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Spain Is Now Officially Europe's Broke(n) Gramophone
It was only yesterday that we noted that Spain (and its 23% unemployment) had tipped its cards to expose its utter desperation, when its PM basically begged for a Euroepan bailout. As a reminder, his words: "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." Certain things such as... a collapsing economy and the threat that neighbor Portugal may soon be in freefall bankruptcy? That said, we have no clue how to describe the escalation that just took place as Spain has once again indicated it is not only on the ledge, but one foot now off it. It probably is a gramophone (it's like an iPod only not made by children). Just not sure if Broken or Broke is the right adjective.
- Rajoy Says Spain Wants Europe Rescue Fund to be Bigger
- Fund should be bigger to “protect” countries trying to cut spending, overhaul their economies
And here is why Rajoy can become a stand up comedian as soon as his brief tenure as PM ends:
- Supports ECB actions, doesn’t want it to be “pressured” to stop providing liquidity
Luckily, "Europe is fine." Also remember how the US was fine, until the Fed just told all the bulls they are snorting crazy pills? Is it time to start expecting a -500K revision in the January NFPs?
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Tapas, anyone?
Sure, uh, we Finns have a lot of money for our souther "friends" as we are closing hospitals and cutting budgets because our money is desperately needed by our comrades in their "temporary" need for financial aid. You can count on us!
Spain's cash "needs" will swallow Finland and several other small countries without leaving a trace. After a 6 year spending spree and an economy completely dead in the water, every bank and government institution has unpayable debt, so time to start spongeing off the prudent nations(aka suckers) in the EU.
Your 100% correct, they are the walking dead. And to add on that the 23% unemployment and what Spain essentially allowed banks to do. And that was to consolidate a weak one, but the problem is that all this does is to delay the inevitable and it's here right now. Also with an unemployment like that the GDP and tax receipts have to be downright measly. I think Spain has debt both soverign and private from much of the bonds they bought in the multi-Trillion. There is no way for this to end well for europe and even the US.
its ok the nasdaq is at 11 year highs.. - http://hedge.ly/zKDyWT on volume 5 years under water.
"Rajoy Says Spain Wants Europe Rescue Fund to be Bigger"
What politician doesn't want this??
http://silverliberationarmy.blogspot.com/
I have to agree with the poster; it's very unusual straight talk from a politician; smacks of desperation. What they want, and what they're willing to discuss in public are, usually, two different things.
I thought Spain was too big to be bailed out????
10 trillion euros for starters?
When is the world gonna wake up and realize these people are scared to death.
"When are these people gonna wake up and realize that they are scared to death?"
There, I fixed it for you...
The Mighty Fu has pondered the fact that people who claim to be scared to death rarely actually die.
i know, doesn't anybody notice this?? here, I just made a video http://www.youtube.com/watch?v=4DVAsmrwdtQ&feature=related
Quick send Obama over for a pep talk! He did such a great job last night...must have mkt is up, a-frikin-gan
one thing with the rates from fed i don't get it. Before we had a pledge of 0 % up to middle of 2013.
Today up to middle of 2014. How's that different? 2013 was year and half away. What has changed?
Retail is apparently leaving the market. He is trying his best to turn the herd around.
but how does it helps? we have no idea what will happened in the next 6 month but moving from 2013 mid to 2014 will do something special?
You are assuming someone is trying to help. I'm not being sarcastic here. They are treating the bullet wound with morphene. It will work for a while.
It means yet another year of seniors getting nothing for their savings (and not knowing where else to go), and another year of misallocated capital. Woohoo, we're saved - buy now!
"the bigger the better" isn't this always the case??
She did say that
'Is it time to start expecting a -500K revision in the January NFPs?'
Lies bull market rages on. So... no.
Don't worry Spain the Germany may be reluctant to print ( they will eventually) but the Bernank has got the presses running full bore. He will rescue you.
Spain needs a new Franco! Fascists always solve problems! Right?
No they fukk the poor and Stuka the brave...read your spanish civil war.
stop reading commie court historians for a change
I love that catch phrase..."commie", like "nigger", like "injun"...it tells me the mind set, and its not "open range" and "enlightenment", to say the least. Its a closed shop, unlike the builders of USA. So pull up the blinds and let the sun shine in and then we'll talk.
A dead Red is a good Red. Thank you, Francisco. And Eternal Honor to the Defenders of the Alcazar.
No pain in Spain, no gain in Euro uber-reign.
The pain in Spain falls mainly on the lame
Banco Santander was the big Hidalgo of the pre 2008, who overseered the RE spanish boom, the spanish bricks n mortars MAin.
Now they are front line but lying low, as the ill wind blows from Greece, Venta Grecos! Every sailor in Catalognia knows it brings rain and bad times...Venta grecos and the US vultures...now attacking Portugal and Spain. DOgs of war...
It needs to be bigger. No really it should be much bigger. Very much so. Quite a bit bigger than you are thinking is big, actually. Just really, really big as in huge, okay? Just -- I mean seriously that is not even close to big enough. Fucking big you morons. Okay? Did you hear me that time? Assholes? Big it up you mutherfukers! Jump! Jump on it. I want hugeness this time. No more sissy talk about big like you know your shit from shinola, cuz you don't know shit. Give me some gi-normous! Big like a donkey's dick. Big that bitch up, Merkozy!
And soon. Really soon. Like yesterday soon.
TIA.
The solution to a meth problem is..
more meth - that explodes in your face!
http://alcoholism.about.com/b/2012/01/25/meth-shakers-overwhelm-burn-uni...
.. problem is, eventually you have to shut down the hospital burn units because the patients you are forced to take in can't afford to pay for their treatment.
