the best plan they've got, rut roh.
"more than a handful and you're risking a sprained thumb."
Why Ireland hasn't hung it's bankers already is beyond me
They're still too busy trying to scrape O' Bama's wheel axle off their streets & haul it to the junkyard...
Because "the boys" don't understand fractional reserve banking or leverage.
Spain makes me laugh all the time. Nothing is wrong but they want that bailout to be alot bigger "the bigger the better". Spain, Italy, Portugal all the PIIGS and other countries all sound like conmen trying to get money from Germany. They know that they will never pay and ther German people know they won't either. The elite in Europe want the US to come in and give a couple of trillion but the US won't do it because they have the electorate to think about and also they don't have the money.
Yields dropping for a welcome respite but for how long?
Ole'!
Squeeze some more euros like rest of them. Only a matter of time till Italy France Germany and other start begging for the helicopters to come. Default and go back to pesatas.. shit too expensive here in Madrid.
Signed "the onion peeler."
All is well, as long as unlimited free money continues and the peasants just accept their austerity measures (all your assets are belongs to us) without a whimper.
Austerity should be demanded by the peasants to return to fiscal sanity. Governments should be gutted and national land and property be sold off to help pay the bills. In fact the only government that should be left is a hefty police force to protect the property rights of the assets they just sold.
Yep, sell the national property to all the elites, as they don't already control it. Those who able to buy retail, would be taxed into poverty, like we are already becoming. Brilliant idea, NOT.
I was just seeing if anyone would bite. Looks like you are smarter than the average teatard.
Whadya mean "not"? That sounds like a great idea. I STAND AT THE READY poor people!
Soon they'll be running with the bull...er bond vigilantes. Try not to get gored!
We have useless eaters, and useless eaters that drive around and look busy all day. People with jobs are really more of a burden on society if you think about it. They are a waste of fossil fuels.
Soros: The situation is about as serious and difficult as I've experienced in my career.
As he sees it, the world faces one of the most dangerous periods of modern history—a period of “evil.” Europe is confronting a descent into chaos and conflict. In America he predicts riots on the streets that will lead to a brutal clampdown that will dramatically curtail civil liberties. The global economic system could even collapse altogether.
http://www.thedailybeast.com/newsweek/2012/01/22/george-soros-on-the-coming-u-s-class-war.html
But, somehow, I'm sure he will find a way to make another fortune from the misfortune of millions.
Correction: But, somehow, I'm sure he will find a way to make another fortune from the misfortune of millions who were stupid enough to believe that their politicians could give them German living standards for free.
In America he predicts riots on the streets that will lead to a brutal clampdown that will dramatically curtail civil liberties
Yeah he should know... After all, he caused it all...
When he says "America" he means "NYC." Everybody's huddling there and trying to clear out all non-PD guns. They'll pay for the rioters to motivate the thing, clamp down, and stay on their side of the Hudson. We should have had 33 Liberty moved a loooong time ago.
I am fucking sick of hearing how Germany should be throwing more good money after bad. If I sound like a payer of German taxes who is pissed off after filing his return, well, . . .I am!
YOU are, all the other German people seem to be OK with that.
You hear that being said in English, don't you?
"Tuesday, the UN’s labor body said that Germany’s policy of wage restraint in recent decades had harmed its EU neighbors and contributed to the current euro debt crisis."
http://www.globalpost.com/dispatch/news/regions/europe/germany/120124/ge...
Looks like Soros is right about the coming class war...
hopefully they'll start with him...
supersize me!
Spain, yeah baby, suck all the money you can from those Euro bankers!! Then default! Greek them.
A comedy for sure. Merkel and Sarkozy can do their dog an pony show on saving the Euro and stretch out the pain. Throw more banker money in the black hole.
I've heard it "sells itself when said in Spanish" actually. "El mucho mas de la dinero de la segundo por favor. GRACIAS...un CASABLANCA!" at least that's what it said in the paper. How could the EU "el resisto"?
Size does matter after all?!
AND NOOOOOOOOOOOOW, IT'S ABOUT TO BE 3.15 PM.
LET'S WELCOME THE PLUNGE PROTECTION TEAM.
PPT seen here.
http://www.thinkgeek.com/geektoys/science/981b/
basically set the bird over the buy button and take a nap, the US PPT is on it.
Wasn't there a Simpsons episode where he set the bird over the Y button, and it almost resulted in a nuclear meltdown?
And of course we will welcome them back at 9AM until 10.15AM tomorrow. That is not top of early morning SPX orgy.
Correction: 9.30 til 10.15
You (or they) were off by 4 minutes.
Buying binge began at 3:11 pm.
That's called demand, you silly.
"Tell Mr. Knuckles I'll have the money for him on thursday, I promise"
I swear its beyond sureal that nations have basically come to this.
What would you expect this clown to say?
Something like "We should be able to get by without anymore of the ECB's free ponzi cash"?
It's pretty simple:
It's going to be : Goodbye, Armageddon....and........-Hello, Biflation!
In every way, shape and form ECB will go down the same path as the Fed and end up amplifying the already powerful biflationary forces reverberating through the global economy. Result? Slow to contracting growth with rising costs everywhere for everyone (and of course, fewer jobs, falling real median incomes and household net worth, plus no significant debt reduction)
Today's Petroplus bankruptcy should serve as yet another beautiful, picture perfect example of what happens in an economy where biflation is running away with it: even energy giants can't win (!) as margins get squeezed so hard and in every which way that they become insolvent.
http://www.bbc.co.uk/news/business-16696749
And the same rule applies on a macro level to all national economies, EuroZone and other Zone economies, the Anglosphere, the NATOsphere, the Petrosphere, and the Dragonsphere.
So in summary, the medicine is worse than the illness.
