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The Reign In Spain May Soon Be Over

Tyler Durden's picture





 

From Mark Grant, author of Out of the Box

The Reign In Spain May Soon Be Over

 

"Double, double, toil and trouble; fire, burn; and caldron, bubble."

 

                  -William Shakespeare, Macbeth

Knock knock; wake up and smell but it will not be the scent of roses that will fill your nostrils this morning but the singe of burning flesh. “Wolf” has been cried so many times that no one is paying any attention but I think that the robed man with the scythe is at the door and that he is about to enter the room. I first warned about the Spanish banks in June 2010 and suggested exiting from the credit of Spain around that time and while firewalls were built and all matter of supporting statements were made to protect the fourth largest economy in Europe it was all to no avail as demonstrated quite succinctly by the comments of the Budget Minister in the Spanish Parliament this morning:

“There’s no money in the public coffers.”

I am on the record stating that to fix the problem in Spain will require approximately $350-400 billion dollars. This was my assessment of the regional debt and of their banking problems. This number did not include their national government which seemed to be in decent shape and which obviously is not. It may be that the bank problems and the regional issues overcame the national government but one thing is now quite clear; Spain is in real trouble and the $125 billion for Spain under discussion in Europe will not even come close to fixing the problem and by the looks of things the money will not be coming too soon so that Spain could actually default on some of its obligations.

The Budget Minister went on in Parliament, this morning, to proclaim that “There is no money to pay for public services” which is quite a statement to make after the Prime Minister had told everyone that Spain was fine and that only the banks were having some issues. Of course this same Prime Minister said bailing out the Spanish banks was a “Great victory for Europe” so we already know that he is suffering from some serious psychological deficiencies and needs some help. Poor Mr. Rajoy; where is Sigmund Freud when you need him?

“The European Central Bank intervened in the secondary market to buy public debt to avoid the European monetary system collapsing. Spain would have collapsed without this intervention.”

 

                 -Budget Minister Montoro in Parliament this morning in Madrid.

The Spanish ten year is back at 7.00% now in London and the auctions they held today were nothing short of dismal on every count. Germany may well be holding the next Spanish Inquisition soon and it is all but a certainty now that a full scale bailout for Spain is about to be debated. Watch for the arrival of the Men in Black in Madrid. Spain is the ultimate proof of what I have contended during this entire process; firewalls do not work and ring fencing the weaker countries has not done one thing, nothing, to cure the sickness of the troubled nations in Europe. Spain is now verging on disaster and you may expect a rapid infection spreading into Italy. Just remember, everything is always fine right up until the moment when it is not and I fear that the “when it’s not” moment is very close upon us now.

Recently two noted Spanish economists were interviewed. One was always an optimist and one was always a pessimist. The optimist droned on and on about how bad things were in Spain, the dire situation with the regional debt, the huge problems overtaking the Spanish banks and the imminent collapse of the Spanish economy. In the end he said that the situation was so bad that the Spanish people were going to have to eat manure. The pessimist was shocked by the comments of his colleague who had never heard him speak in such a manner. When it was the pessimist’s turn to speak he said that he agreed with the optimist with one exception; the manure would soon run out.
                           

 


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Thu, 07/19/2012 - 08:02 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Spain.....has left the building.

 

NEXT!

 

Thu, 07/19/2012 - 08:05 | Link to Comment valley chick
valley chick's picture

NEXT!        Italy.

Thu, 07/19/2012 - 08:34 | Link to Comment sunaJ
sunaJ's picture

The snippet about the two Spanish economists is not even referenced.  If you are going to make a story about the chaos in Spain and use it as part of your powder to demonstrate that the end is at hand, at least reference the economists or the debate, or explicitly state it is a fabrication, used for effect.  Otherwise it comes across as cheap.

 

Thu, 07/19/2012 - 08:36 | Link to Comment machineh
machineh's picture

Ditto -- I wanted to read the original in Spanish.

Absent a reference, it's a tall tale that a Spanish economist would speak of his people eating manure.

