Socio-Economics History Blog

Socio-Economics & History Commentary

Bilderberg: The Great Game with Author Daniel Estulin!

The Western Illuminati Organization Chart. Source: http://www.stevequayle.com

June 20, 2012 Posted by | Economics, GeoPolitics | , , , , , , , , , , | Comments Off on Bilderberg: The Great Game with Author Daniel Estulin!

Secrets Of The Mega Zombie Banks!

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Debt crisis: EU Leaders Set To Announce €750bn Spain And Italy Bailout Deal !

  • More debts are still being piled upon existing debts. Bailout is a misnomer. Bailouts are really more debts. Eventually, the Illuminist banksters will own everything. You cannot solve a debt problem with more debts (bailouts)!

    Debt crisis: EU leaders set to announce €750bn Spain and Italy bailout deal ! 
    By , Political Editor in Los Cabos, Mexico
    http://www.telegraph.co.uk/ 
    European leaders are poised to announce a 750 billion euro deal to bailout beleaguered Spain and Italy by buying the countries’ debts.
    Pan-European Government funds are set to be used to buy Spanish and Italian bonds, which have recently hit record highs – in a move which will send a strong signal to financial markets that the German administration is   prepared to back its weaker economic neighbours.

    Angela Merkel and other European leaders have come under intense pressure at this week’s G20 summit to take radical action to stem the growing euro   crisis which has pushed up the cost of Spanish bonds to unsustainable levels. Francois Hollande, the French President, said: “It will be more on mechanisms that allow us to fight speculation”.

    The French president said rates paid by Spain and Italy to borrow on debt markets were “unacceptable”. “We must show a much faster capacity for action,” Mr Hollande said.

    Under the proposed deal, two European rescue funds – the 500 billion-euro European Stability Mechanism (ESM) and the 250-billion euro European Financial Stability Facility (EFSF) – will be able to buy bonds issued by beleaguered European countries.

    Previously, money in these funds – which has been provided by members of the single currency – has been used to bailout smaller European countries such as Greece, Portugal and Ireland. Governments in these countries are offered money direct in return for agreeing to austerity programmes.

    read more!

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June 20, 2012 Posted by | Economics | , , , , , , , | Comments Off on Debt crisis: EU Leaders Set To Announce €750bn Spain And Italy Bailout Deal !

The Failure of Big Government And The Public Patronage Piñata!

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Keiser Report: Elite Losers & Heroes of Fraud !

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Total Devastation: ‘Germany will Pay for Euro Break Up’!

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MSM Ship-Storm Over Russian Helicopters in Syria!

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Volcker Confesses To $2 Trillion Swindle Against American People!

  • Volcker Confesses to $2 Trillion Swindle Against the American People! 
    by http://larouchepac.com/
    We need you to call your congressmen now (lookup here), and demand their support for H.R.1489.
    The LaRouche Political Action Committee has learned that former Federal Reserve Board Chairman Paul Volcker is conducting a call-up campaign against the reinstatement of Glass Steagall, arguing that the so-called Volcker Rules are sufficient because they do not “punish” bankers by demanding that they take responsibility for the more than $2 trillion in still-outstanding gambling losses.  Under a full return to the FDR Glass Steagall Act, taxpayers would be freed from responsibility for covering the gambling debts of Wall Street, which amount to trillions of dollars that Volcker wants the American people to cover.


    Lyndon LaRouche, who has led the campaign to reinstate Glass Steagall ever since the collapse of the trans-Atlantic financial and monetary system beginning in the summer of 2007, sharply denounced the “Volcker attempt to swindle the American people out of $2 trillion plus,” recalling that as Chairman of the Fed in the late 1970s and 80s, Volcker presided over the takedown of the real U.S. economy by driving interest rates up over 20 percent, bankrupting countless farms and businesses.

