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It Begins: Spanish Region Of Catalonia Demands A Bailout

Tyler Durden's picture


Yesterday we mocked the fact that the Bankia's bailout costs are doubling with each passing day. Today, things just got "Messi-er":


So... if broke Bankia can rehypothecate Ronaldo, can Barcelona demand delivery of Messi and pledge him as ECB collateral too? Or was he nationalized by the government in retaliation for that whole "Argentina" thing?

From Reuters:

Spain's wealthiest autonomous region, Catalonia, needs financing help from the central government because it is running out of options for refinancing debt this year, Catalan President Artur Mas said on Friday.


"We don't care how they do it, but we need to make payments at the end of the month. Your economy can't recover if you can't pay your bills," Mas told a group of reporters from foreign media.


The debt burden of Spain's 17 highly devolved regions, and rising bad loans at the country's banks, are both at the heart of the euro zone debt crisis because investors are concerned they could strain finances so much that Spain, the currency bloc's fourth biggest economy, will need an international bailout.


Catalonia, which represents one fifth of the Spanish economy, has more than 13 billion euros in debt to refinance this year, as well as its deficit.


All of the regions together have 36 billion euros ($45 billion) to refinance this year, as well as an authorised deficit of 15 billion euros.


Last year many of the regions financed debt by falling months or even years behind in payments to providers such as street cleaners and hospital equipment suppliers.


This year the central government provided them with a special credit facility from the Official Credit Institute, or ICO, to pay providers, of which Catalonia has taken 2 billion euros.


The provider credit lines from the ICO run out in June and the central government has pledged to come up with a new mechanism for backing debt from the regions, which have been mostly priced out of international debt markets since the Greek rescue in 2010.


Catalonia's Mas, from the centre-right Convergence and Union Party, said he is running out of options. In the past two years Catalonia has placed patriot bonds, at 4.5 percent to 5.0 percent, but he says the capacity for the people of the region to buy such bonds is at its limit.


Aquarter of all Catalan savings are already in patriot bonds, he said.


The other option would be short-term financing from banks, but Catalonia's neighbour, the region of Valencia, recently paid 7 percent for a six-month loan, a level seen as unsustainable.


Catalonia's annual interest payments have already doubled in the last two years, to 2 billion euros this year.


And just because the "perfectly efficient" market completely ignored this news from two days ago:

Back in late March, we pointed out - much to the chagrin of the LTRO-funded Spanish-sovereign-debt-stuffing banks of the tapas-nation - that, in a similarly misleading manner to Greece's 'leverage' the debt-to-GDP data for Spain was significantly higher than official estimates. Once sovereign guarantees, contingent liabilities and their responsibilities to the EU and the ECB were included things got a whole lot uglier. Now, slowly but surely, as reported by Reuters this evening, some of these bilateral guarantees/loans are coming to light. Instead of the expected EUR8 billion of 'regional refinancing' expected for 2012, it turns out there is EUR36 billion and as Reuters notes "the difference is due to bilateral loans from Spanish banks to the regions worth 28 billion euros that were not made public previously" adding that "It could unnerve further investors concerned by the capacity of Spain to curb its public finances and reform its banking sector." Critically this stunning 'discovery' should be worrisome since the plan, given the regions are virtually blocked from public market financing - due to the high cost of funds, was/is for the sovereign to guarantee (there's that word again) their issuance explicitly. Ironically, as de Guindos and Hollande are chummy borrow-and-spendaholic growth-seekers versus Merkel's safe-and-austere determination, so now the Spanish authorities must lend exuberantly to their regions while at the same time demanding deficit targets are met (or else?) - or as one Reuters' source objects: "You can't tell them on one side that they have to be austere and on the other side give them unlimited liquidity". Irony indeed.



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Fri, 05/25/2012 - 08:33 | 2461710 Capitalist
Capitalist's picture

How do they like their autonomy now? (Catalonia doesn't like to be associated with Spain)

Fri, 05/25/2012 - 08:40 | 2461731 dwdollar
dwdollar's picture

Now's their chance to declare independence and start printing their own money.

Fri, 05/25/2012 - 08:45 | 2461749 GetZeeGold
GetZeeGold's picture



Spain : It's your money......and we want it now!!!!


Fri, 05/25/2012 - 08:51 | 2461787 Colombian Gringo
Colombian Gringo's picture

Homage to Catalonia, part 2:  Send money!

Fri, 05/25/2012 - 09:06 | 2461833 Doña K
Doña K's picture

Lights out!  

The Euro is no longer viable in its current form.

Print out the Catalonian moneda

Fri, 05/25/2012 - 09:08 | 2461843 MillionDollarBonus_
MillionDollarBonus_'s picture

I know this is not going to go down well, but somebody has to say it: Why don't these government officials just raise taxes on small businesses?

Small businesses are puttingfar more strain on the government  by violating regulations, not paying their taxes and hiring illegal immigrants at below minimum wage, than they are worth. Why doesn't the Catalonian government simply put its foot down and say enough is enough. The government has an enormous debt to pay, and small businesses are using government roads, hospitals and other services while refusing to comply with regulations. The very least they could do is to contribute more to society and to the leaders that are running the country.

