Accelerating EuroCrash chaos in Italy and Spain
Alcuin Bramerton
But a convenient synchronistic discovery is announced: the Italian Treasury has found a larger than expected €60 billion cash pile under the carpet in the corner. Might it be some of that $100 trillion (not $16 trillion) of thin air funny money from the US Federal Reserve Board which has been slushed into world markets since 2007?
Trading on the Milan (Italy) stock exchange and the London International Financial Futures Exchange (LIFFE) was suspended on Thursday 4th August 2011 in an attempt to arrest the Italian financial meltdown.
At the same time, an Italian war against the rating agencies was launched. Italian prosecutors seized documents at the offices of Moody's and Standard & Poor's in a probe over "suspected anomalous fluctuations in Italian share prices." Major Italian banks UniCredit and Intesa Sanpaolo were facing terminal pressures. But so were major banks at the safe heart of the European project in Germany. Consider, for example, the scale of the capital destruction going at Commerzbank, Frankfurt (chart here).
And in Belgium, one of the US Federal Reserve's secret European darlings, Dexia (chart here), looks to be heading down the tubes Commerzbank-style. Between December 2007 and July 2011, the US Fed, acting covertly and without Congressional knowledge or oversight, lent/gifted a total of $159 billion to Dexia. According to the US Government Accountability Office, this sum was the same amount as the Fed gave to Wells Fargo (US) over the same period, and $17 billion more than it gave to Wachovia (US). Source: page 144 (=131) of this official GAO pdf document here (July 2011).
Developing EuroCrash background and analysis here (05.08.11), here (05.08.11), here (05.08.11), here (05.08.11), here (04.08.11), here (04.08.11), here (04.08.11), here (04.08.11), here (04.08.11), here (04.08.11), here (04.08.11), here (04.08.11), here (04.08.11), here (04.08.11), here (02.08.11), here (01.08.11) and here (27.07.11).
August 4, 2011
http://alcuinbramerton.blogspot.com/2011/04/altnews7-1ab-alcuin-alcuin-bramerton.html