2012-04-23kunstler.com

``Spain, it was revealed this week, has turned to a form of finance that could only have been designed by M.C. Escher. he plan for stabilizing Spain's hemorrhaging insolvency position works as follows: Spain's big banks borrow billions from the European Central Bank (ECB); the Spanish banks then turn around and lend the Spanish government the money to fund a bailout operation for the Spanish banks; the Spanish banks then use the bailout money to buy Spanish sovereign bonds, that is, lend money to the government. The world received news of this dangerous idiocy with a yawn.''


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