Not that there's anything wrong with coprophagia ...

Thu, 07/19/2012 - 08:47 | Link to Comment SubjectivObject
SubjectivObject's picture

Whew!  I am happy to realize that I'm not as clueless as ... others ...

Thu, 07/19/2012 - 09:17 | Link to Comment Doubleguns
Doubleguns's picture

Ditto!!

Thu, 07/19/2012 - 09:32 | Link to Comment I am more equal...
I am more equal than others's picture

The pain in Spain falls mainly on the plains but who is to blame?

Thu, 07/19/2012 - 09:17 | Link to Comment Darth Hayek
Darth Hayek's picture

Funny, it seemed clear to me it was a dark-humored joke.  Not as big a joke as the Eurozone's ongoing financial Ragnarok, but a joke nonetheless...

Thu, 07/19/2012 - 09:21 | Link to Comment Marty Rothbard
Marty Rothbard's picture

I found the anecdote about the economists humorous, rather than cheap.  Although, the huge amount of manure, contained by the vast majority of economists, who are Keynesians, precludes it from being true.  There is no manure shortage.

 

Thu, 07/19/2012 - 09:45 | Link to Comment lunaticfringe
lunaticfringe's picture

It never ceases to amaze me- what people take offense to. I like my manure baked to a golden brown, crispy on the edges.

Thu, 07/19/2012 - 13:16 | Link to Comment Manthong
Manthong's picture

I liked the anecdote..

Though I would like to see a citation, I will accept a literary license justification.  

Thu, 07/19/2012 - 08:32 | Link to Comment CPL
CPL's picture

France actually...happened on Monday and nobody noticed.

Thu, 07/19/2012 - 08:42 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Just after Bastille Day you know, ah the irony.

Thu, 07/19/2012 - 08:36 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

More than anything, the banksters and politicians fear the truth. They will do anything and betray anyone to escape from reality.

These fuckers wield the levers of power and they're more delusional and disoriented than an American Idol frequent voter after a super-sized happy meal of bath salts.

Could someone please remind me why weed is still illegal?

Thu, 07/19/2012 - 08:44 | Link to Comment FEDbuster
FEDbuster's picture

Most of all the Central Banksters:

http://www.youtube.com/watch?v=YWyCCJ6B2WE

Thu, 07/19/2012 - 08:44 | Link to Comment Monedas
Monedas's picture

I feel your Spain !       Monedas      1929         "Statist filth in a stew ?  Randian filth to the rescue !"....Monedasbrother

Thu, 07/19/2012 - 08:44 | Link to Comment Peter Pan
Peter Pan's picture

Spain and Greece are the most fortunate nations in Europe. They will be the first to exit the Euro and hence the first to get on the road of recovery free of IMF, ECB and other debtors.

Thu, 07/19/2012 - 08:52 | Link to Comment Monedas
Monedas's picture

"Head Start Program" for the Euro-Niggahs !

Thu, 07/19/2012 - 09:16 | Link to Comment Doubleguns
Doubleguns's picture

Let me fix that for ya. Iceland is the most fortunate. They have even begun to prosecute bankers.

 

http://gilesbowkett.blogspot.com/2011/11/iceland-prosecutes-bankers-draf...

Fri, 07/20/2012 - 00:53 | Link to Comment toncuz
toncuz's picture

And since the progressive voting blue states in America have been paying through the nose for the conservative voting trailer park Republican welfare states for the past 30 years...will states like New York be the American version of "Germany"???

Let's take a look at the conservative welfare machine that's been pillaging America...

1- The trillions in off shore tax evasion scams by major corporations and the rich who evade taxes, especially DURING WAR. In any other country...this is called TREASON.

2- The US tax dollars that fund the "Faith Based Initiative" to churches across America...in violation of the US Constitution.

3- The US taxpayer funding of the same cult houses (religion) that PAY NO TAXES while they use our infrastructure of roads, bridges, police and everything else that supports society.

