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Posts by "catnip"
2150 Posts Total by "catnip":
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Posts by Anonymous "catnip":
to Spanish Portuguese banks ( which is illegal) to help them pass the stress test then it is just a Ponzi scheme. Because the credit of Eur 386 bln is hot air. The Bundesbank doesn't have 386 bln.
So far Weber has not resigned but was ousted.
Apparently Bundesbank gave credits to liquidity strapped EZone banks. These rose from Eur 18 bln in 2008 to 326 bln in 2010. This is the secret of basically bankrupt but ever climbing spanish banks and savings. If there is a haircut, then Bundesbank claims will be cut as well.
Thus the air for Eur gets thinner day by day.
The Ezone administration in terms of cost outdoes US administration by a factor of 6. And none can be fired . US simply closes government and period. Unthinkable especially in officials' paradise Germany.
Imo , I stay with Maestro Greenspan who said when Eur was introduced the common currency cannot last long. Mr Alan and Dr.Ben clever men.