    Volcker’s efforts to kill Glass Steagall, which has been reintroduced into the House of Representatives by Rep. Marcy Kaptur (D-Oh.) as H.R. 1489, with over 65 co-sponsors, were first made public by Rep. Michael Burgess (R-Tex.), during a recent district town hall meeting, at which he told constituents that he would not support Glass Steagall and H.R. 1489 because he had spoken with Volcker and had been told that it was unnecessary because the Volcker Rule was sufficient.  It has been further confirmed by top Democratic Party sources that the Volcker calls to pro-Glass Steagall economists and politicians is part of a larger push by the Obama White House to push back against Glass Steagall.  For months, the Obama White House and Treasury Department had held back from making any comments on Glass Steagall, due to the broad and growing public support for a return to the FDR era separation of commercial banks from the speculators.  But, following the recent admissions by JPMorgan Chase CEO Jamie Dimon that the bank had lost billions of dollars on bad speculative bets on the survival of the euro, support among members of Congress, state legislators and other elected officials for an immediate return to Glass Steagall has skyrocketed.  Now, the Obama White House, along with Treasury Secretary Timothy Geithner, is on an all-out desperate drive to kill the Glass Steagall initiative.  The Volcker Rule, from the outset, LaRouche has warned, has been nothing but an Obama and City of London weapon to blunt support for the only viable option for dealing with the trans-Atlantic bankruptcy:  Immediate reinstatement of Glass Steagall in the United States, and full bank separation in Europe.

    “Volcker has made a big mistake,” LaRouche commented today.  “He has accused me and all of those supporting the reinstatement of Glass Steagall of trying to `punish Wall Street.’  In reality, Volcker is telling the American people that they once again have to cover Wall Street’s gambling losses with their hard-earned tax dollars.  This is a swindle that no sane American is going to tolerate.  Furthermore, the entire trans-Atlantic financial system is hopelessly bankrupt and cannot be saved under any circumstances.  Volcker’s renewed efforts to kill the only viable alternative to more bailouts, is going to lead to a global hyperinflationary blow-out worse than what happened in Weimar Germany in late 1923.  This time it will happen on a global scale, starting in the United States and Europe.”


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June 20, 2012 Posted by | Economics | , , , , , , , , | Comments Off on Volcker Confesses To $2 Trillion Swindle Against American People!

P5+1 Must Stop Taking Orders From Israel !

Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

June 20, 2012 Posted by | Economics | , , , , , , , , | Comments Off on P5+1 Must Stop Taking Orders From Israel !

Russia Will Counterbalance West Nuclear Game Against Iran: Analyst !

  • Russia will counterbalance West nuclear game against Iran: Analyst! 
    by http://presstv.com/ 
    The undermining of previous agreements between Iran and the P5+1 by the US and the influence of Israel over scores of US Senators are main obstacles for reaching a conclusion in the upcoming negotiations in Moscow.

    Press TV has interviewed Mark Glenn, Co-founder of the Crescent and Cross Solidarity Movement, Idaho, about international acceptance of Iran’s right to have nuclear energy, division in the P5+1, and the influence of Israel even though a non-signatory to the NPT, in the upcoming talks. What follows is an approximate transcript of the interview.

    Press TV: If you could tell us what you think whether Iran is not asking too much for its right to be recognized when it says it wants to enrich uranium? That has been put forward by the Western side, by the Western media as a sticking point. Do you think it still is a sticking point?
    Glenn: Well, certainly for the West it is a sticking point; however, what we have to remember is this – Iran is a sovereign country, it is not a pliant state. Iran is the only rational player in all of this. Iran is the one player who is sticking by the terms of the Non Proliferation Treaty.

    These other countries? Look at what we’re dealing with… where dealing with the US pointing a finger at Iran saying you may not have nuclear energy. The US is the only country in history to have used nuclear weapons against a country that was in the waning days of World War II that was basically defeated and about to surrender.

    The rest of these countries namely Great Britain, France and Germany have been a part of NATO actions where depleted uranium, which for all intents and purposes are nuclear weapons in the sense that they irradiate the environment where they’re used leading to death and birth defects and affecting the area for hundreds or even thousands of years.

    And so Iran is the only rational player in all of this.
    For the US and these other Western countries to say Iran in asserting her right to utilize nuclear energy for peaceful purposes that this is a sticking point really just goes to underscore the madness that has infected much of the West as a result of this disproportionate influence that Israel wields over the political process.

    Press TV: One issue that’s caused a lot of concern here is the possibility of division among the P5+1 groups… Do you think the fact that the P5+1 group may be divided on how they approach Iran or on what steps they should take towards Iran that is in itself going to stop progress?
    Glenn:Well, I think the fact that it’s taking place in Moscow and that Russia is hosting these talks after the failed talks that took place in Baghdad is a very hopeful sign because what Russia is doing here in cooperation with China and with Iran is sending a very subtle but powerful message diplomatically and politically to other members of the P5+1, which is that Russia is basically in Iran’s camp on this as far as Iran’s right to manufacture nuclear energy for peaceful purposes.

