Europe’s Betrayal of Spain!
- It appears the Satanic World War 3, Greater Middle East war will start first to provide the Illuminists’ with cover for the coming global economic, financial and currency collapse! The US, Europe, Japan and even China is teetering on economic meltdown! The collapse will start in the PIIGS, spread to the UK and rest of Europe, Japan … China, rest of Asia/world and finally America! All the pieces are in place for this ginormous collapse. It is a question of when the Illuminists will pull the plug. Not much longer IMO!
Europe’s betrayal of Spain!
By Ambrose Evans-Pritchard,
We discover – yet again, you might say – that Germany, Holland, and Finland will not stand behind their solemn pledge of solidarity when push comes to shove.
Spain’s premier Mariano Rajoy has been betrayed. Nobody should be entirely surprised if he and the Spanish arch-nationalists in his circle offer a condign riposte, and bring down the entire temple on the heads of the creditor powers.
He bit the bullet and agreed to the highly intrusive terms of a €100bn eurozone rescue for the Spanish banking system on a specific understanding: that the ESM bail-out fund would ultimately take over the burden by recapitalising Spain’s banks directly.
This deal has been breached. Can we believe anything that the Chancellor of Germany, the prime minister of Holland, and the prime minister of Finland say from now on? The EMU rescue edifice is built on sand.
You might say Mr Rajoy had no choice. But he did. There were those whispering in his ear that Spain should instead retake control over its own monetary, exchange, and sovereign policy levers, and break out of its debt-deflation trap.
Such a course might or might not be disastrous for Spain, depending on your analysis of EMU’s structural flaws, but it would certainly be disastrous for German and Dutch banks. (Given that it would cause the collapse of monetary union in the worst possible way).
The Spanish bubble was after all a joint venture. Spain was flooded with cheap capital from Germany and Holland that it could not prevent or control under the EMU system. Did the German and Dutch regulators recognise the danger, or try to stop the excesses? Not really. They were complicit.
The ECB’s uber-loose money (to help Germany when it was in slump) led to negative real interest rates for Spain – minus 2pc for years – that fuelled a massive credit boom. Policy was far too lax for a fast-growing Tiger economy.
Did the Spanish make big mistakes? Of course. But the ECB and the European Commission did not make that critique at the relevant moment. They too were smoking weed.
September 28, 2012 - Posted by mosesman | Economics, GeoPolitics, Social Trends | Bailout, Bankruptcy, Collapse, corruption, Crime, Currency, Eurozone, Fascism, Fraud, GreatDepression, Hyper-inflation, Illuminati, Meltdown, New_World_Order, Riots, Spain, Unemployment, Unrest
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Societal and economics observer and commentator with an endtimes, future history perspective. Follow me at Twitter: socioecohistory
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