4- The billions in subsidies to oil and gas companies...WHILE THEY POST RECORD PROFITS.

5- The farm subsidies that go to people like Michelle Bachmann and other Republican business people disguised as public servants.

6- The contracts to privateers making billions in the military-industrial complex who bribe Congressmen to keep perpetuating war....like Northhrop and Halliburton.

7- The prison-industrial complex that bribes states to write strict laws that keep their jails full so they can charge $200 dollars per day per prisoner to the US taxpayer in yet another PRIVATIZATION SCAM. While government is non-profit...privateer PROFIT is worse than any tax...it goes into yachts and mansions...not your roads and bridges.

8- Billions lost in revenue because corporate executives and the rich pay 15 percent in taxes while the rest of us pay 23 percent.

Yes...it turns out the greatest thieving pigs of society are called CONSERVATIVES.

Thu, 07/19/2012 - 08:04 | Link to Comment Ivanovich
Ivanovich's picture

Bullish for the market, apparently.

Thu, 07/19/2012 - 08:11 | Link to Comment LULZBank
LULZBank's picture

Markets are suffering from Stockholm Syndrome.

Thu, 07/19/2012 - 08:05 | Link to Comment jover
jover's picture

I would grill me a bankster instead of manure.

 

Thu, 07/19/2012 - 08:07 | Link to Comment LULZBank
LULZBank's picture

Good substitute. They are equally full of shit.

Thu, 07/19/2012 - 08:13 | Link to Comment ATM
ATM's picture

I would be grilling me some bureaucrats.

Thu, 07/19/2012 - 08:16 | Link to Comment LULZBank
LULZBank's picture

Just the wind then?

Thu, 07/19/2012 - 08:46 | Link to Comment FEDbuster
FEDbuster's picture

Next year the mob will be chasing the bulls in Pamplona with butcher knives.

Thu, 07/19/2012 - 08:54 | Link to Comment LULZBank
LULZBank's picture

+100

LULZ were had!!

Thu, 07/19/2012 - 08:11 | Link to Comment HurricaneSeason
HurricaneSeason's picture

So, you're saying there is a difference?

Thu, 07/19/2012 - 08:05 | Link to Comment LULZBank
LULZBank's picture

Long manure.

Thu, 07/19/2012 - 08:26 | Link to Comment WmMcK
WmMcK's picture

Deep manure.

Thu, 07/19/2012 - 08:36 | Link to Comment falak pema
falak pema's picture

Dip the spanish Oligarchs in it until they all die; then call in Hercules to clean out the stables. There are the Ebro, Tajo, Duero and Guadalquivir for him to use. 

Guadalquivir - Wikipedia, the free encyclopedia

I'm going long windmills in Spain! 

Thu, 07/19/2012 - 08:05 | Link to Comment Beastmanager
Beastmanager's picture

When the manure is gone, they will eat the germans

Thu, 07/19/2012 - 08:12 | Link to Comment infotechsailor
infotechsailor's picture

I get why the other europeans try to make Germany look like the bad guy here, but they have to remember just who is bailing out who .

When it comes back to USSA, will it be Texas and Florida playing Germany? Or will Congress be the battlefield, as the Pelosis & Boehners battle for the money to bail out their homestates? Will some states look to borrow direct from foreigners in exchange for sweet trade deals ?

Interesting times we live in friends

Thu, 07/19/2012 - 08:14 | Link to Comment ATM
ATM's picture

They won't have to battle for the money. The Bernenke will print plenty for everyone!

Thu, 07/19/2012 - 08:24 | Link to Comment infotechsailor
infotechsailor's picture

If only the Bernank would give each state 100 billion dollars, all our problems would be solved!

Thu, 07/19/2012 - 08:18 | Link to Comment LawsofPhysics
LawsofPhysics's picture

I have been hoping that resource-rich, producitve states would leave the union for some time now.  Texas has the only viable path from a constitutional perspective.  Atlas continues to shrug either way.

