Heavy use of narcotics is the only reasonable explanation for what happened this morning. The Spanish 10 year bond now has a lower yield than the U.S. 10 year bond. Do you really think an investment in 10 year Spanish government debt at 2.60% is a good idea? Their rates exceeded 7% in 2012. Interest rates on government debt are supposed to reflect the risk of that country’s debt, based upon their economic policies, debt to GDP levels, economic growth, and health of their job market. Of course, that is what is supposed to happen in the real world where markets are not rigged, central bankers don’t conduct debt Ponzi schemes, and the citizens are not at the mercy of a banking cabal and billionaire oligarchs.
Spain is an absolute basket case. Their GDP growth has been below 0% for 95% of the last five years and lingers below 1% today. And this “growth” is artificially created by government spending as annual deficits have been 10% of GDP. This country has been in freefall since 2009, with GDP still 15% below levels in 2009. Home prices continue to crash. There is violence, riots, and unrest in the streets. I wonder if it has something to do with the 26% unemployment rate?
Spain is powderkeg that could explode at any moment. The percentage of people under the age of 25 who are unemployed exceeds 57%. Does that sound like a recipe for long term economic health? They are in the same position as Greece. These are the levels of unemployment that lead to revolution, bloodshed and politicians being hung from lampposts. So of course their government bonds should trade as if they are a safer bet than the U.S. Right?
Spain’s debt-to-GDP has hit 93.4% – the highest level in more than a century. We are fed the propaganda about austerity in Europe being the cause of their prolonged depression. Again it is a false storyline. Debt is the drug habit that Spain and the rest of the EU cannot break. Even the government apparatchiks admit that Spain’s debt to GDP will surge well past 100% over the next two years. There is absolutely no way Spain can reverse the course they’ve chosen. Once you pass 90% the end is in sight. The whole house of cards will collapse and debt default will be the only choice. If this criminally corrupt country is destined to experience a national bankruptcy, how could their debt possibly be trading at a yield of 2.6%?
The answer is simple. Bankers control the levers of power in Europe, the U.S. and Asia. They want more for themselves and less for you. The sycophants at the ECB, led by a Goldman Sachs progeny, have created hundreds of billions out of thin air and pumped it into the veins of the insolvent European banks like heroine. These addicts then turn around and use the new debt to buy the old government debt, thereby driving the yields on the old debt down to record lows. There is no market clearing mechanism. This isn’t a free market. This is a rigged market, designed to enrich the oligarchs and bankers. The citizens who are huddled in back alleys scrounging for food in dumpsters are of no interest to the fat cats running the Ponzi scheme.
So if you’re feeling lucky and truly believe central bankers can permanently keep the Ponzi going with more and more debt, invest your life savings in Spanish 10 year debt. If I were a gambler, I’d put my money in guillotines.
“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”
Lord Acton
One should never utter The Bull’s name in vain.
“Our Fed
Who art in Manhattan
Yellen be thy name
Thy QE come
Thy print be done
By Ben as it is with Janet
Give us this day our daily 1.5 billion
And forgive us our savings
As we drown with the debtors
And lead us not into deflation
But deliver us from volatility”
Amen
Admin
There is a simple solution to Spain’s high unemployment among the young.
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[/img]
The Importance of Being Not an Arrogant Prick
When stepped on, the worm curls up. That is a clever thing to do. Thus it reduces its chances of being stepped on again. In the language of morality: humility.
– Friedrich Nietzsche, Twilight of the Idols
While there are certainly those who cloak their execrable cowardice in the garb of virtuous humility (thus rendering Nietzche’s trenchant observation not altogether wrong), there is a yet a legitimate (read: genuinely virtuous and fruitful) function of humility.
First, there’s an obvious benefit of humility in that it, like booze, acts as a social lubricant. Who wants to hang around a boastful blowhard? Humble (but not unconfident) people are much more enjoyable to spend time with.
But there’s something even more important than making for facile social interaction.
Let’s begin with a quasi-tautology: Great minds are full of big ideas. F = G((m1m2)/r2), E = mc2, etc. My two examples illustrate the point: When we think of “big ideas”, we think of strokes of genius that may be unfathomable to our paltry little brains but yet are true.
But how do we know they’re true if we can’t understand them? Answer: We trust the “authorities” on the matter.