    I think this is very hopeful in that you have Russia standing up in a very prominent and very bold way and telling the US and the rest of these Zionist-controlled countries who are attending these talks that Russia understands the nature of the game that is being played and that Russia is going to act as a counterbalance to this.I think the Russians in this may very well if they continue on in the path that they’re going that they may possibly avert what could be a military conflagration that could engulf, or make the present hostilities look like a picnic.

    And I think that the fact that Russia is hosting these talks and that Russia of course recently has come out and has been very bold in opposing any NATO military intervention in Syria and in other places, I think that this is a very hopeful sign that we may actually be able to bring some sanity to an otherwise intractable situation.    

    read more!

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June 20, 2012 Posted by | GeoPolitics | , , , , , , , , , , , | Comments Off on Russia Will Counterbalance West Nuclear Game Against Iran: Analyst !

Former Mossad Chief Dagan Repeats: No Military Strike on Iran!

  • I am very glad that more of these Zionists are speaking out against this coming war with Iran. Time is running out. The attack is still probably scheduled for around Sep-Oct 2012! It will mark the start of the Greater Middle East war and the beginning of WW3. Zionist ‘666’ Israel will not survive this war. More Zionists in high places need to speak up against this insane genocidal war.
  • Why are so many Illuminist politicians screaming for war? It is because they are afraid of the giant spider in the middle of the web, the one they have bowed their knees to: Lucifer/Satan! He is preparing the way for the coming of his son, the Anti-Christ!

    Former Mossad Chief Dagan Repeats: No Military Strike on Iran! 
    by http://larouchepac.com/ 
    Former Israeli Mossad head Meir Dagan again stressed that a military strike against Iran would be a big mistake, in an interview with BBC HardTalk that aired Monday. Although he thinks it critical to prevent Iran from developing a military nuclear capability, Dagan said that any military strike against Iran could not stop Iran from doing this, and would anyway rally the Iranian population to greater support for the current Tehran government, despite the many real economic and political problems Tehran is facing.

    Dagan stressed the he does not even know if Tehran has made the decision to develop a military nuclear capability, and when asked about the statements of Defense Minister Barak, said that some of the facts, at least, do not back up Barak’s claim that Iran is moving its capabilities underground.  Dagan urged using non-military measures to pressure Tehran, saying that even Russia and China have agreed to using sanctions, despite their objections.

    As to Israel launching a unilateral pre-emptive strike, this would create a very serious problem with the U.S., he said; although Israel makes its own independent policy on key security issues, its relations with the U.S. are vital, and it would be a mistake to wreck them this way. He dismissed the criticism he has been getting in Israel, emphasizing that he is a patriot committed to keeping Israel democratic, and public debate is essential.

Why is genocidal madman Netanyahu screaming for war with Iran? It is all about the global petrodollar hegemony!

What is all the BS about Iran being a nuclear threat? It is pure propaganda and outright lies by the Zionists!

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June 20, 2012 Posted by | GeoPolitics | , , , , , , , , , | Comments Off on Former Mossad Chief Dagan Repeats: No Military Strike on Iran!

Brits Continue Sabotage of Iran Talks, While Putin Pushes Continued Negotiations!

  • The western Illuminati is desperately trying to start their Satanic World War 3! We are entering the period just before the arrival of the Anti-Christ, the bringer of false peace, the white horseman of Revelation 6. This is a period marked by global wars! (emphasis mine)

    Brits Continue Sabotage of Iran Talks, While Putin Pushes Continued Negotiations! 
    by http://larouchepac.com/
    As the talks between Iran and the P5+1 group were taking place in Moscow, Russian President Vladimir Putin met Obama for a bilateral meeting during the G-20 meeting in Los Cabos, Mexico, and a joint statement was issued that addressed the Iran nuclear issue.

    “Recognizing Iran’s right to use nuclear energy for peaceful purposes, we agree that it must exert serious efforts aimed at restoring international trust in the exclusively peaceful nature of its nuclear program,” the joint U.S.-Russia statement says, according to RiaNovosti, June 18.

    “For that, Tehran must fully abide by the commitments contained in the appropriate resolutions of the UN Security Council and the IAEA Board of Governors for swift resolution of all outstanding issues,” the statement said.

    “Our common goal is an all-embracing negotiated settlement based on the principles of a phased approach and reciprocity, and expect constructive negotiations with Iran via the six power talks, including the negotiating rounds in Moscow on June 18-19,” the document said.

