MEANWHILE, IN SPAIN, THEY’RE ARRESTING BANKSTERS

Typically, according to "Great Power" theory, Spain lost its status as a Great Power in the Napoleonic era, and hence, it gets ignored... too much, in my opinion. The reason? Spain may have fallen on hard times from the end of the Napoleonic era up through the Spanish Civil War and the victory of Franco, but under Franco it regained much of its lost economic clout and, despite grievous setbacks in recent years, in 2016 was the 10th largest world economy by Gross Domestic Product, and the fifth largest in the European Union, behind Germany, the U.K., France, and Italy, and just slightly ahead of the Netherlands. But Spain, in a manner rather similar to Great Britain, does have an enormous soft-power card, due to the enormous influence it has had historically on the development of western culture. From the Philippines to Central and South America, Spanish culture became the dominant influence. During World War Two Franco carefully maneuvered, in spite of enormous pressure to join the Axis, to keep Spain neutral, playing the soft power card quite effectively in this effort, reminding the Axis powers that any invasion of Spain would be met with stiff resistance, and sever any useful ties the Axis had, via Spain, with the rest of the Latin world and most importantly, with their considerable investments in South America. In return, Franco bought Spain's neutrality by sending a "volunteer" infantry division, the "Blue" division, to fight with the Axis in the Soviet Union, where it distinguished itself in combat operations in and around Leningrad.

So when a major economy of the West decides to start arresting banksters, I sit up and take notice (thanks to Mr. B.H. for sharing this article):

Spain Follows Iceland As Mass Arrests Of Top Bankers Begin

Note how this article by Jacky Murphy begins:

Spain's Supreme court last year ruled that there was “serious inaccuracies” about listing led investors to back Bankia in error, as a result the bank has paid out millions of Euros in compensation.
If one translates this, what the Spanish Supreme Court is really saying is that Bankia, a consortium built from other failed banks(!), failed to apprise investors of serious exposure and risk; in short, it committed major material omissions of fact. This in and of itself is highly significant, but its import takes on a more sinister aspect when one connects it to the last paragraph in the article:
“The court is questioning why they allowed Bankia to sell shares in an initial public offering in 2011, less than a year before Bankia’s portfolio of bad mortgage loans forced the government to seize control of it. It said there was evidence the regulators had ‘full and thorough knowledge’ of Bankia’s plight. After its nationalisation, it went on to report a €19.2bn ($24.7bn) loss for 2012, the largest in Spanish corporate history.” (Emphasis added)
Now, many people may recall that Spain did indeed embark on an orgy of real estate projects during the pre-2008 boom, and, like other countries, when the housing bubble collapsed, the problems began. Additionally, while not often mentioned in connection to the refugee crisis, the Spanish government, like others, fell victim to the the multicultural virus and began importing refugees to such an extent that it dramatically effected the ability of native Spaniard youth to gain jobs; consequently unemployment rose dramatically, and with it, calls for secession from Madrid in various regions, most notably Catalonia. One reader of this website, located in Spain, referred years ago to the whole process of being one of remaking Spain into "Spanistan." And though we don't hear of Spain in this connection as often as we do of the Netherlands, France, Germany or Italy, or for that matter Great Britain or the USA, there has been a growing backlash against these policies among Spaniards.
What caught my eye here, however, was the admission that Bankia's and indeed Spain's economic woes were due to the same cause as elsewhere: "bad mortgage loans." That, as one might imagine, caught my eye because I strongly suspect there is much more going on in between the lines, as it were, than the Spanish people, and indeed the rest of us, are being told. Bad mortgage loans would seem to be a euphemism for "mortgage backed derivative securities," and with that possibility comes today's high octane speculation, for we all know what large European bank is up to its earlobes in derivatives exposure, and which has been the target of a number of investigations in Great Britain, the U.S.A., and Italy: Deutsche Bank. As of yet, I know of no direct evidence connecting Bankia's woes to those of Deutsche Bank, other than this exposure to "bad mortgage loans." But if here, as elsewhere, this is connected to derivatives exposure, then I suspect that eventually the Spanish investigators might be connecting all sorts of dots.  Those dots, I rather suspect, will take them first to Italy, where similar patterns of material omission, usage of the float, and so on, seem to be implicated in the controversy surrounding Italian investigations of Deutsche Bank in connection with Banca dei Paschi di Sienna, and from there I suspect the Spanish, too, will be led eventually to Frankfurt.
And in the prevailing political atmosphere, this does not bode well for Mad Madam Merkel's political future.
See you on the flip side...

Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and "strange stuff". His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into "alternative history and science".

18 Comments

  1. Pierre on March 1, 2017 at 9:18 pm

    nobody expects the Spanish inquisition
    Henry Charles Lea, A History of the Inquisition of Spain 1909
    https://archive.org/details/ahistoryinquisi09leagoog
    one must read between the lines (if one can) to determine what a ‘heretic’ was and indeed who and what the inquisitors were working for.
    Maurice Pinay in the Plot Against the Church 1962 was under no illusions.
    https://archive.org/details/PinayMauriceThePlotAgainstTheChurch
    Score so far Iceland: 4 (as at 2013 below)
    Spain: 0
    https://www.rt.com/op-edge/iceland-bank-sentence-model-246/



  2. goshawks on February 28, 2017 at 7:22 pm

    My comment on electronic car-jacking in relation to Putin’s favorite chauffeur’s ‘accident’ is out of moderation:
    https://gizadeathstar.com/2017/02/news-views-nefarium-feb-23-2017/#comment-71023



  3. goshawks on February 28, 2017 at 5:21 pm

    I am curious how this will all work out, due to universal ‘derivatives’ exposure. While different banks have different levels of risk due to their personal holdings, a derivative-based ‘panic’ can crash any vulnerable bank. This leads to financial knock-on effects to the next-most vulnerable bank, and so on. Soon, you have a financial tsunami which could take-down even so-called healthy banks.

