On a personal level, the complete looting of Spanish pensions by the Crime Syndicate bothers and saddens me a lot. Of all the people I have known in Europe, Spaniards are among the nicest and most friendly.
When the plutocratic Rajoy administration and its Parasite Guild backers took power in 2011, Spain’s social security fund had a surplus of more than €65 billion. The government looted tens of billions of euros, bailing out Spain’s bankrupt savings banks and their creditors and filled holes in the deficit. Now we learn that the Spanish government has confessed that at the end of 2018, its anticipated pension surplus will actually become a deficit of around €7 billion.
There’s that little issue Winter Watch keeps addressing involving creditor bail outs. There is no sound reason at all for it. This is the reason Trump brought in his Goldman Sachs swamp-dweller cronies — in part to loot pensions and the Social Security system and send the elderly to the plantations. Mark my words. The growing protests in France center around pension rollbacks.
The idea that Spain’s youngest workers will be able to support the country’s swelling ranks of pensioners is risible. Spain’s youth unemployment rate is over 40%. Yet, somehow this generation of unemployed, underemployed, badly paid or “ni-nis” (stay-at-home-kids) are now expected to maintain over eight million pensioners who are living longer than ever and are used to earning an average state pension of €906 a month. No combinam.
Then there is the Catalonia separatist movement with strong regional support. Without Catalonia, Spain would be bankrupt. Spain would be unable to continue servicing its debt, which currently represents 100% of GDP. That, of course, includes the contribution of Catalonia, which represents 16% of Spain’s population and 19% of the economy.
The Financial Stability Board (FSB), an international organization, says there is only one bank in Spain that is officially too big to fail and that’s Banco Santander, which is held together via duct tape.
Meanwhile, enabled by the European Central Bank’s (ECB) massive bond-purchase program and cheap usurious money, Spain’s public debt is more bloated than at any point since 1912. This begs a question: When Spain, Portugal and Italy near default, does the ECB take the hit on its portfolio? No way.
The unspoken, hidden solution (let the banksters take the losses) to this dead-end usury is described in this article. Unfortunately, Spain — and Italy for that matter — cannot stand alone to do it without being destroyed.
The Inexplicable Cases of Atlantia and Autostrade
Standard & Poor recently slashed Italian infrastructure giant Atlantia SpA’s credit rating by three notches, from investment-grade BBB- to BB- (“junk”) amid concerns the Italian government could revoke its all-important road concessions business in Italy in response to the collapse of the Morandi bridge in Genoa in 2018.
Moody’s also cut the rating of Atlantia’s motorway unit Autostrade per l’Italia (ASPI), which accounts for roughly a third of Atlantia’s revenues, to Ba1.
Both firms carry huge debt burdens — close to €36 billion in the case of Atlantia and around €10 billion in the case of Autostrade.
The ECB itself holds undisclosed amounts of 11 bonds issued by Autostrade and another three bonds issued by Atlantia. While it’s not allowed to buy junk-rated debt under its rules, it’s not obligated to sell debt that used to be investment grade but has since been downgraded to junk.
Other large investors in Atlantia include Jewish-run Lazard Asset Management and City of London’s HSBC Holdings. From Caroll Quigley in Tragedy and Hope: “The chief backbone of this organization grew up along the already existing financial co- operation running from the Morgan Bank in New York to a group of international financiers in London led by Lazard Brothers.”
Read “Secret Society Kingpins Influenced, Financed 20th Century Upheavals for the Benefit of the New Underworld Order”
For some inexplicable reason, the “market” doesn’t think something wicked this way comes to these Teflon creditors, as the bonds are trading barely discounted from par. I have long felt that these favored banksters control patsy accounts, often pensions, which they use to slough off positions like this at still-inflated prices.
For clues, let’s consider the dominant Jewish-financier view on usury and debt. In the following passage, Jewish historian Leon Poliakov provides insight as to why debt is not forgiven and why foreclosure and the debt-slave model is applied.
“Without money, Jewry was inevitably doomed to extinction. Thus, the rabbis henceforth viewed financial oppressions — for example, the moratorium on repayment of debts to Jews … — as on a par with massacres and expulsions, seeing in them a divine curse, a merited punishment from on high.”
Could the U.S. lead the stand against looting by usury on behalf of the world’s debt slaves? We doubt it minus an enormous populist revolution. It would definitely involve a massive transfer of wealth away from the usurious 1% (really the 0.001%) who own 50% of global wealth.
Incidentally, while you weren’t looking, someone kvetched that referring to the 1% be given the epithet of “antisemitic.” That’s because 43% of the U.S. Jewish community is in the 1%. It’s like another Shoah.