    The statement came out this afternoon (Central Time), hours after the first day of Moscow talks had ended for the day in Moscow.  Speaking in Moscow after the first session that lasted five hours, Russia’s chief negotiator Sergei Ryabkov told reporters, “The talks are so difficult that two days won’t be enough for us.”  He said that he wants another round of talks to be scheduled after the two days in Moscow are completed. “The difficulty here is not only quite a distance between the positions of the parties,” Ryabkov said, “but also the sequencing of the effort: what comes first, what comes next, what reciprocity means. It’s very complex.”

    China View reported that Ryabkov added that, “The main thing is that the sides have demonstrated their political wills to continue the dialogue….”  He stressed that, “Not a moment was wasted,” and urged that after these Moscow talks are completed in the second session on June 19, that another round of talks be scheduled to continue.

    Iran’s deputy chief negotiator, Ali Bagheri, told reporters that the talks were “serious” and “constructive,” reported China View.  “Two plenary sessions were held today in constructive and serious ways. Bagheri is also the Deputy Secretary of Iran’s Supreme National Security Council. He comes from a prominent family of Ayatollahs, and his brother is married to the daughter of Iran’s Supreme Leader Ali Khamenei.

    Prior to the meeting, Tony Blair’s Lady Catherine Ashton and her EU staff tried to sabotage the talks before they even began by issuing unacceptable demands.  Ashton’s adviser, Helga Marie Schmid sent a letter to Bagheri last week in which she stated that “the P5+1 is willing only to discuss the proposal she put on the table in Baghdad,” reported the Christian Science Monitor today. “Iran must immediately cease uranium enrichment at 19.75%,” the CSM described Schmid as saying, “in return for which the P5+1 will make minor concessions to Iran—providing Iran with spare parts for its old civilian aircraft bought from Europe and the United States, supplying some nuclear isotopes used in medical treatment, and cooperating with Iran on nuclear safety issues.

    “None of the tough sanctions already imposed on Iran, or about to be imposed on July 1, will be cancelled or even suspended,” Schmid’s letter reportedly said.

    These are the ongoing British-U.S. threats that are designed to ensure there is no agreement, but over the last several weeks, a serious grouping of specialists such as former CIA official Paul Pillar, and former Iranian negotiator, Dr. Hossein Mousavian, now a visiting professor in the U.S., have put the blame on the U.S. and London for the sabotage.

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June 20, 2012 Posted by | GeoPolitics | , , , , , , , , , , , | Comments Off on Brits Continue Sabotage of Iran Talks, While Putin Pushes Continued Negotiations!

An Ominous Greece Parallel: The 1930s And The EU Today!

  • I have warned repeatedly that the Illuminists appear to be adhering to a very tight script: the period in between WW1 and WW2. This time round they are using (abusing really) America as the protagonist to start WW3, much like Nazi Germany was used to start WW2. We are seeing history repeats itself: economic and financial collapse starting in Europe and leading to WW3. Fascism is rising in America!

    An Ominous Greece Parallel: The 1930s and the EU Today! 
    by Ron Holland, http://thedailybell.com/ 
    “The Euro Titanic has now hit the iceberg and sadly there simply aren’t enough lifeboats.” – Nigel Farage, United Kingdom Independence Party

    Another Greek election and an uncertain outcome will likely continue the corrupt status quo in Greece. The Greek politicians on the take by the EU interests acting like most Western politicians and the American two-party mafia monopoly will continue to steal from the Greek people and the bailouts while the nation gets poorer. We are watching a throwback to the Great Depression years of the 1930s in Europe.

    American investors should study their history and get ready for a fast replay of an Internet style version of European history during 1919, 1931 and 1933 that could transpire quickly over the next year. Comparing the unsustainable sovereign debt burden today in most European nations to the German Versailles debt is a scary prospect with ominous parallels.

    Back on June 28, 1919 the Treaty of Versailles was signed, burdening Germany with an unmanageable debt load that was not officially paid off until September 30, 2010. Depression, hyperinflation and institutional collapse followed, culminating in the rise to power of Hitler in 1933.  Currently, many nations in the EU, nominally headquartered out of Brussels but fronting for the German banks and Merkel in Berlin, are now in a similar debt position.

