And what is the result - the bank is begging for £19billion (why it only made
a £3billion loss)....Who has to borrow the money ?: - The Spanish People. What guarantee have
they got on the Loan - none - Merkel and co have voted to take away taxpayer
protection on the funds. They have created a great money laundering scam where
they pretend the government is not borrowing money at all and that magically the
ESM gives the money without any protection -- But the reality is - taxpayers are
still borrowing the money and liable for the repayment of the loans - the
governments borrow - they give it to the ESM and the ESM gives it to the banks
instead --- But - here's the killer - Merkel agreed there is no protection for
the funds - so currently if things go wrong (and the bankers diddle the books
again) - taxpayers lose the lot - but still have to repay the banking
debt....The emperors new clothes - look at the banks - they will be fine - the
ESM gives money (let's pretend its not taxpayers )....And the moral of the story
- if you were a head of the IMF or a banker - you can fiddle the books as much
as you want and taxpayers will borrow money and bail you out. If a bank in
Spain is fiddling the books 4 years in to this Euro crisis - what is the real
state of the banks. Exactly how many £trillions of banking debt is being
transferred to taxpayers- well it is a great big black hole - with absolutely no
end in site
Spanish debt is in the £trillions - Italy's debt is in
the £trillions
So let's set up the ESM and pretend taxpayers are not borrowing the money -
well we are.....Time to stop borrowing....Let the banks and the bankers face
austerity - Iceland let their banks collapse - time for Europe to do the
same....We pay tax for services - not to service banking debt.....These people
are transferring so much debt from banks to taxpayers it will take 100 years to
clear it off - so your great great great great grandchildren will be paying tax
- not for services - but to pay for the sins of bankers and politicians now.
Since when did taxpayers become liable for private investor debt - they never
shared the profits so let them share the losses. --- NO MORE BORROWING TO GIVE
MONEY TO CORRUPT BANKERS
3 comments:
Protests have continued over the weekend in Spain over the €65bn austerity plan announced last week.
This photo, taken on Sunday night, shows how crowds gathered in Madrid to chant slogans against Mariano Rajoy's government. According to local reports, hundreds of civil servants took part in the protests, unhappy about plans to cut their pay:
A quick explanation about the IMF's world economic outlook, due to be published at 2.30pm BST.
This is the first time that the IMF has published growth forecasts since April (when the eurozone crisis was just starting to flare up again). Today's report will include new projections for GDP growth (or contraction) across all regions and major countries.
The WEO also comes with a detailed explanation of the IMF's view of the global economy, and the issues it is most concerned about.
As a reminder, here's what the IMF predicted in April:
World economy: to grow by 3.6% in 2012, and 4.1% in 2013
Eurozone: to shrink by 0.3% in 2012, and grow by 0.9% in 2013
UK: to grow by 0.8% in 2012, and 2.0% in 2013
US: to grow by 2.1% in 2012, and 2.4% in 2013.
The Independent predicts this morning that "continuing financial woes in Europe, the stagnant US economy and slowing growth in China" will force the IMF to cut its forecasts (as Christine Lagarde has already indicated – see 8.54am).
Germany and the oligarchy will devise a new system that allows some euro member countries to leave while establishing they are not really "leaving". Rather, they will be "realigning" in a parallel system of quasi linked membership.This new "not leaving" system will allow its member countries to switch to an "associate euro" bound by new national rules with zero centralization -Translated : Countries will quit the euro, launch their own national currencies. Only no-one will be allowed to say that.
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