Tag Archives: spain

Egypt style protests come to Madrid

Stacy Summary: h/t Arend Lammertink for story; and @luis for video of protests in Madrid.

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The euro death sentence and a $2.6 trillion ‘mystery’

Stacy Summary:   Please note that the ‘euro will be dead’ prediction comes from ‘leading economists’ and we all know how well their predictions on the forever bubble went; regardless, the second NYTimes article goes a bit further in explaining what is happening with our financial systems.  There is too much debt.  It is mathematically impossible to pay these debts and, so, like all Minsky moments, nobody wants to be left holding the bad debt parcel.  The liquidity crisis is caused by the solvency crisis.

**UPDATE**:

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Submerging Economies Becoming More Volatile & Obama Pressures Spain on Austerity

Stacy Summary: Love the bankrupt giving each other advice . . .   Obama encouraged European leaders to ‘act boldly’ ala Bush/Paulson with the TARP-like program?   And, by the way, aren’t US debt levels worse than Spain’s?

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Controlled Demolition! Now S & P Downgrades Spain!

Stacy Summary:  Standard and Poor’s is on all out assault mode against European sovereign debt this week.  Floor by floor by floor.  It’s just downgraded Spain.   No doubt the turmoil following on these downgrades is conveniently distracting from their central role in the CDO frauds that are presently being investigated inside the US . . .    Gold soars, euro tumbles on Spain downgrade

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A Lehman style tsunami of bad debt and suspending QE

Stacy Summary:  More on that next leg down.

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Spain tips into depression, 7 years housing supply on market

Stacy Summary: Unbelievable. And yet house prices have only fallen by 10% since the peak. Guess sellers are waiting for a recovery. LOL. But it also shows you what a wild misallocation of capital happened during the Greenspanesque cheap money era; during also the monetary union which saw Spain and Ireland have far too low interest rates; and a time during which the tax burden in Western economies was shifted away from property and capital and onto labor leading more and more into speculation for ‘income.’

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Unemployment jumps, Spain rallies

Stacy Summary:  Maybe Spain is performing so well because everyone is a contrarian these days?

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Headlines, Headlines, Headlines – 30 March 2009

The Stacy Summary:  Banks return to profitability thanks to Obama’s Marie Antoinette moment.  Detroit told to ‘pound sand’ and more US taxpayer money went into the bankers black hole of market fraud.

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