Look for those who's labor isn't worth shit to start kicking and screaming about how "unfair" everything is for the foreseeable future.

Time for humanity to learn the hard way what wealth really is, again.

Thu, 07/19/2012 - 08:24 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

"Texas has the only viable path from a constitutional perspective."

I believe Mr Lincoln changed the constitutional perspective permanently.

Thu, 07/19/2012 - 08:30 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Well you better go tell that to the texas institutions and new texas banks that have been buying physical gold since 2001.  I think they have their own ideas.  FYI, a significant portion of the U.S.'s volunteer military comes from texas and yes they have nukes too.  All economies are local, always have been.

Thu, 07/19/2012 - 09:18 | Link to Comment Lednbrass
Lednbrass's picture

Yep, the South in general is overrepresented in the military as are the non coastal Western states. New england is greatly underrepresented.

See Section II DoD active component, figure 16 for the regional percentages and figure 17 for per capita recruitment by state. The state by state ratios in 17 are quite interesting, the per capita ratio for Texas is far higher than any of the other large population states.

http://prhome.defense.gov/RFM/MPP/ACCESSION%20POLICY/PopRep2010/summary/summary.html

Thu, 07/19/2012 - 11:30 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Mr Lincoln scrabbled together a pretty good army from the northern states.  I believe they won.  And he freed the slaves.

Thu, 07/19/2012 - 12:12 | Link to Comment Lednbrass
Lednbrass's picture

This is true, but it is a very different world now.

Thu, 07/19/2012 - 09:08 | Link to Comment Lednbrass
Lednbrass's picture

In terms of dollars for all reasons received from the Federal government vs. federal dollars paid in taxes, Florida was the #2 gross recipient in the entire nation during 2010 at $75,339,258,000.

Virginia was #1 at $78,128,254,000 and California #3 at $60,455,894,000.

Texas is in the top 10 at $36,582,888,000 received over federal taxes paid.

The only significant net losers are New Jersey at -$37,952,547,000, Minnesota at -$23,634,129,000 and Delaware at -$7,251,877,000, and Illinois at -$1,071,760,000. All the other states are on the borrowed money gravy train.

2010 consolidated fund report (see Tables 13 and 14)

http://www.census.gov/prod/2011pubs/cffr-10.pdf

IRS tax collection data by state

http://www.irs.gov/taxstats/article/0,,id=206488,00.html

Thu, 07/19/2012 - 09:27 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Might be interesting to overlay that data with military bases and military contractors.  Dare I say it, same as it ever was.

Thu, 07/19/2012 - 09:51 | Link to Comment Lednbrass
Lednbrass's picture

There is some correlation for sure, I believe that is under the "Procurement" tables in the Funds report.

When you look at it in terms of who is in the military in the other link I put up, this is the basis for the often repeated claim that the north and left coast fund everyone else. Well, that and the fact that retirees from those areas infest the southern states in large numbers. When you look at straight up grants and who gets the free checks, it is a considerably different picture.

Thu, 07/19/2012 - 11:17 | Link to Comment TNTARG
TNTARG's picture

Do not make mistakes: EVERY country belonging to the Eurozone PUT MONEY into the "bailout funds" like EFSM and other and of course, into the BCE.

So it isn't Germany who bailout Greece, Spain, etc. but everybody has to PAY TO THE BANKSTERS (which is what's coming on: States treasuries are beign plundered by private banks. In fact, the ECB is a private bank owned by private central banks that of course, do not belong to the States but to other banks). So there's the perversion of the System: States have to give money to the ECB and "European bailout funds" TO BAILOUT BANKS. Everybody is paying: Every taxpayer is paying among the Eurozone.  Banksters are getting richer and richer with people's money, work and suffering. And this can go on for... How long?

Thu, 07/19/2012 - 08:38 | Link to Comment Cast Iron Skillet
Cast Iron Skillet's picture

... and if the Germans don't wanna get et?

