Wednesday, June 6, 2012

Yankee Victory, While Banks Founder

Let's keep in the beautiful world of baseball, with the Yankees 7-0 victory over the Tampa Bay Rays. That Russell Martin grand slam was pretty intense, just what the Bronx Bombers needed. Andy Pettitte was a great pitcher, and that seamless fastball is the greatest.

Meanwhile, in the world of banking, the Spanish crash is the main, and it is mainly insane. The Spanish situation is in the headlines, with no release in sight, unless we get international adoption of the Glass-Steagall Act rule, to break up the big banks. Banco Santandar of Spain is the biggest bank in Europe and the next one that threatens to go down, as in bankruptcy. From the G-7 meeting:

Before the meeting was held, Spain's Treasury Minister Cristobal Montoro stated on Spanish radio that the price being demanded to buy Spain's debt (its risk premium) meant that Spain was effectively cut out of the international capital markets, and could not refinance its debt. "Confidence," therefore, had to be restored by "Europe" (that is, Germany) directly recapitalizing the Spanish banks. And besides, he lied, the sums needed to save Spanish banks aren't really that much, while technically a bailout of Spain (as a nation) could not work. "The men in black are not going to come to Spain," he "joked."

Indications are that the imminent bankruptcy of Banco Santander, the lead bank of the British Crown's Inter-Alpha Group, and the largest bank in Europe, is now at the center of the crisis. Eminent American forecaster Lyndon LaRouche and his EIR magazine identified Emilio Botin's Santander Bank as the center of the Eurozone bankruptcy in February 2010.

Banking and baseball are like two strange parallel universes. As the Bronx Bombers go up, the Wall St and City of London crowd go down.

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