Fri, 05/25/2012 - 09:10 | 2461863 Dr. No
Dr. No's picture

Why dont they just fold up shop and stay at home?

Fri, 05/25/2012 - 09:23 | 2461886 Paul Atreides
Paul Atreides's picture

Outlaw government bonds and private central banks worldwide. It is time for humanity to return to government created gold and silver backed money.

End the fraud, free the markets and free humanity!

Fri, 05/25/2012 - 09:42 | 2461956 john39
john39's picture

One small problem. The banker cabal owns more gold than the rest of the world combined. The parasites must be destroyed or they will remain in control under a gold standard.

Fri, 05/25/2012 - 10:09 | 2462010 Paul Atreides
Paul Atreides's picture

I agree to some extent but sovereign bonds, government debt and private central banks are the root cause of most the worlds ills. Eliminate the root of the fraud, take away their power, unify humanity and the banker cabals power to influence will be severly reduced. The best way to solve a difficult and very large problem is to break it down to its individual components and solve those components one at a time, the first step is to remove their power.

If you had most of the worlds countries on board with this first step it wouldn't take long to corner a bunch of inbred crotchety old men...there would be no where to run.

You can't stop an idea whos time has come. Honestly if I or someone else started a group and a small website with those 3 simple goals 1. Outlaw Government Debt 2. Eliminate Private Central Banks 3. Return to government created commodity backed money. I think it would gain A LOT of grassroot support globally. It would unify the people under 3 common goals.

Fri, 05/25/2012 - 10:52 | 2462078 The Big Ching-aso
The Big Ching-aso's picture



The Cat-a-lunians have always been suspect crazy effete arrogant pussies with that annoying lisp.

Fri, 05/25/2012 - 11:10 | 2462359 CharlieSDT
CharlieSDT's picture

I agree, those guys are often faggots.  No offense to homosexuals, please.


Although the lisp is more of a Castillian thing.

Fri, 05/25/2012 - 11:28 | 2462441 The Big Ching-aso
The Big Ching-aso's picture



You're right.   I confused them with the Castillians.   Well phuck them too.

Fri, 05/25/2012 - 13:35 | 2463046 bsdetector
bsdetector's picture

MDB's comments sound like "everything would be fine if everyone would pay their fair share." That type of attitude ignores the fact that cronyism and corruption are not being confronted in this milieu. It also ignores the fact that tax collection will not possibly keep up with the cost of servicing the sovereign debts. Economists are stating that a tax increase on the wealthy will not solve our budget problems so how can an increase in tax revenue from small business solve anything? 

Fri, 05/25/2012 - 12:02 | 2462624 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

@Paul: I have come to a similar conclusion, only that the adoption of a pure version of Bill Still's government issued money is naive, when the upcoming trigger for change will be a burning fiat mayhem. In my mind there is no way people will gain confidence in a new pure government issued fiat monetary regime on that backdrop. However, with a Gold (or Gold/Silver) themometer attached, it may be possible to control.

@John: Do we know this to be true, or do we assume that is the case? It doesn't really matter, because at any given time, there could be entities or countries that accumulates a majority stake, and the system must be able to withstand that. How?

This may sound utterly crazy and you can flame me for being stupid all you want. I would rather hear constructive input to why the following would be wrong. It is just a thought experiment.

Principle: Monetary supply must be stable to retain roughly the same purchasing power over long periods of time, but it must be able to fluctuate enough with the economical conditions and size of population to avoid both monetary deflation and inflation. That would require a sophisticated formular with a number of input parameters, one of which is our Gold Themometer.

Assume a Public Gold Exchange, that is physical only, non-margined, 100% assayed, independently and publicly audited, transaction transparency, truly allocated etc. Assume a transaction is Fiat2Gold or Gold2Fiat, where Fiat is not necessarily the same currency. Assume Paul's point 1 and 2 is done. In the example the Treasury issues the fiat currency.

When the Gold price in a given Fiat rises marginally, it would signal that liquidity is drained from the system, because of uncertainty etc. the Treasury for that fiat would then add liquidity marginally to the system to make up for the loss. If the gold price falls, it would signal release of hoarded likvidity, which would make the Treasury drain some of the liquidity. If the Treasury has a gold reserve, the adding and draining can be done by selling or buying state gold, if not it could be done by printing or taking back money via a dynamic monetary tax.

Gold would be a equilibrium meter between the public Treasury and the private sector - and an insurance policy in case the fiat managers gets too creative. Ideally watching the gold tape should be equivalent to watching paint dry.

@John: If the old Banker Cabal wanted to crash the system, they would have to sell their most beloved stash, but that would not give them extra liquidity in the system to drive up other asset classes, because the Treasury would withdraw liquidity incrementally at the same time within the fiat currency attached to the sale. In this way, only true economical value adding activity, would make assets rise in value.

My head has exploded so many times over the past three years, that I am afraid not much is left, but I would like to hear your thoughts, and what I am missing, if you find the above total nonsense. 

Fri, 05/25/2012 - 13:02 | 2462915 Doña K
Doña K's picture

In commodity backed currency system, word wide growth should not exceed the annual mining of these precious commodities, in order to maintain sustainability.