In the realm of the physical (read: true) sciences, the Newtons and the Einsteins and the Feynmans and the Plancks and the Watsons and the Cricks have proven not to be terribly arrogant people. My suspicion as to why this is, is that I think most good scientists realize that science is hard, and no matter how brilliant you are, your best ideas almost certainly won’t stand the test of time.
But in the realm of “social” (read: not) sciences, there’s really no such burden of proof. The Freuds and the Feuerbachs and the Marxes and the Gramscis and the Gladwells take whatever pops into their minds and run with it, unimpeded by the rigors of empirical verification.
Combine this unanchored intelligence with unbridled hubris, and what do you get? You get genocides and purges and Gulags and swamping of your nation by illegal invaders from Mexico.
Why? Because, being more clever than the average bear, these social “engineers” (oh, how leftists love to honor themselves with the appellations of genuine and constructive intellects) can out-argue the average lay person. And argumentation is the only form of “proof” for these non-scientists. Hence, high intelligence coupled with delusions of moral and intellectual superiority will lead to the belief that one’s ideas are “true” if and only if they have withstood arguments against them.
Imagine a sophist winning an argument against his ancient Greek peers that the Earth was flat. In the mind of the leftist, he would be right. (Of course, to the sane and honest—and humble!—this would be insufficient for determining the “truth value” of the proposition.)
To put it another way, imagine I was a shut-in in a house full of people with Down syndrome. No doubt I could win every (ok, most) arguments on any topic with them. Would this mean I’m correct in everything I argued for?
To the arrogant prick, the answer would be yes. And, being an arrogant prick to the point of sociopathy, he would see it as his prerogative to ridicule, berate, ostracize, beat, cage, or even kill anyone who insisted on disagreeing with him.
And thus we have find ourselves in the position we’re in today—ruled by arrogant sociopaths who believe they are basically gods, justified in their dominion over us little people because they find our arguments against their insanity uncompelling, and therefore false.
Were they a little more humble, a little more circumspect of their own ideas rather than so enamored with them, maybe—just maybe—we’d be in a little better shape today as a civilization.
But hubris bears a heavy price, and unfortunately it’s one the humble must pay.
Read more at http://angrywhitedude.com/2014/06/the-importance-of-being-not-an-arrogant-prick/#pRh1bOJH0ie1jWPW.99
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I thought Spain, Portugal, Greece, and Italy have been fixed. They use hookers and cocaine in their GDP calculations now, right? What could possible go wrong? These socialist welfare states are the same as the Northern European socialist welfare states, the same the United Socialist States of America. Grandma Yellen, the BOJ, and the ECB can keep printing money forever, each dollar worth less than the last. Good thing everyone’s on the government dole.
Little By Little, We Went Insane
Submitted by Tim Price via Sovereign Man blog,
“Are we finished ? The answer is no.”
– Mario Draghi, President of the European Central Bank, 5th June 2014, having just cut ECB deposit rates to minus 0.1 percent.
“The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.”
– Ernest Hemingway.
“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”
– Vladimir Lenin.
If it looks like insanity, smells like insanity, tastes like insanity, feels like insanity and struts about barking, “This is insanity”, then perhaps it might just be insanity.
“We were in the jungle. We had too much money. We had too much equipment. And little by little, we went insane.”
Not the words of Mario Draghi – yet. They are the words of film director Francis Ford Coppola in relation to his magnum opus, ‘Apocalypse Now’, a film that so outrageously exploded beyond its budget and beyond any reasonable compass that during its making it started being referred to as ‘Apocalypse Later’.
Coppola’s unique vision came at a price. What was expected to be a 14-week shoot in the Philippines ended up taking more than a year. Coppola fired his leading man, Harvey Keitel, after just two weeks. His replacement, Martin Sheen, turned out to be fighting alcohol addiction and suffered a heart attack on set.
Numerous members of the crew went down with tropical diseases. At key points, helicopters hired for pivotal action sequences were suddenly redirected to quell a revolt in the southern Philippines. Then a typhoon hit, the set was destroyed and the production was shut down.
Throughout all of it, Coppola was dealing with increasingly worried money men back in Hollywood as the film’s budget ran dry. As the film’s scriptwriter, John Milius, pointed out: “Studio executives, you know, are not noted for their social courage”.
