We reported yesterday that the financial destruction of Greece was basically a warm up for the “Spanish Imposition”. And sure enough, the conspirators are the usual suspects: JPMorgan and Goldman Sachs (as predicted) aligned with (the impervious) Paulson hedge fund, Moore Capital and Brevan Howard.
These monetarist mercenaries (and assorted others) amassed “the biggest ever short position” against the euro in the first week of February, placing nearly $8 billion in bets against it. Like the massive shorting attack on Lehman Brothers which prequeled the era of global liquidity bailouts, the sovereign debt of Spain could be the bursting bubble to collapse next. Just as Obama’s “America held hostage” responded, so does Spain’s Finance Minister Elena Salgado promise that “the Spanish government is prepared to do whatever it takes” (sound familiar?) to contain the event and maintain the CONfidence of investors and their global Casino Grande.
Meanwhile, back in Madrid, the now-public bankruptcy of the EU325 billion real estate developers’ debt is acknowledged as a bigger problem for Spanish banks than delinquent mortgages. On Jan. 26, Santos Gonzalez, head of the Spanish Mortgage Association (AHE), demanded creditors be allowed to take developers’ assets off their books, because “a sector which doesn’t generate enough to pay the interest on its debt (is bankrupt).” If those debts aren’t removed from the balance sheets, the solvency and credit rating of Spain’s banks and economy as a whole will be called into question, he warned.
And of course it is Casino Santander which holds the biggest exposure to this “developer credit”, which saw Fitch ratings service downgrade two more Santander funds “backed” by unsecured consumer and auto loans.
! Viven de Largo los Especuladores !
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.