A strange title some would say but the sheer fact that Spain has been able to hide these huge amounts of debt, for many a year! Is staggering to say the least!
I have been following this and many more stories on the Euro Zone paying special attention to the amounts being requested and asking myself, is that what they really need! Or what they say they want!
As numerous discussions have taken place with bankers and treasury ministers l have come to the conclusion the ” left hand does not know what the right hand is doing” ! So let us consider the right-hand, this we will call the bankers or treasury ministers who for years have so-called looked after their people’s money! One day it all changes with a new buzz word ” Bailout Fund” a way for any Euro Zone country to get money to pay off their debts! Wow free money, with very few strings attached just impose austerity on the people whose money you squandered, make them pay, for your incompetence! While you continue to provide the same inept services you always did making sure you get a nice big pay rise to boot!
These figures l provide in the part below this statement are what l personally overheard Spain’s banking minister say when interviewed on 3 separate occasions until last night when Catalonia said we have just enough money for one more month! Well here are the figures –
When the likelihood of a bailout emerged only a short while ago it was just a figure of 23 trillion Euro’s it rose by miscalculation after miscalculation from 46 to a figure of 100 trillion! Last night it was revealed that this was only earmarked for the banks! In fact this will not be enough to bail out the country, this is nearer 350.00 trillion!
So my conclusion is that any country through sheer incompetence gets in a financial mess and are a member of the Euro Zone countries, just cry bailout and make the people pay!
Just one more thing who or what is the left-hand ,well l said in the beginning the ” right hand does not know what the left hand is doing” well the right hand is the bankers and treasury officials! So the left hand must be all the rest of us, who are so blinded by what we are told is all being provided to help our economy grow! Of course prosperity does not come from borrowing more, austerity measures or getting people to spend more, that is cap-it-all-ism!
True prosperity comes like a rich tapestry of life from good honest hard work, good honest people and most of all the faith in oneself to do the best they can for their fellow-man and woman! Not from under-hand and under the counter wheeling and dealing by putting profit before people.
- Spain’s biggest battle since Franco (theolivepress.es)
- In Euro Zone, Debt Pressure Tightens Grip (nytimes.com)
- Spain slump deepens as bailout fears grow – Reuters UK (uk.reuters.com)
- Spain: Not Really A Bailout (seekingalpha.com)
- Meltdown in Spain (theolivepress.es)
- 12 Signs That Spain Is Shifting Gears From Recession To Depression (blacklistednews.com)
- 1% hide $21 trillion, US big banks hide $10 trillion; ending world poverty: $3 trillion (investmentwatchblog.com)