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Tag Archives | ECB

When the first small piece of shit finally sticks.

So could it really be that after years of stonewalling, Draghi, the ECB and the cabal of central bankers and regulators, are finally being dragged blinking in to the light? Funny how so often the biggest most powerful criminals, the untouchables, are brought down by the smallest of their crimes. The one they thought so beneath them they […]

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Global Debt, Global Currency

With the latest installment of the ‘US debt ceiling’ melodrama over, for now, perhaps it’s a good time to ask, what was it all about really? I know that officially it was supposed to be an edge of your seat, high stakes thriller about how much debt the US government can carry before some disaster […]

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Plunderball – The new Euro banking game

So who will get shafted next? Will your lucky numbers come up? We’ve all heard of deposit insurance, but does it mean what we all thought it meant – that up to a given sum we would not lose any money if our bank collapsed? And by the way – who pays the bill? The […]

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Spain’s BALLS. Part Three. A right load of…

Part one was the Bad Bank. Part two was, what might be in the BB courtesy of Bankia and the other Caja. Part three… Part two of this series ended talking about Recourse and Non-recourse loans. Noting that Spanish mortgages are recourse. Meaning that if  the borrower defaults the lender/bank has recourse to not only the collateral […]

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The Momentum of Lies – Corrected

Headline in the FT “Spain to force banks to set aside €30bn.”  This is a bad joke. One which ordinary Spanish people are going to pay for in blood. First, €30bn is a joke because it is not enough and the Spanish central bank and the government know it. Second, 30bn of what? The Spanish […]

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A horrid thought has been incubating for the last few days. I don’t know how many of you know much about Vulture Funds, what they do and how they do it, but it forms the basis of my horrid thought. Nations issue debt. After it is bought, it often gets re-sold on what is called […]

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Ireland was Germany’s off-shore tart

Now that Mr Cowen has lost control of his party, coalition and country, the Irish can expect to be bullied and hectored from all sides. It is more important than ever for Ireland to defend herself against the claims that she owes the rest of us. She doesn’t. Every European bank exposed to Irish loans, […]

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Portugal’s bond auction – behind the ‘Pravda’ headlines

Reuters headline is that the yield on Portugal’s ten year debt dropped due to high demand at this auction. Which as the article goes on to suggest, averts bond disaster and lowers the pressure on Portugal.  I see this as the now customary Pravda style “all news must be good news”. What the facts tell […]

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