Each nation can either increase their precious metal holdings when their balance of payments are positive, or decrease them when they are running a negative one.

That's incentive to be fiscally sane in order to stay in the game.  

Fri, 05/25/2012 - 09:43 | 2461964 Oh regional Indian
Oh regional Indian's picture

Awl in Awl, a rather Messi affair, it must be said.

Oh (That is Meestah Oh 2 U!)

Fri, 05/25/2012 - 10:21 | 2462120 CH1
CH1's picture

End the fraud, free the markets and free humanity!

Well, yeah, but there's one BIG problem: Who do you expect to do this? Surely not the existing bosses!

The only way that gets done - ever - is if we take it upon ourselves and BUILD something better.

Calling out for others to act is to confirm your serfdom.

Fri, 05/25/2012 - 11:10 | 2462365 MeelionDollerBogus
MeelionDollerBogus's picture

With so many gold & silver scrap outfits, the testing kits ought now to be common. From chemicals to magnetic testing we could mint our OWN gold & silver coin of known purity and forget government minting of ANYTHING. It has intrinsic value unlike bonds & papers so gov adds nothing of value and need not be invited to the party.

Fri, 05/25/2012 - 09:20 | 2461895 BLOTTO
BLOTTO's picture

Catalonia = Kosovo in some ways

That is why Spain does not recognize Kosovo's independence...they are going thru same thing with own country in the Catalonia region

Fri, 05/25/2012 - 09:15 | 2461882 Terminus C
Terminus C's picture

1/5 troll attempt.  You went overboard this time MDB., you are trying too hard... more subtlety needed.

Fri, 05/25/2012 - 09:54 | 2462008 Spastica Rex
Spastica Rex's picture

MDB's trolling makes me think of the "Ow, My Balls!" television program from Idiocracy.

Fri, 05/25/2012 - 10:18 | 2462121 falak pema
falak pema's picture

the subtlety of MDB's farcical farts is far from lost on you.

Fri, 05/25/2012 - 10:47 | 2462231 tocointhephrase
tocointhephrase's picture

More like Homer Simpson, I want to buy FB at any price......DOH!

Fri, 05/25/2012 - 09:18 | 2461890 SilverTree
SilverTree's picture

I love to hate you MDB.

~Keep it up - you stick out like a sore thumb.

Fri, 05/25/2012 - 09:32 | 2461924 _ConanTheLibert...
_ConanTheLibertarian_'s picture

MDB, you can do much better than this. You sound a bit desperate.

Fri, 05/25/2012 - 09:37 | 2461939 LongSoupLine
LongSoupLine's picture

not your best work MDB...must be the painful distraction of all those FB shares burning a hole in your ass.

Fri, 05/25/2012 - 09:49 | 2461983 Ned Zeppelin
Ned Zeppelin's picture

MDB rocks

Fri, 05/25/2012 - 10:51 | 2462267 tocointhephrase
tocointhephrase's picture

MDB SMOKES Rocks, there, fixed it for you!

Fri, 05/25/2012 - 10:02 | 2462035 TheFuture_MrGittes
TheFuture_MrGittes's picture

You posted something like this yesterday. As you appear to enjoy recycling, have you considered coprophagy?

Fri, 05/25/2012 - 10:46 | 2462226 MeelionDollerBogus
MeelionDollerBogus's picture

Silly Rabbit, Trix are for kids!

Raise taxes to 100% for EVERYONE and support efficient big business today!

Forget the little workers and small businesses... they're just inefficient anti-market tax-evaders anyways

What could go wrong?



Fri, 05/25/2012 - 10:22 | 2462134 Sauk Leader
Sauk Leader's picture

I hope you are referring to that commercial. Hillarious. Maybe they should look for sponsers. Spain, brought to you by Carls Jr. Or maybe they should seek help from Unicef.

Fri, 05/25/2012 - 09:05 | 2461838 Dr. No
Dr. No's picture

Crazy like a fox?  Maybe this is their plan for getting independence!! I mean people now WANT greece to leave.  Texas, are you reading this?

Fri, 05/25/2012 - 10:02 | 2462038 Al Huxley
Al Huxley's picture

Texas hasn't been doing the prep-work (ie running up unsustainable debt and deficits).  Looks like California's going to be in a better position to split.

Fri, 05/25/2012 - 10:25 | 2462148 Sauk Leader
Sauk Leader's picture

Texas would split if it was forced to bail out California.

Fri, 05/25/2012 - 12:06 | 2462630 Bananamerican
Bananamerican's picture

are you kidding?


Since 2001, the debt load in conservative ("no Taxes") Texas has grown faster than the federal debt.

Texas has been borrowing more than most other states, too. And local entities, from cities to school districts to transit authorities, have been piling it on.

From 2001 to 2010, state debt alone grew from $13.4 billion to $37.8 billion, according to the Texas Bond Review Board. That's an increase of 281 percent. Over the same time, the national debt rose almost 234 percent, with two wars, two tax cuts and stimulus spending.

In Texas you have the worst aspects of a Lib/Neocon governance world.