And then Marlon Brando arrived on set, so hugely overweight as to be almost unrecognisable. He didn’t have the barest knowledge of the script. Then he shaved all his hair off and insisted on improvising all of his scenes.
And there were actual dead bodies on the set, bought to add some ‘atmosphere’ from a local who turned out to be a grave-robber.
Coppola had sunk his own life savings into the film. He faced financial ruin if he couldn’t finish it. He suffered a nervous breakdown and on at least three separate occasions allegedly threatened to commit suicide.
“My movie is not about Vietnam,” he once explained, “my movie is Vietnam.”
The markets are not about Vietnam. They are Vietnam. There’s a difference, of course. When a film studio runs out of capital, the production gets shut down.
Corporate resources can only ever be finite. But when a government runs out of capital, it simply borrows more. Or taxes more. Or both. At least for as long as it has access to credit by way of maintaining the confidence of the bond market.
Practically every western government has got its finances into a desperate mess. In the words of US fund manager Paul Singer of Elliott Management, “America is deeply insolvent, and for that matter, so are most of continental Europe, the UK and Japan.”
For as long as governments can perpetuate the illusion of solvency, they can continue to borrow, and therefore also to spend. But once the illusion is broken…
We all know that Japan is drowning in debt, which makes Japanese Government Bonds about the most dangerous asset in the world right now, especially given the Bank of Japan’s pledge to double its monetary base, ensuring that holders of JGBs will be paid back in ever less valuable currency.
But the vulnerability of the UK’s creditworthiness is less widely appreciated. Pimco’s Bill Gross, still clinging on to the $229 billion remaining in his Total Return bond fund, referred to UK Gilts as “resting on a bed of nitroglycerine” as far back as 2010.
The UK is hardly alone in running its national treasury on empty. Not one single major western government possesses a stable balance sheet. Everybody has thrown caution to the winds, in the illusory hope that ultimately somebody will pay.
If you hold western government bonds, that somebody is likely to be you.
Actions have consequences. Governments are no different from individuals or corporations or film studios in this respect – they can merely perpetuate the myth of solvency for longer, given the credulity of global capital markets and of agency investors with no real skin in the game in their bond portfolios.
But at some point, the piper must be paid. Which is why every major western government is determined to inflate, and pay the piper (bondholders) in ever more worthless paper money.
And this is why Mario Draghi has now driven interest rates to below zero. The natural corollary to universal currency debasement is to own a currency and durable store of value that cannot be printed on demand. If only we could find one.
Spain’s number one export
Hot chicks…..
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MISS USA NIA SANCHEZ
AWD,
I would think that would pay down some debt.
Bob.
You are right. Look at these people who claim to believe in evolution. How much arrogance , hubris and downright stupidly does it take to profess this lie but peopleby the millions believe Darwinism with no empirical verification at all backing it up.No empirical evidence , no laboratory experiments backing it up,no
Laboratory observations at all.Time +random chance +unlimited mutations +more time =everything.
I noticed you claim to believe this Damn nonsense. Might want to check the hubris delusions in your own mind .Angry White Dude
I think this is the reason people find me so unnerving.A few challenges,a few questions , a few rebukes and the so called great minds just fade away.
This is one of the reasons I come back to the Burning platform. I have been kicked off or banned from other sites for questioning the religion of evolutionary biology. For questioning someone’s economic theory or political beliefs. People are not very tolerate on some sites and get angry when you challenge their ideology especially liberal sites .They curse and write all kinds of hateful things. Glad to have this site.I guess I should send Admin some money.
Thanks
“Glad to have this site. I guess I should send Admin some money.”
—-bb
Do it. I’ll look for a little upward bump in Admin’s donation thermometer.
Spain is ranked #1 in the soccer world in some polls, and no worse than 3rd in any others.
If they win the World Cup, it will keep the Spanish Utes subdued for at least another year. Of course, Brazil might declare war, but that’s another story.
Hmm. It’s hard for me to imagine that bb has been kicked off other forums. He seems like such a natural at making friends.
AWD says:
Spain’s number one export Hot chicks…..
Nia Sanchez was born in Sacramento, California on February 16, 1990 to David Sanchez and Heidi Sanford…She was the first Miss Nevada USA contestant to win Miss USA and the fourth Hispanic to win Miss USA after Laura Harring in 1985, Lynnette Cole in 2000, and Susie Castillo in 2003.
bb says:
“People are not very tolerate on some sites and get angry when you challenge their ideology especially liberal sites .They curse and write all kinds of hateful things.”