Exactly, so give every man and his Dog a printing machine. That way everyone has a job and the banks can't deposit it with the FED.
The FED has signaled that they expect this disaster to not be over until 2015 at the earliest. Things are going to get really really bad.
Right - what happened to green shoots and 'the recovery' and the shrinking UR? Lies all.
Green shoots even grow in cemeteries.
CA. also wants the bailout to be bigger. CA Govt. pensions underwater by at least $500 billion (assuming an 8% future return) and lastest proposals are for moderation, more time, to consider whether new hires will be eligible for slightly smaller massive entitlements. So every day the underfunding grows. CA has balls and is betting, just like Greece,Portgal,and Spain that all deficits will be funded. The underfunding is SO Large that no reasonable proposal can work. Just huff and puff and bluff. The CA. Senate wants to wait to enact more cuts because they believe that will be a windfall tax when the facebook owners sell their stock. Thats the plan, believe it or not.
But CA somehow still has money for a $100 billion (after cost overruns) high speed rail between SF and LA.
The show must go on!
U mean between Salinas and Bakersfield. Gangbangers demand it.
"whether new hires will be eligible for slightly smaller massive entitlements. "
Well said...
So Calif is Greece American style...
Except even BIGGER!
Bernanke announced that interest rates will stay low for a few years. With the cost of seervice the ever-growing pile of new debt, there is no other choice. Japan's done it for a long time and they are limping along just fine.
Europe's fix will be to do the same. They get interest rates near zero and all is well. Print, baby, print..!!!!!!
Japan's got high savings rate and solid industrial base. US economy is all smoke, mirrors, debt, and debt-based speculation. It'll collapse 2-3 months before the election...co-incident with the Iran War. Did I mention that Zionists don't control Japan?
blah, blah, blah.....
same shit...everything will be just fine....oh well, ZH gave it a try....
Love the site but renamed it would be mootpoint.com
nothing is going to change.....no a damn thing....tired of the fear....
I know how you feel but keep in mind that dying can take quite a while whereas death happens in a moment. It's that moment you need to be prepared for.
It kills me that you hear CNBS trying to sell the "great economic numbers". If the economy is so good why to they need ZIRP into 2014? I'll tell you why. Nobody else wants our shit paper. And as soon as rates goe up just a bit the whole thing blows up. All the world knows it. They don't want to buy this crap but they are afraid of what happens when they stop.
If if was that good JCPenny would not be slashing all prices 40%. I wonder if they will report on that story.
yahoo hp mentiioned it.
And Associated Press, Financial Times, Los Angeles Times, Wall St. Journal etc etc
"The rain in Spain falls mainly on the vain...."
Spain voted in the socialists in 2004 and they promptly nose-dived the economy. Overspending and underemploying is a cruel habit. Their Green Economy was a government subsidized disaster ensuring prompt and chronic 20%+ unemployment, now 23%. They've changed governments now, but the damage is done. Obama's job is to crash the USA at the same time as the EU so free markets can be wiped off the planet at the same time.
John Williams of Shadowstats reminded us last week on KWN that the USA is as bad as Spain already. US inflation and unemployment:
-- 2011 Inflation by using 1980 methodology = 10.6%; by 1990 methodology = 6.3%; by current methodology of our "Ministry of Truth" = 2.5%.
--Unemployment as measured by the USGS = 23%; by U-6 methodology = 15%; by the current methodology used by the Ministry of Truth = 8.6%
Alternate Unemployment Charts
Your history of Spanish Socialism is blinkered to say the very least. You need to READ MORE.
"Prime Minister Felipe González Márquez and his Spanish Socialist Workers Party won in the Oct. 20, 1982 Election."
Awesome news, very bullish for the market, risk on. Zirp it up!
Spain suffering from chronic leaks in diapers...
lol. Sits back with popcorn and clicks the cameras ON/RECORD. This episode of 'save the world' while it's 'falling apart' is going to be a good one.
Predictable as soon as anyone thinks 'its ok for Greece to default' then all those in debt line up for their share of the handout.
"The bigger the better". Is that what he said, or she said.
Yep thats what the junky always wants - that one last blast - the real big one.
Lets see how long they can keep this buzz rolling. I mean they don't call it QE for nothing. There has to be some quality something in there. Right?!
Looks like the PMs may be starting to see through this a bit now.
According to a lot of brokers Greek default is no big deal and priced in, if Italy, Portugal and Spain blow up then we can fall back on decoupling I mean did you see those Apple numbers? What a joke these guys are, the longer they can kick the can the more right they look and the more suckers they can get.
It is true that a Greek default has probably been priced in and probably would not wreck the system. What hasn't been priced in is the ensuing default of Portugal/Spain because if they were to occur it is unlikely that any institution would be left standing to pay out on CDS.
Greece is being kept alive only for timing purposes.
I would be happy to give a swift kick in the ass to these countries on the cliff.
You'd have to stand in line; or maybe they could auction off "kick rights".
And why do you suppose that the Spanish gov't is putting the top anti-corruption judge in the country, Balthazar Gazcon, on trial on trumped-up charges at this very moment? Could it be that they don't want him pulling the lid off this particular can of very smelly worms?
Fortunately this wouldn't have to happen in the US, since every one of the Supremes as well as the entire Federal judiciary is totally with the program. No problem with anti-corruption judges in the good ole USA.
With regard to the PM's comment; "En boca cerrada, no entran moscas". Asi, tambien; "vamos a la misma, para ser interrado; porque tengas prisa?"
That's funny...I was under the impression that the socialists had lost the election in Spain.