Handouts unbacked by taxes

Sun, 05/27/2012 - 22:34 | 2468318 Ident 7777 economy
Ident 7777 economy's picture




" Since 2001, the debt load in conservative ("no Taxes") Texas has grown faster than the federal debt. "


Texas as the cities in Texas (bonds for roads and schools) or the state?


Do you know?

Fri, 05/25/2012 - 09:21 | 2461897 superbroker1
superbroker1's picture


Fri, 05/25/2012 - 10:08 | 2462068 El Oregonian
El Oregonian's picture

Pompalona- No Bullshit there...

Fri, 05/25/2012 - 08:34 | 2461711 DoChenRollingBearing
DoChenRollingBearing's picture

This beginning has been going on a long time...

When does it end?

Fri, 05/25/2012 - 08:39 | 2461734 RunningMan
RunningMan's picture

Been wondering that myself. Four years on now (five if you consider the peak as 2007), and we seem to be just now setting up for the next leg. Think another 4-5 years, with the big shift within the next 12-18 months. I've understimated the ability of leaders to duct tape things together as long as they have.

Fri, 05/25/2012 - 08:40 | 2461736 Sudden Debt
Sudden Debt's picture

When they start digging trenches and passing out bullets and riffles

Fri, 05/25/2012 - 09:24 | 2461905 AUD
AUD's picture

I believe that's exactly what they did in Spain in the 1930's.

I also read somewhere that the regions began issuing their own currencies but I don't think they fared any better than that of the Bank of Spain.

Fri, 05/25/2012 - 09:25 | 2461910 Mercury
Fri, 05/25/2012 - 09:36 | 2461936 Muppet Pimp
Muppet Pimp's picture

Thanks for the solid laugh, I needed that.  My eyes are watering from laughter right now.

Fri, 05/25/2012 - 09:41 | 2461954 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

A lot of wasted money spent there in Spain.


Spain also spent a LOT of money on solar power, I wonder how that is working out...

Fri, 05/25/2012 - 10:18 | 2462118 The Big Ching-aso
The Big Ching-aso's picture



Ask Leo.   He was our resident expert on unlimited solar energy in the Antartic.

Fri, 05/25/2012 - 12:41 | 2462817 flyingpigg
flyingpigg's picture

At least Solar Power in Spain will pay some yield. It might be a low return on investment but it will be definitely higher compared to the "Patriot Bonds". LOL, what a BS.  Since when is someone who throws his Spanish Euro savings in the fireplace a patriot? Better to sponsor the local school or to start your own business hiring locals locals if you want to be patriotic with your money.

Fri, 05/25/2012 - 09:43 | 2461960 Ethics Gradient
Ethics Gradient's picture

If you're worried about it ending soon, you've got 20 minutes to transfer your Greek deposits into a German bank.

Incidentally, it's a bank holiday in Germany on Monday.....

Fri, 05/25/2012 - 08:34 | 2461712 THX 1178
THX 1178's picture

I'm American and what are these "Ronaldos" and Messis"?

Fri, 05/25/2012 - 08:36 | 2461720 Ethics Gradient
Ethics Gradient's picture

Expensive soccer players.

Fri, 05/25/2012 - 08:39 | 2461735 Don Diego
Don Diego's picture

I would say expensive theater actors.

Fri, 05/25/2012 - 08:42 | 2461748 Sudden Debt
Sudden Debt's picture

The guys on the cereal boxes

Fri, 05/25/2012 - 09:21 | 2461899 j0nx
j0nx's picture

The guys on the cereal boxes that only the illegal mexicans in your neighborhood care about.

Fri, 05/25/2012 - 09:55 | 2462011 Spastica Rex
Spastica Rex's picture

Cognitive dissonance is a bitch.

Fri, 05/25/2012 - 08:55 | 2461804 Bahamas
Bahamas's picture


I would say expensive theater actors."

like pro wrestlers

Fri, 05/25/2012 - 09:26 | 2461911 AUD
AUD's picture

More like pro divers.

Fri, 05/25/2012 - 09:15 | 2461877 tocointhephrase
tocointhephrase's picture

ITS FOOTBALL NOT Soccer, Grrrrrr!

Fri, 05/25/2012 - 09:22 | 2461900 Terminus C
Terminus C's picture

lets compromise and call it


removes confusion

On a side note, Yankee football is overrated, they talk about how tough they are and they put on all those pads, real men play rugby.

Fri, 05/25/2012 - 09:25 | 2461903 tocointhephrase
tocointhephrase's picture

Terminus, would you accept the term American Soccer or American Soccball? 

And whilst I like American Football, yes Rugby is where its at, I just never understand half of the infingements!


Fri, 05/25/2012 - 09:38 | 2461944 Ethics Gradient
Ethics Gradient's picture

I quite like American rounders.

Fri, 05/25/2012 - 09:41 | 2461955 tocointhephrase
tocointhephrase's picture

lol, for those that don't get it, you guys (& girls) call it Baseball

Fri, 05/25/2012 - 08:37 | 2461722 clones2
clones2's picture

It's like a "Brady" or a "Manning"...

Fri, 05/25/2012 - 08:40 | 2461730 mayhem_korner
mayhem_korner's picture



'cept those football players play with cracked ribs and stress-fractured feet; the futbal versions feign the same and play with pedicures and manscara...