    Versailles, France and Brussels, Belgium are only 173 miles apart but even the controlled press cannot hide the parallels of a desperate political and financial establishment or the fear running through most of Europe.  History is getting ready to repeat itself and peoples and nations will once again be devastated by a depression born out of hidden excesses by banking elites and an unbearable level of sovereign debt created by “bought off” politicians.

    Whether the effects of a worldwide depression will again be countered by another world war is the only real question facing the world today.  I believe the failed European Union is going down and this will be only a precursor to an identical economic collapse by the American Union.  Of course, the power elites will attempt to use the real or manufactured crisis as a pretext to expand the EU but I don’t believe they will succeed. The speed of events and flow of alternative news renders their old style propaganda powerless to keep up with and control public opinion today.

    The financial world is watching with disbelief and shock as the European banking and political elites do the daily shuffle in a veiled attempt to hold together a forced, non-elected European Union. All the while it continues to come apart at the seams due to excessive sovereign debt and failing austerity measures rendered meaningless by an explosion in fiat currency creation not seen since the days of the German Weimer Republic.

    We are indeed seeing a latter-day replay of the infamous Treaty of Versailles debt load forced on a defeated German nation in 1919 now levied on the entire European Union and this time Germany will be the winner.  Maybe turnabout is fair play but I fear the long-term consequences could be as tragic as what the victorious allies did to a prostrate German nation that led to the rise of National Socialism and Adolf Hitler back in the 1930s.

    Germany’s Revenge
    As was the case in 1919, 93 years ago, the banks and the power elite are seeking profits, gold and wealth at the expense of bankrupt and defeated nations but this time Germany is getting its revenge.  In 1919, the victorious and “righteous” allied politicians that had earlier forced the United States to enter the war in 1917 in order to forestall a German victory so the American banks and arms industry could get their loans repaid and avoid bankruptcy are this time on the receiving end.  I believe Germany will bail out the EU nations at the last minute but at the price of their gold reserves, control over economic policies and veto threat even over elections in the individual nations.


    read more!

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June 20, 2012 Posted by | Economics, GeoPolitics, History | , , , , , , , , , , , , , , , , , | Comments Off on An Ominous Greece Parallel: The 1930s And The EU Today!

The G-20 Farce: Saving The Eurozone From Collapse!

Aug-Oct 2012 ??

  • The Eurozone will collapse. Despite all the rhetoric by the G20, it is inevitable. The world is heading towards a global economic, financial and currency meltdown! It will begin in the PIIGS, spread across Europe, UK, Japan … and finally America! Got physical gold yet?

    The G-20 Farce: Saving The Eurozone From Collapse
    by Wolf Richter, http://www.testosteronepit.com/ 
    The first summit of the G-20 in today’s configuration took place in November 2008 in Washington, DC, during the heady days after the Lehman collapse. Before, it was limited to finance ministers. Since then, twice a year, 19 heads of state, the President of the EU, finance ministers, the heads of the IMF and the World Bank, a gaggle of central bankers, and a whole slew of lesser characters get together to solve the problems of the world.

    G-20 summits have a checkered history of accomplishments though they don’t lack in grandiose announcements. At the summit in London in April 2009, French President Nicolas Sarkozy announced with fanfare, “The era of bank secrecy is over.” Its big accomplishment: a blacklist of tax havens. And a whole new game of political football, namely deciding which country would get to see its name on the list and which wouldn’t. Yet, tax havens have since sprouted around the world far faster than President Obama’s “green shoots.”

    But the crowning achievement was the G-20 summit in November last year in Cannes, France. At the beginning of the week, participants were still thinking that their sojourn in the ritzy town on the Côte d’Azur would be a relaxed affair of photo ops, handshakes (or stiff air kisses between German Chancellor Angela Merkel and Sarkozy), and fancy dinners, interrupted by rubber-stamping with great hoopla the previously negotiated Grand Plan to bail out Greece, or rather its public bondholders. It was its second bailout package, and it would be huge and solve all problems once and for all. And in between, attendees would also put Italy back on some kind of unspecified track though Prime Minister Silvio Berlusconi was mired up to his neck in legal problems while his country’s finances were spiraling out of control. And with the summit being heavily mediatized in France, Sarkozy would make it his jump-off platform for his reelection campaign, demonstrating panache, leadership, and crisis management skills.

    Just then, Giorgios Papandréou, Prime Minister of Greece, who wasn’t even in the G-20, fired his bazooka. With a single sentence about letting Greeks decide via referendum whether or not they wanted that Grand Plan, he knocked the world’s financial markets into a vertigo-inducing tailspin—which blew up the summit.

