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I remember reading last year that when the banks in Europe begin collapsing, particularly in Spain, then shortly the banks in England and Germany would follow. This is because of all the fiscal maneuvering done to prop up banks in southern Europe: Greece, Italy, and Spain.

Quote from "Ben" (comments section): "Spain is like China. Local governments are setup and incentivised to lend lend lend and take on debt. In Spain each region had its own bank just for that region unlike China's national SOE Big 6. each region set up to balance the 2 independence seeking regions and give them autonomy, rooted in Franco's Years. This caused all the problems with leverage and people buy homes they could not afford, the regional banks marketed RRE to Britons and others, The City traunched and sold the paper as AAAA and know you know the rest of the story."

Interesting, and so is the following facts, that unemployment in Spain is now 25% and the housing market has slid in value by 50%. Sound familiar?

The part that people here must pay keen attention to is that the collateral scaffolding under the solvency of English and German banks was provided by New York banks.

We may be soon experiencing an economic collapse sooner than expected.

1 posted on 12/28/2012 11:59:51 AM PST by SatinDoll
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To: SatinDoll
Suckers.[That's US]

Buying Back Greek Debt Rewarded Hedge Funds

'Opportunistic hedge funds have profited handsomely from the euro zone crisis, be it by speculating in Greek bonds or by buying up the senior debt of failed Spanish banks. They have successfully bet that Europe, ever fearful of Greek-style contagion, will prefer taxpayer-financed bailouts to forcing concessions from the private sector.'

2 posted on 12/28/2012 12:09:51 PM PST by Theoria
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To: bruinbirdman

Ping.


3 posted on 12/28/2012 12:20:49 PM PST by Army Air Corps (Four Fried Chickens and a Coke)
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To: SatinDoll

It has become obvious to me that EU and USA cover each others (banking) backs; not withstanding F. Reserve is the all upholding Atlas, a singularity. Stated another way, the _reserve_ and now ECB, which has started to play, are gates of supposed infinite resources which will consume all material things as they collapse unto themselves. In this view modern banks are black holes, which warp monetary and associationed laws in their vicinity.

The two half of global banking hold each others hypothifications, by way of primarily the derivative/MBS systems. Each sells each other their risk. This should be obvious; there is no other possible source of the scores of trillion dollars needed to cover the >1 quadrillion $ in derivatives outstanding.

Decent into slavery for all who join the game...


4 posted on 12/28/2012 12:28:11 PM PST by veracious
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To: SatinDoll
Did someone say Spanish Flies?


5 posted on 12/28/2012 4:47:18 PM PST by Boogieman
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