Fri, 05/25/2012 - 13:07 | 2462934 Doña K
Doña K's picture

And... the fly home in their own jets.

Fri, 05/25/2012 - 08:40 | 2461738 SheepDog-One
SheepDog-One's picture

So then we could trade a Tebow from JPM to the Fed and remove a few billion from the debt? 

Fri, 05/25/2012 - 08:47 | 2461775 clones2
clones2's picture

Not sure... All I know is that Tebow is one huge LIABILITY!!! :-)

Fri, 05/25/2012 - 08:48 | 2461779 clones2
clones2's picture

maybe if he would get laid he would stop throwing like a girl....

Fri, 05/25/2012 - 08:59 | 2461819 MsCreant
MsCreant's picture

If a banker is involved, he will lose his virginity. He better watch it when he bends over on the football field.

Fri, 05/25/2012 - 08:48 | 2461778 LongSoupLine
LongSoupLine's picture

So then we could trade a Tebow from JPM to the Fed...?



No, trade him from Goldman...after all, Tebow's doing God's work too. 

Fri, 05/25/2012 - 08:39 | 2461729 bdc63
bdc63's picture

human collateral

Fri, 05/25/2012 - 09:46 | 2461971 TNTARG
TNTARG's picture

If only they allow Messi to run the game!!!

Fri, 05/25/2012 - 08:35 | 2461713 malikai
malikai's picture

I'm sure the well capitalized central government will help out.

Fri, 05/25/2012 - 08:36 | 2461715 Joe A
Joe A's picture

And Catalunya is actually one of the more wealthier regions.

Fri, 05/25/2012 - 08:36 | 2461723 mayhem_korner
mayhem_korner's picture



More wealthier? 

Fri, 05/25/2012 - 08:42 | 2461747 Joe A
Joe A's picture

English is not my mother tongue. I am willing to discuss anything with you in either Dutch, Spanish, German and Serbian-Croatian is that is more convenient for you.

Fri, 05/25/2012 - 08:47 | 2461774 mayhem_korner
mayhem_korner's picture



My bad.  There are some here who claim English is their first language that do much worse.

Fri, 05/25/2012 - 09:51 | 2461989 Joe A
Joe A's picture

Actually some of them are more worst than others ;-)

Fri, 05/25/2012 - 08:49 | 2461780 The Fonz...befo...
The Fonz...before shark jump's picture

Sta seres joe lol.

Fri, 05/25/2012 - 08:51 | 2461790 falak pema
falak pema's picture

How about Montenegran and Albanian salad with a touch of greek feta? That would make it a true balkanic delight. Leave English to Monty python fans.

Here is a good example of Monty Python English farce and very appropriate to Euro conundrum today as inspired by Euro conundrum of yesteryear! 

The Treaty of Westphalia - YouTube

The Peace of Westphalia

Fri, 05/25/2012 - 10:01 | 2462033 Joe A
Joe A's picture

Let's see....Montenegrin/Albanian/Greek salad? That would make some explosive salad full of corruption, money laundring and organ snatching. Oh my, that was rather politically incorrect.

Here is a joke I got from a Latin/Greek friend of mine: Why should a Latin/Greek couple not have children? You would get a child that is too lazy to be corrupt. Oh dear.

Fri, 05/25/2012 - 10:14 | 2462098 falak pema
falak pema's picture

my bad; Montenegro does "grin" and not "gran", but their children can grin when they eat gran as what you can't produce you can adopt from others. Looks like ageing Euro zone will be adopting a lot of slave labour in coming years; just look at Germany today, greeks by the droves that come in to make its factories churn. 

Fri, 05/25/2012 - 11:18 | 2462405 Joe A
Joe A's picture

I think we will all be slaves. Was democracy a result of economic progress or was economic progress the result of democracy. I am inclined to believe the former but as a result also more wealth was created (many markets are better than one). But the money has dried up so democracy has had its run.

Fri, 05/25/2012 - 10:11 | 2462087 TheFuture_MrGittes
TheFuture_MrGittes's picture

Funny, but that's from 'A bit of Fry and Laurie', still Cambridge Footlights crew, but not Monty Python.

Fri, 05/25/2012 - 09:24 | 2461768 LULZBank
LULZBank's picture

More wealthier? 

They had a bigger credit limit and a higher credit rating.

Does that help?

EDIT - Okay, got it, my more badder :(

Fri, 05/25/2012 - 09:55 | 2462013 Joe A
Joe A's picture

No no! It is "more worst" as I wrote above somewhere.

Perhaps you are right on the credit limit and rating. But my friends in Catalunya always commented on how they were fed up of bailing out the (more) poorer regions of Spain and how much they wanted independence. And now they want a bailout themselves. So probably the other regions are even worse (of badder) of (off). :-)

Fri, 05/25/2012 - 09:10 | 2461854 Joe The Plumber
Joe The Plumber's picture


You assholister

Fri, 05/25/2012 - 08:35 | 2461716 mayhem_korner
mayhem_korner's picture



I thought Catalonia was a salad dressing.

