SPAIN’S €100bn banking bailout: tracing the Slog’s road map to the inevitable.

At The Slog ten days ago:

SPAIN CRISIS EXCLUSIVE: Dash for banking consolidation “a recipe for worse disaster” – Insiders

‘Says my usual source in Madrid (not himself a banker, but employed by various US institutions in an advisory capacity), “As I commented last year, the idea that critical mass makes collapses less likely is completely erroneous. Sure, there’ll be fewer of them – but so damn big that, when they happen, everyone panics. And of course, if you just buy anything regardless of quality because there’s a politician kicking your ass, well, it’s like accelerating when you see the rocks. Crazy, just crazy.”’

At Daily Telegraph Finance this afternoon:

Debt crisis: Markets slide as Spain’s banks face downgrade

At The Slog a week ago:

ACTION….Spanish bailout “imminent….unavoidable”.

‘My usual source in Madrid comments:

“Spain can only wait another two weeks, unless Rajoy gets some under-the-table money from the [European] Central Bank. That’s possible of course, you never know any more.”

It seems hard to imagine that any money coming from that direction will be real: given that Greece was bailed out with some paper signed by Mario Draghi, the best Madrid could hope for would be some used Frankfurt bus tickets.’

At Daily Telegraph finance this morning:

Spain formally asks for EU bailout money

The chances are you’re going to read it first in The Slog.

32 thoughts on “SPAIN’S €100bn banking bailout: tracing the Slog’s road map to the inevitable.

  1. Morning Star,

    all these “privacy settings” are fine for client-side scripts such as cookies and javascript (that is to say, it happens in your browser/on your computer). However, any hit on a server will still count as a hit*, and the likes of Google use/sell this data (as will WordPress). In this respect, private browsing is a bit of a fraud.

    Any marketer who is up to date will be using server-side analytics or some variant of that.

    The only thing you can protect yourself from is being tracked via cookies. That means adverts and the like will not show on newspapers and the like.

    (*a hit is when an action is performed on a server, an image download or the like).


  2. The DT headline could easily have read “Markets rise on Spanish Bank downgrades” given what affects and effects are witnessed daily.

    “Markets steady as Western Banks implode” is the headline they should be aiming for.


  3. I agree with your American source…merging crap banks (or any other crap org) rarely improves anything. But the EU-crats and political elites are more anxious to hide the mess behind a façade in yet another attempt to fool the markets and investors. It will do that for a while but it reduces the pressure on delinquents to sort out their mess.


  4. Greek Finance minsiter has resigned…

    Spent the weekend looking at the “real” ledgers I bet.

    New Greek Election in 3.. 2.. 1..


  5. Tip of the cap to you John.

    I’m also thinking, if one looks at the Oil price charts, that you were ‘channeling’ something big, so to speak, with your March 23 predictions. That is very nearly the date those graphs took their drastic nose dive.


  6. Those people who tend to end up on the receiving end of John’s writings could probably come up with a few good names as well. :) A teller of uncomfortable truths usually doesn’t become very popular.

    How about John Stormcrow? It does have a certain ring to it.

    “I greet you,” he said, “and maybe you look for welcome. But truth to tell your welcome is doubtful here, Master Gandalf. You have ever been a herald of woe. Troubles follow you like crows, and ever the oftener the worse. I will not deceive you: when I heard that Shadowfax had come back riderless, I rejoiced at the return of the horse, but still more at the lack of the rider; and when Éomer brought the tidings that you had gone at last to your long home, I did not mourn. But news from afar is seldom sooth. Here you come again! And with you come evils worse than before, as might be expected. Why should I welcome you, Gandalf Stormcrow? Tell me that.”


  7. Well I know which site I open first thing in the morning to see what’s new….It is a bloody shame that we pay a big licence fee for Auntie Beeb or buy a DT to follow a couple of weeks in your wake with a breathless …”BREAKING NEWS………… !….And us lot think…Yeah! seen that!, Commented on that! Designed, Printed and worn the T shirt on that story! Moved on long since………….. ;) … Think of it as ‘the sincerest form of flattery’, John !!


  8. Yes, you’re absolutely right.
    I had the DT marketing lot phone me the other day with the usual money off type offer. He wasn’t impressed when he was told I get all my news from the net. “Oh but there’s in depth analysis in the DT” says he, only to be told it is done better and quicker on the net, particularly by the Slog.
    I don’t think that’ll help him meet his targets!


  9. At the end of a day at the mill I go to the pub every night for a few beers, armed with the DT… In fact I’m known locally as “Telegraph Steve”
    It’s my little fantasy world after reading the real stories on the Slog and ZH during the day… It sends me to sleep.. and that’s about all it’s worth.


  10. Interesting times.Rather like the UK,1974,post the Barber boom,but on a European scale.For secondary banks in the UK,we now have a bankrupt sovereign state or two(Greece and Cyprus),and the implosion of the Spanish banking sector.No rampant inflation,no miners strike( the EU does not do coal mines).Like 1974,central banks ,with the exception of Germany, have completely lost the plot.This time round ,what is different is the weekly meetings of international politicians,each of which pushes the Euro lower and stock markets down a percent.The market has yet to capitulate,but first Europe needs an equivalent of the 3 day week,which for my money is civil unrest.And that is coming because in a recession governments cannot borrow,ad infinitum,to pay their welfare claimants.QE is a sticking plaster for this,and has got nothing to do with ‘stimulating’ the economy.Personally,I expect the PM to address these issues anywhere other than a shopping centre.Be short equities,resi everywhere,ignore gold and wait for the sell off and capitulation( 6 December !974,last time round).


  11. But of course, Gandalf turned out to be right all along, and in the end the White Rider was victorious over the Dark Lord.
    May these dark days of the eu soon be ended..


  12. And yet the Dow is above 12000 and statistics proclaim a world on the rise?Yes we have a liars fest the antithesis of which is John the Baptist,proclaiming the brood of vipers and calling them to repent and flee the coming retribution.They will have to produce fruits in keeping with their repentance-most of their fruits will be rotten.Biblical analogies abound!


  13. Pingback: RBS/ULSTER ‘GLITCH’: Slog survey of users plus analysis of the numbers raise further doubts. | A diary of deception and distortion

  14. Yes – I already have a VPN in place when I want to use it.
    My first home computer was a Texas TI99/4A ! Thanks all :)

    I find TOR incredibly slooooow – so stick with encrypted VPN.

    Was trying to be helpful :)


  15. Pingback: BANKING ARMAGEDDON: The roadmap made simple | A diary of deception and distortion

  16. Pingback: John Ward – Banking Armageddon : The Roadmap Made Simple – From French Downgrade To The Death of Society In Five Easy Steps – 20 November 2012 | Lucas 2012 Infos

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