    Financial types finally – through Collateralized Debt Obligations (a primary cause of the 2008 financial crisis) – created a monster that percolated throughout the world. CDOs are the financial version of infinite regressions – you can take a CDO on a CDO on a CDO, ad nauseum. This creates a universal ‘contagion’ in the system, as no one really knows what they are ultimately ‘hooked-up’ to, after CDOs spread like a virus.

    There are no effective ‘firewalls’ to stop the implosion, once the CDO run starts. Spanish investigators are probably starting to notice this fact. It will be interesting to see whether they ‘man up’ and go forward anyway, or recoil in horror and find a way to kick the can down the road for a time…



    • Robert Barricklow on February 28, 2017 at 5:44 pm

      I suspect that there is a sophistication herein that remains hidden. That there are many hidden levels of deception below the surface that are within this apparent derivatives iceberg; getting ready to smash/sink more nation states[Greece]. Is it in the software? Are there hidden books[one with a public TV side; another that is layered within that hidden system of finance?
      As Groucho would say/
      Whatever it is, I’m against it.



      • goshawks on February 28, 2017 at 7:01 pm

        RB, you might be interested in the writings of John Lanchester. He has written several articles since 2009 for the ‘London Review of Books’ that are related to the derivative bust, and the financial landscape in general. Very knowledgeable, and with the right degree of sarcasm. You can pick-out the relevant articles by their titles.

        https://www.lrb.co.uk/contributors/john-lanchester



        • Robert Barricklow on March 1, 2017 at 5:52 pm

          Thanks for the link Goshawks. I’m an avid reader.
          My preference on the causes of the 2008 crash are both purposed origins; both similar in landing the walking cat back, right on his feet at the base of BIS:
          Book/Crisis By Design – The Untold Story of the Global Financial Coup by John Truman Wolfe[August 1, 2012] and Ellen Brown’s Article/
          http://webofdebt.com/articles/basel3_fail.php

          Ellen Brown, in another more precise date, states that the first initial domino pushed occurred on Sept 11, 2008; hence, it was purposed w/ Magick overtones.



          • goshawks on March 2, 2017 at 8:04 pm

            RB, thanks for the links. I have read “Web of Debt”; it was good. That was where it really sank-in how GOOD universal debt was for the PTB. My only problem with EB is that she seems not to notice the ‘purposefulness’ of the players involved. It’s like she is trying to fix a crooked game without knowing it’s crooked. (This may just be a cover; she’s a smart cookie…)

            I’ll check out the John Truman Wolfe book. Yeah, it was obviously a ‘crisis by design’. Interesting about the “Magick overtones.”



      • goshawks on February 28, 2017 at 7:06 pm

        Moderated. Let’s try it slightly different:

        RB, you might be interested in the writings of John Lanchester. He has written several articles since 2009 for the ‘London Review of Books’ that are related to the derivative bust, and the financial landscape in general. Very knowledgeable, and with the right degree of sarcasm. You can pick-out the relevant articles by their titles.

        lrb DOT co DOT uk/contributors/john-lanchester



      • goshawks on February 28, 2017 at 7:07 pm

        Moderated twice. You’ll have to search for him…

        RB, you might be interested in the writings of John Lanchester. He has written several articles since 2009 for the ‘London Review of Books’ that are related to the derivative bust, and the financial landscape in general. Very knowledgeable, and with the right degree of sarcasm. You can pick-out the relevant articles by their titles.



      • goshawks on February 28, 2017 at 7:09 pm

        Modded three times in a row. A new personal best!



        • Robert Barricklow on March 1, 2017 at 5:53 pm

          A record, Goshawks, that nobody wants to beat[although I’ve come close].



  4. DownunderET on February 28, 2017 at 3:53 pm

    The sooner this monster EU comes crashing down the better. This has to be the worst idea of the decade and we all know where to point the finger of guilt. Banks are just part of it all and the people who will pay the price are “the little one’s”.



  5. Lost on February 28, 2017 at 2:33 pm

    And you using a source that claims the Sandy Hook Elementary school shootings didn’t occur doesn’t inspire confidence.



  6. Robert Barricklow on February 28, 2017 at 12:04 pm

    Expect an exponential growth in suicided banksters to plug all the legal holes; literally.



  7. marcos toledo on February 28, 2017 at 11:34 am

    At least among certain European states there is a sense of who they are and community . Unlike the USA and it’s hyper individuality everyone for themselves or pseudo community call Americanism. The Spanish courts investigations into their banking crisis will uncover a whole lot of snakes under the rocks lets hope they will make the USA grow a backbone and bring to justice our banksters that is long over due.



    • Robert Barricklow on February 28, 2017 at 12:09 pm

      Too many asylum members stove-piping any potential process.
      In watching several foreign films from Spain; they’re culture is community orientated. Even the ant & grasshopper fable is degraded for being part of a heartless society.



  8. Kahlypso on February 28, 2017 at 6:16 am

    Amazing.. I’m sure that the recent arrests in Europe (related to child trafficking..) have opened the way for more… less blackmailable justice officials to step in and actually start applying justice to these lizards…



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