Fri, 05/25/2012 - 08:46 | 2461765 desirdavenir
desirdavenir's picture

I thought it was an island off california...

Fri, 05/25/2012 - 08:53 | 2461799 OpenEyes
OpenEyes's picture

I thought it was a song by Robin Trower

Fri, 05/25/2012 - 08:36 | 2461718 clones2
clones2's picture

If debt is collateral... surely people can be...

Fri, 05/25/2012 - 08:39 | 2461732 mayhem_korner
mayhem_korner's picture



Fast-forward to barter system...

Fri, 05/25/2012 - 08:41 | 2461743 bdc63
bdc63's picture

NOW you're thinking like a capitalist ...

Fri, 05/25/2012 - 08:48 | 2461776 mayhem_korner
mayhem_korner's picture



I think the nouveau label is "terrorist-capitalist."

Sat, 05/26/2012 - 02:58 | 2464731 Non Passaran
Non Passaran's picture

The problem is, it wouldn't be funny in places where L sounds like R.

Let's hope for a massive bank run in Spain next Monday.
I wanna see some action, dammit. The eurocrats should earn their 5 weeks of vacation.

Fri, 05/25/2012 - 08:45 | 2461757 malikai
malikai's picture

Why not? It's worked so well since 1913.

Edit: I lie. It's worked so well since civilization began. I think others have referred to it as slavery, serfdom, indentured servitude, etc. Ths is just a funny example of it being used on the 1%.

Fri, 05/25/2012 - 08:52 | 2461796 AnAnonymous
AnAnonymous's picture

Actually, people are not traded but contracts.

Anyone buying the contract of any of those football players will have to meet the obligations of the said contracts (if not renegociated in the doing)
So the buyer has to be quite comfortable to pay those highly specialized workers who excell in the field of football. And better, a football club.

Just another example of US citizen economics, with stuff like IP, another scam US citizen economics brought in.

But hey, if US citizens admit the non sense of IP, wait for their trade balance. Gonna hurt.

So wont happen.

Fri, 05/25/2012 - 09:09 | 2461859 Muppet Pimp
Muppet Pimp's picture

A colleague that just returned from a trip to Beijing told me that the chinese would just let their children run around naked, just shit on the floor of the hotel lobby in front of everyone, no one bats an eye.  Shit is just left right there on the floor. Chinese citizenism at its finest.

Another prime example of chinese citizenism right here:

Crazy chinamen just walk right by toddler that gets run over two times in a row.  So typical of chinese citizenism.

Fri, 05/25/2012 - 09:13 | 2461876 Joe The Plumber
Joe The Plumber's picture

But chinese citizenism always blames american citizenism for any bad things chinese citizenses do

Fri, 05/25/2012 - 09:44 | 2461961 LULZBank
LULZBank's picture

Hes not Chinese.

He's in it for teh LULZ.

Fri, 05/25/2012 - 08:37 | 2461726 Alexmai
Alexmai's picture

they ask for $19billion or they will go bankrupt

Fri, 05/25/2012 - 08:49 | 2461783 LULZBank
LULZBank's picture

they ask for $19billion or they will go bankrupt

Very deep my friend, very deep!

Fri, 05/25/2012 - 08:40 | 2461739 BeetleBailey
BeetleBailey's picture

...and so it begins.....sections of nations going after their central bankers and their own powers that be.....

This will spread like wild-fire.....if one zone gets it...others will want it too

Fri, 05/25/2012 - 08:42 | 2461745 bdc63
bdc63's picture

... is there a template being developed here for California? ...

Fri, 05/25/2012 - 09:30 | 2461920 thecoloredsky
thecoloredsky's picture

kinda like how farcebook asking for a bailout from the california state gov't? wouldn't that be a hoot!

Fri, 05/25/2012 - 08:40 | 2461742 falak pema
falak pema's picture

Messie grease and Ronaldo shine will save Spain!

Fri, 05/25/2012 - 08:41 | 2461744 Sudden Debt
Sudden Debt's picture

Maybe they should ask the greeks or the portugese for a loan?

Fri, 05/25/2012 - 08:46 | 2461767 LULZBank
LULZBank's picture

Why go that far. I can issue loans if you're willing to take and State's willing to back it.

In the end we all go bankrupt anyway.

Fri, 05/25/2012 - 08:47 | 2461772 RobotTrader
RobotTrader's picture

Jean Claude Trichet singlehandedly crashed the Euro by jawboning about inflation which initiated the currency's decline, which eventually snowballed into today's crisis.

He's going to be lynch mobbed pretty soon, if anybody is able to drag him out of the Opium Den.

Compare and contrast that with Ben Bernanke, the "Greatest Central Banker in History", who single-handedly rallied U.S. stocks 100% while at the same time "whipping inflation" and at the same time crashing U.S. interest rates to 50-year lows.

Bernanke the hero.

Jean-Claude Trichet the goat.

Fri, 05/25/2012 - 08:49 | 2461784 mayhem_korner
mayhem_korner's picture



Since you're in fable mode, can you gin up something similar using Woodrow Wilson and Ron Paul?