"Garcia-Margallo called for a massive Europe-wide fiscal stimulus program to be coordinated by the European Investment Bank, saying that it should be on the scale of the Marshall Plan. Furthermore, he called on the European Commission to spend $120 billion euros to stimulate youth employment. Youth unemployment is 49% in Spain and well over 25% in most European nations except Germany.
Garcia-Margallo rather bluntly and spectacularly called for a debt union and the issuance of Eurobonds, saying such measures were a necessity."
http://seekingalpha.com/article/321192-italy-and-spain-launch-frontal-as...
It's always a bad sign when your friend asks you for money and when you reply, "how much do you need?" they respond, "how much you got?"
They will print... they will print.... they will print......they will NEVER cut their expenses enough to cover their debts and espenses...NEVER...it would be the politicians head.....bankers too....but if you just print...you blame all the problems that causes on other people...prices rise...its the greedy companies raising prices...and on and on and on....we will be at 100 trillion soon...as once the door are open...the players will have found a new game to play in...new money for a few moments is more valueable than older money....and they will play the spread...Goldman will be front and center...
Spain has found the answer on how to correctly plan your deficit - If everyone in your economy either works for the government or is being paid assistance by the government then you know exectly how much income tax is going to be paid by your countrymen.
Problem solved! Perfect central planning in motion.
most of europe is now cousin eddie
http://www.youtube.com/watch?v=7Bu4MwNTJwA
Bank of Spain forecasts contraction of 1.5%
Spain's central bank today forecast that the country, which is struggling to slash its deficit and debt, will fall back into recession this year with a contraction of 1.5%.
http://www.rte.ie/news/2012/0123/spain-business.html
Let me shrotcut you to the answer:
Spain nears default, will get bailed out with money being grown on the central bank money tree (and Portugal and Ireland, and Belgium, and Hungary, and Ukraine and and and). AUsterity packages will be enforced as the solution to the now even more Saturnian debt.
Economic growth will go negative and recover to barely positive, negating the possibility of "growing out of the debt". Prices will rise and the cost of living, working, porducing and doing business will increase.
Employment will drop further as will incomes and net worth, the tax base will shrink. Savers will be strip mined, yields will stay real-negative so that you lose money just standing still.
More people will be on the government dole (in Spain 60% within 2 years), anyone with capital or a high-demand career will go to South America and society will go into shut down like Greece.
And another debt crisis even larger than today's will hit every 2-3 years.
The cycle is self-reinforcing.
Albert Pujols better renegotiate his contract again before the season starts...
You love that biflation bible. I'm right there with ya. Soros say in The Daily Beast article that deflation would be a worst case scenario. I disagree, and so does Mises whos says that defaltion is necessary to correcth bubble and starta a REAL recovery. TPTB will fight defaltion with everything thay have, with biflation being the worst possible outcome (short a complete collapse, whis some may say will be a blessing when it finally arrives).
You got it. They're creating the beast
Fasten you seatbelts...We will soon pay Euro 150.000,= for a loaf of bread in Europe. Game over and reset.
ECB backstop is far more effective than any ESM.
Aparently, Spain needs more soocer/football teams to employ their masses.
Afterall, the rest of this is just a game to them as well.
Just think of all the fees the insiders get to make when they print and distribute all theis cash....the bond sales with this printed money...fees galore...to be an insider is going to be very profitable...and the early money can buy the goods cheaper than the older inflated money....speed wins in an inflationary enviroment...
Yep. The closer you are to the printing press, the better off you are. Inflation is for pleebs.
The number of unemployed people in Spain is abt the same as the population in some smaller eurozone countries like Finland who are required to contribute to the bailouts. Fookin LOL! What a blessing the zEuro is and has been for the peoples of the twilightzone monetary union. U really can't make this shit up...
Well, the true US unemployment close behind at around 20%....
So who is ridiculous?
Spain, why worry you can keep coming back for more money. Just keep crying and papa Sarkozy and mama Merkel will give you billions more.
A perpetual game of keep the crying PIIGS from crying! It's worked with Fannie and Freddie. They keep coming back for more and getting it.
If China, South America, Russa, India and the middle east are smart they will dump the US dollar and come up with their own reserve currency. The US and Europe can just end up with worthless paper which nobody wants.
The US Federal Reserve and the ECB can model their economic plan on Zimbabwe.
There's a country called "Spain"? Is that some kind of joke? I suppose they speak Spanish there? Very funny. Ha, Ha. Get a life.
The best idea for all those countries would be for Greece to default and the governements announcing that all CDS's are null and void. What would follow would be a total sell-off in all bonds which anyway don't have any chance to be repayed.So in this simple way haircuts on all those papers would be achieved in no time. Then governements would proceed with creating new financial system and banks. Nobody ever even spent one minute on thinking where all those moneys to buy bonds came from, every single country in the world is in unrepayable debt up to their eye balls.
Money came from the thin air, created by banks, our magicians of modern time, just to earn interest on nothing they ever owned.
Meanwhile the Spanish government is going after Judge Baltazar Garzon, arguably the most effective anti-corruption judge in Europe. One wonders why the Spanish government wants this particular judge out of the way at this particular time?
http://www.nytimes.com/2012/01/25/world/europe/renowned-spanish-judge-faces-charges-of-abusing-power.html?_r=1&ref=global-home
Oh, and of course the US State Dept is behind the Spanish gov't all the way, ever since Judge Garzon attempted to put the entire top Bush administration on trial for war crimes (just like he did the Chilean dictator Pinochet) a few years back. Imagine - war crimes. The nerve of the guy. One can only hope the good judge survives and goes forward toward putting Obama and his warlords on trial for crimes against humanity. Are you listening Hillary?