According to the official story, the people of Europe will benefit enormously from the banking union; it imposes greater control and tighter regulation of the banks and saves taxpayers from having to bail them out. Or so it would seem.
Gowex was one of the most recommended stocks in Spain, including among the biggest banks. But under attack by a short-seller, it jumped from denial to confession and collapse in five short days, exposing just how well Spain’s regulators function.
Negotiations behind closed doors are under way to water down all forms of financial regulation on both sides of the Atlantic via the Transatlantic Trade and Investment Treaty. Leading the charge: not the US government, but an unholy alliance between the European Commission, Wall Street, and the City of London.
Today’s Hot Money and Mexico’s Tequila Crisis Hangover
Under the guise of austerity, taxes on the middle class and small businesses in Spain and other countries have reached confiscatory levels. But for the wealthy, there is a special deal – and it erupted into a scandal.
Quietly, the rules governing global trade and financial markets are being changed. Despite the enormous impact they have on our lives, the public is not consulted. Most people are not even aware it is happening.
When it comes to creative accounting, few can hold a candle to Spain’s finance minister Cristobal Montoro, who unveiled his latest scheme to “grow” the economy: adding prostitution and illegal drugs to GDP to solve a host of urgent problems.
By Don Quijones: The establishment, both inside and outside Spain, is alarmed at the scale and intensity of public anger in the country.
The people must pay” if they want to maintain the current levels of public services, warned James Daniel, the man in charge of the IMF’s mission in Spain, who, as an employee of the IMF, pays no income taxes to any country.
By Don Quijones: The Spanish government is desperately trying to offload one of the bailed out, nationalized, and supposedly fully restored banks. The problem: no one wants it.