When the music stops – MoneyWeek

When the music stops – MoneyWeek

TheimmediateproblemwasSpanishbanks。

Theyareunderwaterandsinkingfurther。

TheEuro-cratsannouncedaplantobailthemoutdirectly,ratherthanfunnelthemoneythroughtheSpanishgovernment,whichisalsoheadedforthebottomoftheocean。

ButMsMerkelcouldn’tgobacktoBerlinandannouncethatshehadgivenawaythestoretotheSpaniards。

Sheneededtogobackandtellthelumpenthatshehadfoughtthehardfight,andthatshecouldholdherheadupwiththeresult;theSpanishwouldhavetopay!

Intheevent,theSpaniardswereforcedtomakemorecuts。

Bloombergreports:Rajoyannounces65billioneurosofcutstofightcrisis

Heshouldhavestucktohistaxcutpromises。

Butwe’llcomebacktothat。

Here’showtheDailyTelegraphdescribesit:ProudSpainagainhumblesitselftotheeurosdemands。

Everybody’sgottaplaythegame。

Andthegameinvolves,mainly,keepingthegamegoing。

Keepingtheflowofmoneygoing,inotherwords,fromthepeoplewhomakeittothepeoplewhocontrolthesystem。

Economistsarejustusefulidiots。

Theyclaimtoknowthingstheycan’tknow,andclaimtobeabletodothingstheycan’tdo。

Andthey’reusefulbecausetheywanttokeepthemoneyflowing!

HowdoyoukeepthemoneyflowingtotheSpanishbanks,whosecreditorsjusthappentobebigbanksinFranceandGermany?

Youattachconditions。

Inotherwords,youmaketheSpanishpromisethattheywon’twastethemoney。

Then,themoneyflows,thegamecontinues,untilthenextblowup。

Butwaitifyoustopthemoneyflowing,doesn’tthewholethingblowup?

Youbet!

Exactlywhatshouldhappen。

Andmostpeoplewouldbebetteroff。

Baddebtcouldbewrittenoff。

Mismanagedbusinessescouldgobroke。

Stupidinvestmentscoulddisappear。

Then,honestpeoplecouldpickupthepiecesandgetbacktowork。

Obviously,thatwouldn’tsuiteveryone–especiallythoseonthereceivingendofthemoney-flow。

Theywanttokeepthegamegoingaslongaspossible。

So,theyplaythegame?

Somearesupposedtocutspending–sotheypretendtocut。

Othersaresupposedto‘grow’,sotheypretendtogrow。

Andthemoneykeepsflowing。

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