Thu, 07/19/2012 - 08:05 | Link to Comment AUD
AUD's picture

the auctions they held today were nothing short of dismal on every count

I read earlier that the bid was still for twice the amount of debt on offer. Yields might be rising & their might be no money in the coffers but banks are still buying up every bid of ECB backed government debt they can get their hands on.

Thu, 07/19/2012 - 08:14 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Yes, buying while the upper management and owners prepare their private islands for an extended stay.

Thu, 07/19/2012 - 08:51 | Link to Comment SubjectivObject
SubjectivObject's picture

Quiet as it's kept: Hawaii.

Thu, 07/19/2012 - 08:51 | Link to Comment EscapeKey
EscapeKey's picture

How big a part of the "bid" came from the ECB?

Thu, 07/19/2012 - 08:07 | Link to Comment Pretorian
Pretorian's picture

Long EU stuppidity.

Thu, 07/19/2012 - 08:10 | Link to Comment LULZBank
LULZBank's picture

 

by the looks of things the money will not be coming too soon so that Spain could actually default on some of its obligations.

Nobody... I mean nobody defaults in EU!

Thu, 07/19/2012 - 08:10 | Link to Comment MFL8240
MFL8240's picture

Read carefully, will be coming to a theather near you compliments of Bernanke, Goldman Sachs and JP Morgan.

Thu, 07/19/2012 - 08:12 | Link to Comment bourbondave
bourbondave's picture

Seems like "firewalling" would work in terms of preventing contagion if say Greece was the only banktrupt country in the Eurozone.  Not sure what contagion really means when every country is basically bankrupt regardless of what happens to one country or another.  The contagion in that case just speeds up the collapse.

Thu, 07/19/2012 - 08:12 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Wake me when U.S. treasuries go bidless.  It has been print or die for about 40+ years, some things never change, until they do.

Thu, 07/19/2012 - 08:15 | Link to Comment LULZBank
LULZBank's picture

You never go out of business when you are your own biggest customer.

Thu, 07/19/2012 - 08:20 | Link to Comment LawsofPhysics
LawsofPhysics's picture

I was wondering if anyone else noticed how the Fed and their proxy in the U.S. government has been allowed to front-run themselves for so long.  Is the rest of the world really this stupid?

Thu, 07/19/2012 - 08:23 | Link to Comment LULZBank
LULZBank's picture

As stupid as someone being mugged at gunpoint.

Thu, 07/19/2012 - 08:27 | Link to Comment LawsofPhysics
LawsofPhysics's picture

So, just as stupid as the U.S. taxpayer then.  Oh this should turn out well.  We seem to have identified the problem however.  End the Fed.

Thu, 07/19/2012 - 08:42 | Link to Comment Ghordius
Ghordius's picture

I doubt you can kill a currency of this size. Size matters, in those things...

I think the only thing you can do is to plan the next one and wait until it dies a natural or unnatural death...

Thu, 07/19/2012 - 08:53 | Link to Comment LawsofPhysics
LawsofPhysics's picture

That is exactly what most of the world said about the pound sterling in the early 50's.

Thu, 07/19/2012 - 08:33 | Link to Comment Ghordius
Ghordius's picture

well, if it helps, the prediction that this would eventually happen - including a few currency wars - was a very important reason for the EUR...  but to put it the other way round, what would you do if you were "the rest of the world"? which does not exist this way, so let's say "if you were the government of an US ally"?

in the non-US experience, it's not that easy to reason with the US Government... and it's even harder to force it to do something

Thu, 07/19/2012 - 08:56 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Correct, but this is another issue altogether.  You are speaking to another reason why the FRNs are still accepted, the U.S. military.

For me it all comes down to counterparty risk.  The only way I can explain it is - keep you friends close and you enemies even closer.  The world has been held hostage by The Fed for so long, they now love their captors.  totally fucked.

Thu, 07/19/2012 - 08:16 | Link to Comment ATM
ATM's picture

You just answered your own statement. USTs will never go bidless because the Bernenke is there to bid always.

