Spain Borrowing Costs Again Soar To Dangerous Levels
As Eurozone politicians leverage the future earnings of Eurozone taxpayers (especially Germans) to cover the ever-growing list of bailout packages, interest rates on Spanish 10-year bonds again crossed the dangerous threshold of seven percent. On Thursday, yields hit 7.03 percent. Thus, despite all the fiscal and monetary games going on in Europe to artificially dampen interest rates, the bond vigilantes keep striking back,
As is widely recognized, a seven percent yield on long-term sovereign bonds is unsustainable in the Eurozone. In previous cases where PIIGS countries crossed that red zone (Ireland, Portugal and Greece) they all required huge bailouts from the Eurozone-in the case of Greece two bailouts. Despite all the claims by politicians in Spain and elsewhere in the Eurozone that Madrid will not need a bailout (despite Spanish banks already receiving a $120 billion bailout) it seems likely that Madrid will follow in the footsteps of Athens, Lisbon and Dublin. Can Italy be far behind? And how does the Eurozone, meaning principally Germany, pay for the bailouts of Spain and Italy? The answer is, this is mathematically impossible. Which leaves one last option; monetization of sovereign debt in the Eurozone by the European Central Bank. That means massive money printing, which will wipe out most of the sovereign debt, along with the value and credibility of the euro.
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:
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.
