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"Spain Is Not X"... And Why That Is Actually A Bad Thing
The place that worries Michael Cembalest, of JPMorgan, the most is Spain. Historically, the kind of dismal position it finds itself in currently has not ended well with 13 defaults since 1500 A.D. and he suspects its going to take a lot of bilateral aid and ECB financing to prevent another one.
Source: JPMorgan
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"X" (in Spanish) is pronounced "Equis"...
I'll take a pair of them right now... Cold! (with a side of chips & salsa)...
Just when I thought you had relapsed into a complete sheeple, you totally redeem yourself.
Touche!
And the thing worrying the Spaniards most is JP Morgan.
Jamie Dimon, the first dictator of the entire world...
This wont effect bull fights will it? I would hate to lose the bull fights.
! Ole'
@LawofPhysics
You have to go back and re-read that thread... (I know what you're referring to)... I commented afterwards (after yours), You missed the /sarc on that one...
Cheers!
that is most interesting
Spain will need to put the Barcelona football (yes not fucking soccer) team up as collateral for a bailout! Messi has to be worth at least half a billion!
What collateral? They have EUR800 million of debt!
Xavi, Messi etc you fucking moron!
This is a fine 'Messi' you've gotten us into Stanley!
'Source: JPMorgan'
*eyeroll*
Kindling.
Da Roof!
Da Roof!
Da Roof is on FIRE!
Yeah, well...hey man, like...that's just your opinion. You know?
I sense a delicate dance going on. Why haven't bond yields skyrockted yet? Are the central banks still secretly keeping things down?
They're always secretly keeping things down.
Unless they want to secretly keep things up.
If any of this is reliable, my humble translation is that JPM is about to shake-down Spain. The true cost of capital (bond yields) is being suppressed by CBs and will continue to be until either the entire world is shaken down or the CBs are positioned to profit from WWIII, hedge accordingly.
JPM is only doing what is in the best interest of their CLIENTS.......remember that.....lol
true words from BlaBlaBlythe - gotta believe them - lol
I'm surprised the good 'ol US of A is not on that list.
The US has been fudging numbers longer than there has been the EU.
America, FUCK YEAH! BLS to save the fuckin' day, yeah....
Jorge Lorenzo won MotoGP race one. He will invest his winnings and Spain will be saved.
Bullish.
The revolution will be motorized.
Even in terms of nude beaches per kilometer of sea coast, Spain badly lacks the rest of the Med.
The only country that I can find that is in worse shape than Spain is:
Number of days when the sun shines (just about anywhere)
Number of days where the temperature does not go below freezing (just about anywhere)
Seville Oranges and Rioja wines (just about anywhere)
Cost per linear foot for a seafront property ("")
http://gonzalolira.blogspot.fr/2012/04/spain-will-exit-eurozone-firstthis-year.html
He could be right... http://www.businessweek.com/news/2012-04-09/spain-seeks-10-billion-euros-savings-on-health-school-programs
Spain was importing a big portion of the materials to build their ships used to plunder the America's starting in the 16th century.
The shipping brought a river of silver and gold back to Phillip II's treasury.
They funded an endless war in the Benelux region and never really controlled the spending.
History repeats itself........
Spain's GDP is $1.41 trillion.
USA's debt and unfunded liabilities grow at $8.13 trillion a year - every 63 days, the US of A adds the GDP of Spain to its debt and liabilities.
We are much worse off than Spain.
Check out teen unemployment in Europe and the US. We are all Keynesian Slaves now!
http://confoundedinterest.wordpress.com/2012/04/09/teen-unemployment-a-western-epidemic-spain-greece-and-usa/
It is chilling. I look back to my time around 25 - thinking about settling down, starting career, getting first car etc etc. Where's the hope for the spaniards? The other 50% are working but just how safe, secure, optimistic are those in work?
Not f**king very. I work for a spanish business and am recently really thinking about moving back to a UK one. However the UK ones are all laying people off too.
There is a lot of lay-offs to come in the Spanish 'banking' sector following the restructuring of the savings banks down there. Not really banking at that level though, more like post office workers, but as that table says, there are more bank branches/capita than anywhere else.
Beats me completely as I hate bank branches - what is there to do there that you can't do on the internet/phone and then go do something interesting.
Been a long time since I've had a good tortilla de patatas. Looks like it's going to be cheap next year.
no speak inglis