Folks here would never dream of doing such a thing.
Miss Nevada is an illegal alien, she must be deported immediately to California.
Tim ,you and I can be friends. In the next world.
Spain went straight into the shitter as soon as they ended the Inquisition. Coincidence? I think not.
you could be liable for an auto da fe just for refusing to eat bacon. how did that improve the gene pool?
“I’ll look for a little upward bump in Admin’s donation thermometer.”
—-SSS @ bb just a few hours ago
Wow. The donations just jumped $800. Coincidence?
Don’t get your underwear in a knot, people. I have NO clue who kicked up that donation pile.
SSS
It was a number of generous donations received via snail mail. We only check the PO Box once a week. Thanks to everyone who has been so generous.
Will Spain Default?
Submitted by Tyler Durden on 06/11/2014 09:31 -0400
With 10Y yields trading below those of US Treasuries, asking the question of Spain’s rising default risk seems risible but as Bloomberg’s Maxime Sbaihi notes, the longer the euro flirts with deflation, the higher the risk that the heavily indebted (and becoming more so) countries will be tempted to default. Of course, this ‘concern’ is entirely ignored by the ‘market’ as Draghi has promised enough liquidity to soak up every short-dated bond but as the European Union’s so-called “1/20 rule” suggests – requiring states to reduce excessive (over 60% Debt/GDP) by 1/20th every year or face a fine of 0.2% of GDP – Spain, it appears has 5 options to escape this vicious circle… and one of those is restructuring…
To reduce its public debt, Spain can choose among five options, which are not mutually exclusive.
1.The first is to attempt to grow GDP faster than public debt in order to reduce the ratio. According to International Monetary Fund forecasts, annual GDP growth in Spain will remain below 1.3 percent until 2020. This is not enough to stabilize the debt ratio, according to Bloomberg Brief calculations.
2.The second option is to pursue fiscal adjustment until the primary balance — the budget balance without debt interest payments — reaches a surplus. With a primary deficit of 4 percent, Spain still needs further consolidation, heightening political risk from voters who show increasing signs of austerity fatigue. Reducing the deficit too quickly might also endanger the recovery.
3.Another option is financial repression, involving state-dictated measures such as interest-rate caps, direct lending to the government or regulation of capital flows. This runs up against reputation risk, political backlash and legal issues, especially in a currency union. Yet it remains a possibility after some features were implemented during the banking sector bailout in Cyprus.
4.Another even more radical option is to restructure or fully default on the debt. That has become more conceivable with the Greek precedent and years of austerity fatigue. In a December 2013 paper on debt restructuring, Carmen Reinhart and Ken Rogoff warned: “restructurings will be needed, particularly, for example, in the periphery of Europe, far beyond anything discussed in public to this point.”
5.One final option is to rely on inflation. Spain’s public debt is fixed in nominal terms, except for one 5 billion euro inflation-linked bond issuance last month. Higher inflation means a lower real value for repayments. Given the current debt stock, even 3 percent inflation in Spain would only reduce public debt to GDP by 1 percentage point by 2025, according to Bloomberg Brief calculations based on IMF projections.
Repression has been tried and the banks are already neck deep in it… growth is a joke in the new normal… fiscal adjustment is simply (as we have seen) too much pain for politicians… and inflation is going the wrong way… leaving one option (as unpalatable as it is)… default/restructure.
Source: Bloomberg Briefs @MxSba
Nothing but a bankster/elite gift to the new ruler, I guess.
A rational mind schooled in finance would think this shit can’t continue. Problem is that was the thought eight years ago.
And here we are.
When this puppy finally blows it is going to be epic, spectacular and unprecedented.
Somedays it feels as if the New Dark Ages are bearing down upon us.
and Pb never missing a chance to relish us with his scientific, non-biased, take on “those people” and evolution.
So it goes…
They need to come to Denmark so control can be restored.
Claim Hof of the (enevælde) House of Solomon.
The Danish state and a huge group have made sacrilege against, the Young King, King of the sun god. Jesus bloodline
He will pay, He is king of the gold reconstruct the house of Solomon.
The Danish parliament is an occupying force.
In other words, the Danish state is Nazi Pigs, behind corruption and cleansing of people on a scale never seen before
The Holy Spirit