Spain, Land of Magical Financial Realism
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Pablo Picasso – Don Quixote These days when I read about Spain I'm wondering more and more how and why it is that the country has any access at al
[See the full post at: Spain, Land of Magical Financial Realism]If the sovereign ends up taking the risk as banks fail, then the sovereign should get whatever benefit comes out of it. Nationalise banks that fail, THEN bail them out. If they still fail, the nation loses, but then they would anyway if the bank failed in private hands. Stop the moral hazard. Same for the US and elsewhere.
Only one picture comes to my mind.
Pulling yourself out of quicksand by your bootstraps.
There is no other way for the financial system to try to save the financial system from itself.
If you follow futbol (soccer, if you’re an american), then you know that two of the top half dozen teams in the world are Real Madrid and Barcelona (Barca). They employ some of the wrold’s highest paid players, such as Christian Ronaldo and Lionel Messi.
Watching their games on cable tv, you would think that Spain was in no trouble what so ever. How can there be trouble, since Spain is the reining World Cup champion, lol?
These teams are worshiped all over Latin America. But in 3rd world countries, the kids are wearing knock-off jerseys that cost $5. In Spain or the USA, a Messi jersey fetches almost $100. It is my understanding that ticket prices for their games remain high, to support the extravagant payroll. How can a country with 23% unemployment fill these vast stadiums, week after week, year after year?
The multiple layers of denial are typical of a crisis of this type that hasn’t come to a head. Give it a bit more time.
The ECB is the sole Sovereign, as it has unlimited money printing power. The ECB will have to buy up all these overvalued real estate assets, and put them into embalming fluid on the ECB’s balance sheet forever.
The web is great!
Information is posted up for everyone interested to see and analyze.
Information can be shared with other interested parties.
Now you are aware of the frequent meetings of financial ministers and others as they try to wiggle and turn in their attempt to save their way of life.
Their gyrations, and contortions seem to look like a handful of slippery worms.There used to be a time, before the web, (in the days of paper info), when all of their actions were done in total darkness to all who did not receive copies of their minutes.
Be happy that there are diggers sharing their finds with you.
Karpatok post=2390 wrote: Why dont you have the manners to post in English? or dont you know how?
I ran it through Google’s Translator
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