Fri, 05/25/2012 - 08:52 | 2461792 LongSoupLine
LongSoupLine's picture



Robo!  You're back!...(obviously from being away at troll refresher school, 'cause you're still as moronic as before)

Fri, 05/25/2012 - 08:57 | 2461810 SilverTree
SilverTree's picture

Welcome back Robo!


Fri, 05/25/2012 - 08:59 | 2461818 t_kAyk
t_kAyk's picture

I see you've re-established WiFi underneath your bridge... 

Fri, 05/25/2012 - 09:00 | 2461823 Hulk
Hulk's picture

RobotTrader is back. I think of him as MDB, without the /sarc tag

Robo really believes what he writes...

Fri, 05/25/2012 - 09:05 | 2461837 falak pema
falak pema's picture

just remember the phrase : the harder they fall. And, JCT was replaced by Bernanke's twin brother; Super Mario! 

Fri, 05/25/2012 - 09:12 | 2461870 Muppet Pimp
Muppet Pimp's picture

Robo, your mom came by and told us you were not allowed to participate in ZH anymore.

Fri, 05/25/2012 - 09:30 | 2461922 fuu
fuu's picture

This calls for some music: RobotTrader's Theme

Fri, 05/25/2012 - 09:45 | 2461970 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Where did you go?  Glad your back.  I would invite you to chat, but we have this guy, hotkarl, and two of you button pushers may be too much.

Fri, 05/25/2012 - 10:02 | 2462037 Poetic injustice
Poetic injustice's picture

Oh Great Robotrader, tell me mere peasant more about your endeavours on buying and selling stocks.
Did you buy the best of all of them, Facebook stocks, and are you keeping until they hit 600$?

Fri, 05/25/2012 - 10:12 | 2462091 Ned Zeppelin
Ned Zeppelin's picture

RBT is going MDB on us, methinks he is being tongue in cheek.

Fri, 05/25/2012 - 08:51 | 2461789 The Fonz...befo...
The Fonz...before shark jump's picture

And get that money to us before 2pm otherwise you will have to wait to reach me after 5:30 when I am back from the mid afternoon's just so hot here....


Fri, 05/25/2012 - 08:53 | 2461801 DutchDude
DutchDude's picture

LOL ESM to be operational juli 1th, hope ECB can keep Spain solvent long enough :')

€500bln ESM pot will be empty within a month with Spain tumbling down this fast; when it's gone; then all national parliaments must debate the next chip-in; the €40bln Dutch part was a hell to get through parliament: Finance Minister almost got impeached doing so... this ought to be good tv, let me get my popcorn ready!

Fri, 05/25/2012 - 09:34 | 2461928 The Final Countdown
The Final Countdown's picture

Well he didn't actually 'almost got impeached', but it's pretty funny anyway. Especially since our blonde nationalist idiot from the freedom party (the only party that supported the impeachment motion if you forget about the splinter parties) tried to postpone the ESM vote until after the september elections, 3 times, to no avail. Turns out that for once, he did have a point there LOL.

Fri, 05/25/2012 - 08:55 | 2461805 MoreNails
MoreNails's picture

Now that "smart money" has an overblown short EUR position out there, let's throw headlines, "news", anything, into the market so that they could get out of it. The correlation of the net shorts and EUR/USD is uncanny, were they to buy back everything, the spot would go to 1,40. We've seen this time and time again. 1B EUR in future losses just sitting there in a tree. Good luck.

Fri, 05/25/2012 - 08:59 | 2461816 mrktwtch2
mrktwtch2's picture

when hte situation reaches critical mass in a few more months..france and germany will realize that whoever gets out of burning movie thetater first will survive

Fri, 05/25/2012 - 08:59 | 2461817 Dr. No
Dr. No's picture

Your economy can't recover if you can't pay your bills


Typical keynesian geocentric mentality.

Fri, 05/25/2012 - 09:43 | 2461963 Zero Govt
Zero Govt's picture


like the credit card junkie that wants another card

Fri, 05/25/2012 - 09:01 | 2461825 Mutatto
Mutatto's picture

"We don't care how they do it, but we need to make payments at the end of the month. Your economy can't recover if you can't pay your bills,"


Wow, he's going to be sued BIG time by some TBTF banker for plagerism...


how THEY do it....

WE need....

YOUR economy....


funny stuff



Fri, 05/25/2012 - 09:25 | 2461908 irie1029
irie1029's picture

My take as well.  Sounds like our Congress.

Fri, 05/25/2012 - 09:02 | 2461828 GOSPLAN HERO
GOSPLAN HERO's picture

A proud member of the USDA's SWAT Team.

Our motto:  "If you sell raw milk, we will kill you."


Fri, 05/25/2012 - 09:04 | 2461835 Seasmoke
Seasmoke's picture

What is the TPTB GOOOOOOAAAAL ????

Fri, 05/25/2012 - 09:08 | 2461849 Treason Season
Treason Season's picture

How about a little historical trivia, porque no?

