Posts Tagged ‘Spain’
Spanish central bankers investigated


First, Iceland, and now Spain has taken on the Big Bankers responsible for financial calamity, as the country’s highest national court charged the former head of Spain’s central bank, a market regulator, and five other banking officials over a failed bank leading to the loss of millions of euros for smaller investors.

This, of course, markedly departs from the mammoth taxpayer giveaway — commonly referred to as the bailout — approved by the U.S. government ostensively to “save” the Big Banks and, albeit unstated, allow the enormous institutions to continue bilking customers without the slightest fear of penalty.”

The establishment connived with big finance to bail out politically connected bankers and vested interests. Losses were transferred from those who ought to have borne them to the taxpayers. Ordinary punters were not helped. Instead, aid went to the rich and powerful. They bailed out Wall Street, not main street. This was repeated across the West.
Now the establishment and their media cheer squad wonder why they are not being listened to. They wonder why people are voting to piss them off. They wonder why new and small parties are on the rise. So much for the intelligence of the intelligentsia.


EU and Spain

Interesting post by Ambrose Evans-Pritchard

Spanish revolt brews as national economic rearmament begins in Europe: The Spanish have good reason to feel maligned by North Europe’s self-serving narrative of the EMU crisis. They never violated the Maastricht debt rules. They ran a budget surplus of 2pc of GDP during the boom.

Private credit spiralled out of control in part because the European Central Bank missed its inflation target every month for almost nine years and gunned the eurozone M3 money supply at double the bank’s own target rate to help Germany, then in trouble.

Such a loose policy was toxic for an Iberian tiger economy, flooded with North European capital that it could not keep out under EU rules. Rates were minus 2pc in real terms for year after year, washing over the heroic efforts by the Bank of Spain to contain the damage.

Ever larger political aggregations may suit the ego of individuals, but they often do not serve the interests of the people. The optimal size of a political union will vary depending on circumstances. Both of the potential people in the union and of the rest of the world. A union that is not large enough to ensure its independence risks getting swallowed up. One too large is unwieldy.

The new normal when it eventuates will no doubt result in changed incentives for optimal political unions. The effects of immigration, multiculturalism, birth rates and changes in relative economic and military might make geopolitical changes a near certainty.

There is nothing set about the current mix of nations, their supranational unions or internal composition:

One of Prof Davies main themes is the uncertainty of nations. It is easy to think of today’s European states as the natural sub-units of the continent. But many other forgotten states might have seemed just as natural, if they had only been a little luckier. Another pattern that struck me is the multi-ethnic nature of many of Davies’ states. They were often welded together from a mix of peoples, overlapping in the same physical terrain, but willing to live together in some varying degree of harmony.

The states covered are Visigothic Tolosa, ancient British Strathclyde, the many Kingdoms of Burgundy, Aragon, the Grand Duchy of Lithuania, Byzantium (very briefly), Prussia, the lands of the House of Savoy, Galicia, the Napoleonic Kingdom of Etruria, Saxe-Coburg (birthplace of Prince Albert), Montenegro (lost and reborn), Carpatho-Ukraine (a Republic for but a day), Eire (a newborn state), and last but not least the USSR (freshly and mysteriously vanished). By winding up on the USSR, Davies takes the opportunity to reflect on the inevitability of change. “Nothing lasts forever” and Davies argues that while today’s major states may seem permanent, they too will eventually fade, or change into very different forms.

It is time for the EU to take its place in history …. books. It can not persist through time in its current form.

Graphic courtesy of Europe’s Disintegration Moment

Wikileaks Turkey to avenge Andalusia loss

Wikilealks US cable extract on Turkey:

Widespread belief among adherents of the Turk-Islam synthesis that Turkey’s role is to spread Islam in Europe, “to take back Andalusia and avenge the defeat at the siege of Vienna in 1683” as one participant in a recent meeting at AKP’s main think tank put it. Hat tip UK Commentators

Andalusia is Spain. They want to reverse a loss from back in 1492. Talk about bearing a grudge. Still it’s probably Bush’s fault somehow. Presumably they do not care that they themselves inhabit formally Christian lands. Their capital was once one of the great cities of Christendom. That Spain was Christian before the Muslims conquered it.

Islam in Turkey is not thought to be a force for good.

Islam as it is lived in Turkey is stultified, riddled with hypocrisy, ignorant and intolerant of other religions’ presence in Turkey, and unable to eject those who would politicize it in a radical, anti-Western way. Imams are for the most part poorly educated and all too ready to insinuate anti-Western,anti-Christian or anti-Jewish sentiments into their sermons.Exceptionally few Muslims in Turkey have the courage to challenge conventional Sunni thinking about jihad or, e.g., verses in the Repentance shura of the Koran which have for so long been used to justify violence against “infidels”. Hat tip UK Commentators

Naturally the British Conservative Party can spot a good thing when they see it:

David Cameron has promised to “fight” for Turkey’s membership of the European Union, saying he is “angry” at the slow pace of negotiations.

Some people have been taking a sojourn from history. But they are about to be dragged back kicking and screaming into its long and bloody embrace. Britain will be prepared, with its 19 ships.

Military strength goes hand in hand with economic strength. The Blair-Brown legacy is one of a dejected nation that needs to come to terms with yet another precipitous decline in its standing. A trajectory the US seems intent on following.

The Anglosphere needs to rediscover the traditional values that enabled it to become strong. Political correctness has sapped its strength. The left wing clap trap that clutters minds and distorts conceptual frameworks must be purged.

Restoring sanity to much of the West will take time. Replacing politically correct texts in schools with John Stuart Mill’s On liberty is one place to start. With the “right” on the rise around the world, how many will make such a move? Will they support liberty? Are they only really in it for the money, power and ego? Or don’t they have a clue?