The bond vigilantes are increasingly unimpressed with the bumbling politicians of the Eurozone. With finance ministers from the monetary union set to meet in Brussels for another of the monotonous string of Eurozone sovereign debt crisis meetings, borrowing costs for financing of Spain’s government debt have again exceeded the red line of 7 percent.
While the pundits still claim there is no danger of Madrid joining some of the other PIIGS nations in requiring a bailout, this after a massive bailout of Spain’s insolvent banks, the ranks of the economic optimists, those who still believe that the policy measures of politicians resolved the global economic crisis that began in 2008, are becoming increasingly thinner.
WALL STREET KILLS--A CHILLING NOVEL ABOUT WALL STREET GREED GONE MAD
To view the YouTube video overview of “Wall Street Kills,” click image below:
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Wall Street Kills,” a novel by Sheldon Filger, presents a dark and shocking view of Wall Street greed that is pathologically out of control. “Wall Street Kills,” available in both eBook and hard copy editions on Amazon.com, portrays the leading characters, primarily Wall Street insiders, as having a pathological drive for attaining vast profits, even if that means engaging in a shockingly brutal plot, in which the life of a celebrity woman must be sacrificed. Controversial themes explored in the novel include the exploitation of sexual violence against women for profit.
At the core of “Wall Street Kills” is an elaborate plot to kidnap a world famous female celebrity, and murder her in a theatrical spectacle that will broadcast over the Internet in real-time, available for viewing to anyone with a computer willing to pay the steep access fee. The secretive group of Wall Street investors behind the scheme seek to produce the ultimate snuff movie.
The bungling politicians of the Eurozone have done it again; another bailout. This times it is Spain. Not the entire Spanish economy (which may come later, though the politicians swear that will never happen) but its insolvent banking sector. The Eurozone has agreed to allow Spain to borrow up to 100 billion euros from its bailout fund, a sum equivalent to about $125 billion USD, with supposedly no strings attached.
As they have done so often in the past, the political leaders in the Eurozone are praising themselves for their “brilliant” move of further indebtedness for the entire monetary union for supposedly, once again, “saving” the euro. And as has happened before, they will undoubtedly eat crow when the next bailout package is offered by these same inept politicos.
The “no strings attached” deal to save Spanish banks actually poses a serious problem. Ireland originally had a relatively stable fiscal situation until the bumbling politicians in Dublin foolishly decided to backstop their crumbling private banks with public funding, leading to the insolvency of the Irish economy. The bailout package Ireland received from the Eurozone bailout fund required crippling austerity measures. Now some in Ireland are urging that their bailout terms be modified, in light of Spain having its banks directly bailed out by the Eurozone.
In conclusion, while politicians in Europe and the United States are cheering this latest bout of bailout fever in Europe, nothing positive is really happening in terms of addressing the root causes of Europe’s economic malaise.
The Spanish banking giant, Bankia, has a balance sheet full of toxic real estate assets, all hemorrhaging red ink. To survive, and prevent a further erosion in Spain’s crisis torn banking sector, Bankia needs a bailout from Spain’s already beleaguered taxpayers. But with Spain itself a sovereign debt risk, with an economy in recession and catastrophic levels of unemployment, there is increasing talk in the Eurozone that the bullet needs to be bitten if the euro will be saved. In other words, a bailout for the entire Spanish economy.
A bailout of Spain would be a far bigger problem than Greece, Ireland or Portugal. It would ultimately mean that the German taxpayers will have to bailout Madrid. The talk is now of Eurobonds, a formulation that in theory holds all the Eurozone members as being collateral for debt risk. This would compel the unwilling Germans to be the lender of last resort-through the backdoor of a Eurobond- if Spain is to be bailed out of its fiscal woes.
So this is what the European monetary union has come to; forcing the German taxpayer- democracy be dammed-to pay for all the catastrophic mistakes made by the Eurozone politicians. And this is supposed to end the Global Economic Crisis? I rather doubt it.