Thu, 07/19/2012 - 08:22 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Only so long as the Federal Reserve is allowed to play with others.  Looks to me like the BRICs are taking their marbles and starting their own game.

Thu, 07/19/2012 - 08:41 | Link to Comment LULZBank
LULZBank's picture

A ponzi by any other name...

The world has been so conditioned to believing in fiat paper as "money" or somethign of value, that they would not know what to do about it or without it.

A lot many would even believe that, printing and giving 100 million dollars to each individual on the planet would make everyone rich and wipe out poverty.

This game would change shape and playgrounds.. but will continue for a while longer than lot of us believe OR it can even end a lot quicker than lot of us believe.

Its all about confidence. Reality created via lies and conditionings can snap anytime, triggered by some event and then there would be no going back.

Stampede Bitchezz!!!

Thu, 07/19/2012 - 08:55 | Link to Comment LawsofPhysics
LawsofPhysics's picture

You could have simply said, "stay ahead of the herd."  Some things never change.

Thu, 07/19/2012 - 08:17 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Wake me when U.S. treasuries go bidless.

 

The whole treasury department would have to go to sleep for that to happen.....theoretically possible I suppose.....but unlikely.

 

Thu, 07/19/2012 - 08:15 | Link to Comment aleph0
aleph0's picture

 

 

Germany agrees ... to  ( subsidize ) help the EU ( banks ) with more tax payer's money :

..."Das deutsche Ja zur 100-Milliarden-Euro-Hilfe für Spaniens marode Banken ist nach den Sondersitzungen der Fraktionen im Bundestag so gut wie sicher. "...

http://www.welt.de/politik/deutschland/article108332693/Bundestag-stimmt...

Thu, 07/19/2012 - 08:17 | Link to Comment RobotTrader
RobotTrader's picture

EU Stoxx 50 futures now at the high of the day.

 

Party time!

Thu, 07/19/2012 - 08:22 | Link to Comment LULZBank
LULZBank's picture

Life span of a housefly is 10-25 days.

Party time indeed!

Thu, 07/19/2012 - 08:25 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

EU Stoxx 50 futures now at the high of the day.

In other words, it's all downhill from here.

Party time!

When I see you floating down the gutter I'll give you a bottle of wine.

Thu, 07/19/2012 - 08:19 | Link to Comment allbetsoff
allbetsoff's picture

I miss the days here in Spain when good paella lunch, a bottle of wine, and flan would cost all of 500 pesetas.. (about 3 euros or so).. 

 

Thu, 07/19/2012 - 08:19 | Link to Comment jepicza
jepicza's picture

That reminds me about an old joke, from the communist era:

Comrades, I have two news for you; a good one and a bad one. What do you want to hear first?
That bad one.
Okay, comrades, winter is coming and -- there will be nothing to eat, except shit.
Well, that's the same news you told us last year. So what's the good news?
Comrades, I know where to find that shit!

Thu, 07/19/2012 - 08:25 | Link to Comment bmusic
bmusic's picture

The Honey Badger market don't care, Honey Badger maket doesn't give a shit.  It's pretty badass.

Thu, 07/19/2012 - 08:54 | Link to Comment SubjectivObject
SubjectivObject's picture

Soon; Honey badgers comming out in all walks of life.

Thu, 07/19/2012 - 08:34 | Link to Comment hugovanderbubble
hugovanderbubble's picture

SHORT LENNAR

Thu, 07/19/2012 - 08:35 | Link to Comment Bogdog
Bogdog's picture

Crikey.........EUR/USD is still living in denial in the overnight. Let's see what the opening brings....

Thu, 07/19/2012 - 08:40 | Link to Comment fresno dan
fresno dan's picture

With apologies to Woody Allen:

Two old Jewish ladies are in the Spanish Catskills at a restaurant.  One says to the other, "the food here tastes like SHIT!"  The other says, "Your right...and the portions are so small!"