    The final communique was a bland slop that talked about a “worldwide strategy” for growth and employment, a “more resilient and stable monetary system,” and once again “reforming the financial sector.” It suggested that the world would need to get a grip on the “volatility of commodity prices,” as well as “promote agriculture,” and continue “the fight against climate change.” Meanwhile, the Eurozone had begun to disintegrate.

    So they all arrived at the current G-20 summit in Los Cabos, Mexico, with their own agendas. While tiny Greece is still front and center, the summit has been escalated: bailing out Greece wouldn’t be enough. Now it would be about bailing out the entire 17-nation Eurozone and its currency. And even broader. President Obama made his agenda clear: he wanted everybody else to do “what’s necessary to stabilize the world financial system.”

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June 20, 2012 Posted by | Economics | , , , , , , , , , | 1 Comment

Spain is Now Facing a Banking Crisis And a Sovereign Crisis At The Same Time!

Spain is toast! It’s game over for the EU !

  • Spain is Now Facing a Banking Crisis and a Sovereign Crisis At the Same Time! 
    by Phoenix Capital Research, via http://www.zerohedge.com/ 
    Last year I wrote a piece in which I noted that the EU would implode before the end of 2012. The reason for this was clear as day: EU banks needed to roll over hundreds of billions of Euros’ worth of debt (possibly trillions) at a time when interest rates would be rising as sovereign bonds fell in value: At that time I wrote:

    This is not a question of “if,” it is a question of “when.” And it will very likely happen within the next 10-12 months if not sooner depending on how soon Greece defaults.

    The reason that this is guaranteed to happen before the end of 2012 is that a HUGE percentage of European bank debt needs to be rolled over by the end of 2012.

    Between now (autumn 2011) and then (end of 2012)… 

    • French banks need to roll over 30% of their TOTAL debt.
    • Spanish banks and Italian banks need to rollover more than 33% of their TOTAL debt.
    • German banks need to roll over nearly 40% of their TOTAL debt.
    • Irish banks need to roll over almost HALF (50%) of their TOTAL debt.

    Let’s fast forward to today to focus on Spain’s current predicament:
    Consider the following…

    1. Spain’s banking system is roughly €3 trillion in size (3X Spain’s GDP).
    2. Spanish banks’ gross borrowing from the ECB was €316 billion in April.
    3. Spanish banks need to roll over 20% of their bonds (roughly) €600 billion this year. 

    Anyone can see by this a simple “back of the envelope analysis “that Spain will need a lot more than €100 billion to recapitalize its banks.

    How on earth Spanish banks can roll over €600 billion in bonds at a time when the global bond market has just learned that all private bondholders will be subordinate to the ESM is beyond me (read: it won’t happen).
    – 

    And thanks to a €100 billion bailout which has put Spain’s REAL Debt to GDP at 146%, Spain is now facing both a banking crisis AND a sovereign crisis simultaneously. There is no entity on this planet that can shore up both the Spanish banking system as well as the Spanish Sovereign bond market.

    To be blunt, I fully believe that this €100 billion bailout for Spain’s banks has put Spain in a “checkmate” position. With total unemployment at 25%, a housing bubble that continues to collapse, and an official Debt to GDP ratio of 146%, there is no way Spain will be able to grow its way out of this mess. 

    – 
    Put another way, Spain is a financial tsunami and the €100 billion is an emergency levy made of questionable materials built unqualified engineers: the move has bought some time, but the relief will be brief.

    This is why Spain’s Credit Default Swaps (essentially bets that Spain will default) have nearly doubled in 2012 alone. And the bailout has done nothing to assuage investors’ beliefs that Spain is in BIG TROUBLE. Indeed, we’re heading back towards all time highs already within one week of the bailout.


    Put another way, Spain is toast. I’ve already assessed that none of the key players (the IMF, the ECB, the EFSF, or the ESM) has the firepower to prop up Spain whose real capital needs are more in the ballpark of €300 billion -€500 billion.

    Thus, it’s GAME OVER for the EU. Sure it may take a while for this to manifest as politicians offer various hair-brained schemes to attempt to put off the inevitable debt collapse, but that debt collapse is coming and it will hit before the end of 2012.

    read more!

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June 20, 2012 Posted by | Economics | , , , , , , , | Comments Off on Spain is Now Facing a Banking Crisis And a Sovereign Crisis At The Same Time!