In 1807, Napoleon was at the apex of his power and influence. Needing a fleet to blockade England, he conquered Portugal, with help from a small Spanish Army. He then betrayed the Spanish monarch and invaded Spain. Madrid and other cities throughout the Peninsula rose up against the French; in response, Napoleon sent troops to rapidly subdue them. Unexpectedly, the French Army was defeated at Baylen. Napoleon responded by personally leading some 300,000 troops; the Spanish Army’s defeat was accomplished quickly, and Spain seemed to be his. Yet four years later, the great French Army left Spain, exhausted, totally demoralized, and without food, basic clothing or supplies: a totally defeated force.

Ever wonder where the word "guerilla" originated?

Fri, 05/25/2012 - 09:09 | 2461858 Alexmai
Alexmai's picture

The recapitalization plan for Bankia will most likely happen tomorrow, Spanish banks could face more ratings cut. Monday could get ugly

Fri, 05/25/2012 - 09:10 | 2461861 I am on to you
I am on to you's picture

No problemo,Barca just bought new shirts for ta gayes,and might be Unicef props up some billions for ta gayes,and might be,Messi got legs prolonged,due to Short ,was the guy for Barca.

This world aint for real:

Turn on, tune in, Drop out!Da Fugin Cia man,so what do you need Pink Floyd for,Fugs told the story ages ago!

Fri, 05/25/2012 - 09:11 | 2461867 slewie the pi-rat
slewie the pi-rat's picture

who coulda known that the problems in spain would center along basque political lines?


Fri, 05/25/2012 - 09:13 | 2461875 Sandmann
Sandmann's picture

In 2011, Catalonia ranked the 50th largest country subdivision by GDP (nominal), just behind Queensland (Australia) and ahead Rio de Janeiro state (Brazil).

Catalonia covers an area of 32,114 km² with an official population of 7,354,411 (2008) from which non Spanish immigrants represent an estimated 12.3% 

a large percentage came from Africa and Latin America, and smaller numbers from Asia and Eastern Europe, D

Seen from Barcelona, though, things are not so simple. Catalonia and other regions are responsible for managing public services, but Madrid retains most regulatory and tax-and-spend powers. This is a recipe for friction when times are tough: the tax take plummets but demand for health and education does not.

Barcelona frequently finds itself going cap in hand to Madrid even though Catalonia transfers more than 8 percent of its GDP in net taxes to the central government.

Fri, 05/25/2012 - 09:33 | 2461927 Treason Season
Treason Season's picture

Catalonia earns it and Madrid spends it. Que bueno!

Fri, 05/25/2012 - 09:19 | 2461892 lizzy36
lizzy36's picture

Burning ring of fire.

Where 4 largest contributor to all those ridiclous bailout firewall ring-fences, is now looking for a bailout.


Fri, 05/25/2012 - 09:22 | 2461901 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Funny who made the comment about Renaldo.  Not you, Tyler!

Mr Lennon Hendrix

Hypothecation of Ronaldo!  Bhahaha!
It's ok Tyler, you can quote me.  It may even benefit you.  Who knows?  But give it a try. Football Legend Cristiano Ronaldo To Be Used As ECB Collateral:

Fri, 05/25/2012 - 09:26 | 2461912 SheepDog-One
SheepDog-One's picture


Fri, 05/25/2012 - 09:41 | 2461952 Zero Govt
Zero Govt's picture

own goal ?

Fri, 05/25/2012 - 09:32 | 2461926 jkruffin
jkruffin's picture

Good bye Euro, it was nice knowing ya!  Gas will be $1.99 again real soon in America. And the stock market will look like a disaster area again.

Fri, 05/25/2012 - 10:07 | 2462061 Poetic injustice
Poetic injustice's picture

"Gas will be $1.99" per teacup.

Fixed for you. 

Fri, 05/25/2012 - 09:47 | 2461950 Zero Govt
Zero Govt's picture

"Your economy can't recover if you can't pay your bills," Mas told a group of reporters from foreign media.

the economy can't recover if there's a bloated parasitical scum (Govt) sitting on top of it feeding off its productive wealth by theft (taxation)

Fri, 05/25/2012 - 09:47 | 2461974 bdc63
bdc63's picture

Why does humanity have to continue to re-learn the same lessons over and over again?

What the hell is wrong with us? ... God -- please take back this "free will" stuff, 'cause CLEARLY was are not capable of handling it.

Fri, 05/25/2012 - 09:55 | 2462012 Zero Govt
Zero Govt's picture

we've almost never been free of parasites.. if it's not Kings and Queens it's Govt in some name

time we moved on from needing to be "governed" by a bunch of ignorant worthless thieving tossers, time we tried freedom

Stop Paying Your Taxes ..and we'll get there

Fri, 05/25/2012 - 09:51 | 2461990 bnbdnb
bnbdnb's picture

Funny, his name means "MORE".

Fri, 05/25/2012 - 09:56 | 2462019 Zero Govt
Zero Govt's picture

not funny, it's what every Govt employee wants

Fri, 05/25/2012 - 09:47 | 2461973 Money 4 Nothing
Money 4 Nothing's picture

And Hell has been requesting Ice water since it's inception.. good luck with that.

Fri, 05/25/2012 - 09:47 | 2461975 VonSalza
VonSalza's picture

No problems, the mega bazooka ESM firewall will take care of this.

Do NOT follow this link or you will be banned from the site!