Thu, 07/19/2012 - 08:53 | Link to Comment Bahamas
Bahamas's picture

People eat manure all over the world under the shape of McDonald's and burgers...remember Bruce Willis in Fast Food Nation....

Thu, 07/19/2012 - 09:06 | Link to Comment JuicedGamma
JuicedGamma's picture

The shares I bought in 2003 against the advice of a broker, long since fired, have been the best performer in the Dow since 2003. I'll take manure with my shake, please.

Thu, 07/19/2012 - 08:52 | Link to Comment Bahamas
Bahamas's picture

The Bernank will print and Santander will spend...wash rinse and repeat

Thu, 07/19/2012 - 09:00 | Link to Comment RougeUnderwriter
RougeUnderwriter's picture

The Yougurt is hitting the fan

 

Thu, 07/19/2012 - 09:00 | Link to Comment RougeUnderwriter
RougeUnderwriter's picture

The Yougurt is hitting the fan

 

Thu, 07/19/2012 - 09:19 | Link to Comment JackT
JackT's picture

wow, and I thought I was pessimist...I hadn't considered that the manuer would run out.  

Thu, 07/19/2012 - 09:40 | Link to Comment cdskiller
cdskiller's picture

"I am on the record stating that to fix the problem in Spain will require..." a number of things we all seem to dance around, ie, a commitment to bank failure, not survival, as the real solution, imprisonment of thousands of bankers, the confiscation of their assets, real and cyber, past, present and future, a commitment to default on government debt, the dishonoring of all credit default swaps contracts and deconstruction of the OTC derivatives market in its entirety other than what is essential to allow farmers to plant their crops, etc, total transparency of hedge fund activity and, finally, probably blood, as in beheading, and, if that doesn't work, war.

The hole is that big. Joking around must end.

 

Thu, 07/19/2012 - 10:21 | Link to Comment Stuck on Zero
Stuck on Zero's picture

If Spain is a disaster then why is the interest rate only 7%?  Are investors stupid?  Why isn't the interest rate 70%?

 

Thu, 07/19/2012 - 11:09 | Link to Comment Amagnonx
Amagnonx's picture

While politicians, bankers and economists can speak - there will never, ever be a shortage of manure.

Thu, 07/19/2012 - 11:14 | Link to Comment eckart
eckart's picture

more nonsense

Thu, 07/19/2012 - 11:46 | Link to Comment Nachdenken
Nachdenken's picture

The Fall of Berlin 2013.  A re run with different actors, different action.

Thu, 07/19/2012 - 19:45 | Link to Comment toncuz
toncuz's picture

And since the progressive voting blue states in America have been paying through the nose for the conservative voting trailer park Republican welfare states for the past 30 years...will states like New York be the American version of "Germany"???

Let's take a look at the conservative welfare machine that's been pillaging America...

1- The trillions in off shore tax evasion scams by major corporations and the rich who evade taxes, especially DURING WAR. In any other country...this is called TREASON.

2- The US tax dollars that fund the "Faith Based Initiative" to churches across America...in violation of the US Constitution.

3- The US taxpayer funding of the same cult houses (religion) that PAY NO TAXES while they use our infrastructure of roads, bridges, police and everything else that supports society.

4- The billions in subsidies to oil and gas companies...WHILE THEY POST RECORD PROFITS.

5- The farm subsidies that go to people like Michelle Bachmann and other Republican business people disguised as public servants.

6- The contracts to privateers making billions in the military-industrial complex who bribe Congressmen to keep perpetuating war....like Northhrop and Halliburton.

7- The prison-industrial complex that bribes states to write strict laws that keep their jails full so they can charge $200 dollars per day per prisoner to the US taxpayer in yet another PRIVATIZATION SCAM. While government is non-profit...privateer PROFIT is worse than any tax...it goes into yachts and mansions...not your roads and bridges.

8- Billions lost in revenue because corporate executives and the rich pay 15 percent in taxes while the rest of us pay 23 percent.

Yes...it turns out the greatest thieving pigs of society are called CONSERVATIVES.

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