Thursday, May 24, 2012
As Bankia Bailout Costs Grow Exponentially, Is A Stealth Bank Run Taking Place... And What Happens To Ronaldo?
Submitted by Tyler Durden:
Note the following sequence of events, bolded numbers, and dates:
- Bank Of Spain Formally Nationalizes Bankia, Says Insolvent Bank Is "Solvent", Adds There Is No Cause For Concern, Zero Hedge, May 9
- Spain is taking over Bankia by converting its 4.5 billion euros of preferred shares in the group’s parent company into ordinary shares, BusinessWeek, May 21
- Spain said on Wednesday its rescue of problem lender Bankia would cost at least 9 billion euros ($11 billion), as the government tries to clean up a banking system that threatens to drag the country deeper into the euro zone crisis, Reuters, May 23
- Bankia SA will have to ask the Spanish government for more than 15 billion euros as part of its effort to restore its financial health, state-owned news agency EFE reported Thursday, citing financial sources, Dow Jones, May 24
Hopefully we aren't the only ones to notice how the bailout cost has oddly doubled almost on a daily basis.
Submitted by Tyler Durden:
The volume of searches for the phrase 'Bank Run' has just hit an all-time high - higher now than even during the peak of the Lehman Brothers 'moment'. While English dominates the language choices, the Europeans (Dutch, Germans, and French) are extremely 'interested' as are the Chinese...but it appears the Singaporeans are running the most scared (as we noted here) is perhaps not surprising, followed by the Irish and the Americans - with Germany a disappointing 10th - perhaps they really do not care as much as everyone's bluff-calling hopes. It seems the fears of real 'bank runs' are becoming virtually 'viral' - not a good sign for the stability of the fictional-reserve-banking-dependent status quo.
Agenda 21's Globalist Death Plan for Humanity - 'Four Fifths of World Population To Be Exterminated?
Second War of Independence - AN URGENT Message to OUR Military, Police, and Officials from 'We The People'
Please FWD this Link (http://youtu.be/QTmU5lhXsCM) to Every Armed Service Email, Police Station, Senator, and even your local Fire Dept. America needs to get her ASS IN GEAR! Time to wake up and realize We have been taken over...Cont..."It seems 'You guys' forget who you work for..You need to take a few minutes and watch this video, mentally comparing what the Early Americans stood up against to the conditions in the country right now. Apparently you need to be reminded why we had to have a Revolution to attain the Natural Rights of men which were embraced by the Founders.
By Mike Masnick: Last fall, after years and years of bickering and fighting, Congress and the President finally got together to pass what they called a "patent reform" bill. While the bill made a few changes to how the patent system works, it almost completely ignored the issue of patent trolling or just how destructive patents are to innovation. Even more ridiculous is that the President insisted that the new bill would create jobs. Perhaps for patent lawyers, but not for many others. Vivek Wadhwa has written up a great piece in the Washington Post noting that if we want job growth,we need to deal with the patent trolls, and most specifically the software patent trolls:
The President is mistaken—at least when it comes to the patent system as it relates to software patents. These patents—and the patent system—aren’t creating innovation, they are inhibiting it and, by extension, job creation. Why? Because the breakthroughs aren’t in the patents, they are in the way ideas are commercialized and marketed. Because of flaws in the patent system and government leaders’ misunderstandings, there is an arms race of sorts happening in the tech industry that is sapping billions out of the economy and crushing technology startups. This system is enriching patent trolls—companies that buy patents in order to extort money from innovators. These trolls are like a modern day mafia. Given this, I argue software patents need to be eliminated or curtailed.Indeed. But we'll never fix the patent system if the government continues to think that patents themselves are the key to innovation, despite the evidence showing that patents simply don't correlate to actual innovation. Source
from the time-to-learn deptby Mike Masnick
In a short article about a panel of Congressional staffers at the NCTA show, they basically admitted that any new "anti-piracy" legislation may be tough to pass -- with one staffer saying that the SOPA protests "poisoned the well." However, perhaps more interesting were the comments from Stephanie Moore, the "Democrat's chief counsel on the House Judiciary Committee" who apparently still refuses to believe that the public actually spoke out against the bill of their own free will:
“What happened was a misinformation campaign,” said Moore. “People were basically misled into contacting Congressmen with claims that were extraordinary. There was some genuine concern, but as for it being a genuine home grown grassroots up-from-the-streets opposition, I beg to differ on that.”I always find this line of reasoning quite extraordinary. If you look at the history of copyright law -- especially over the past 40 years or so, it's been one "misinformation campaign" after another by RIAA and MPAA lobbyists. As we've discussed, Congress has bent over backwards to pass 15 anti-piracy laws in the last 30 years -- each one pushed by industry lobbying about how they would collapse and die without the laws being passed, and how no one will create content without such laws. They've been wrong every single time. So even if it was a misinformation campaign on the other side, at best all it would do is even out the playing field. Besides, looking at the arguments in favor of SOPA and PIPA, they were so full of blatant misinformation that I don't think any amount of misinformation against the bills would have even out the score.