With upward of $4 trillion of European debt still needing to be rolled over this year, as well as untold trillions currently marked to fantasy on bank books, is it any wonder the $125 billion thrown at the Spanish banking system a mere couple weeks ago has proven to no effect? Yields on Spanish debt, as well as credit default swap prices are surging again, and this necessarily means decimation of core securities at the heart of the trans-Atlantic banking system is but closer to becoming reality.
Bailouts demanding commensurate political and social suicide are a failing game. This fact is confirmed by the estimated one million Spaniards taking to the streets on Thursday in dissent over having their livelihoods sacrificed to unrepentant, swindling fascists whose fraud now is widely known to reach the core of the trans-Atlantic banking system (LIBOR). All the more must the rage of innocent victims be fed by a neo-Nazism blessed by captive "regulators" turning a blind eye even to the laundering of drug money financing terrorism the world over. A snowball in Haiti has a better chance than any of the schemes still being pumped by Team Fraud to "save" their hopelessly insolvent banking system.
Therefore, voracious capital needs that, absent debt write down, can only increase will necessarily be met with asset sales moving straight to the trans-Atlantic banking system's core — the U.S. Treasury. Ever hooked on fraud, though, there is every reason to believe the status quo swindle of the past few years (bailout and austerity) still will be relentlessly pursued over the coming period. Yet as is already vividly true in Europe, this will only more so come up short of what is needed to fill the trans-Atlantic banking system's gaping hole (thus exposing the full breadth of incompetence of today's regulatory apologists for a failed financial system).
Speaking of criminal incompetents, the policy cross-dresser unqualified even to be bacteria on Alexander Hamilton's decomposed ass — Tina Geithner — probably is as equally well-advised to watch his back as is his boss. Next week's scheduled appearance before Congress regarding LIBOR (this while President of the New York Fed) and velvet glove oversight of the OCC (while Treasury Secretary) might need be postponed on account of a funeral. Truth is American citizens denied due process and wacked for the purpose of boosting the president's approval rating has precedent, so it might be time for one corrupt regulatory albatross to go. Then again, Tina has been around the block and could instead follow London and abandon ship.
They say there are many ways to skin a cat. No doubt problematic for bailout junkies is a rising dollar. One fraud friendly Treasury Secretary removed from the scene just might solve the problem. What little juice is left to swindle innocent millions on both sides of the Atlantic could be squeezed, then, with the dollar sent into a tailspin and interest rates on dollar-denominated debt launched into the stratosphere. It goes without repeating, but for a laugh I will, this will be the moment we can wave bye bye to Pooperman, too. And let's not forget Laz, among many, many other deluded souls trapped in analytical empiricism finding the present moment even remotely comparable to any other post-WWII period, which never-spoken, yet truthful perspective likewise relegates this week's notably low 22.2% bullish among those polled by the American Association of Individual Investors the perfect ruse, if not vivid demonstration of what little capacity exists to squeeze the trans-Atlantic's citizenry and escape Spain's rage.
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