The Eurofiscal Corruption Contest – The Spanish entry. [Golem XIV]
June 14, 2012 Leave a comment
by Golem XIV
Let me make it clear straight away – the lies, corruption, cowardice and greed of Spanish bankers and government officials is nothing special. What is happening in Spain now, reminds me of Northern Rock in the UK, Hypo in Germany and CountryWide in the US. So please do not think that I dislike Spain or of the ordinary people of Spain. The people I detest in Spain are the same people I detest in Britain and every country: The Cabal of corrupt Bankers and Political parasites.
Every country will have its moment in the spotlight. Italy is preparing in the wings as we speak. But today, on the Eurofiscal Corruption Contest, Spain is on stage.
It is the mantra of the main political parties and media across Europe, that the present crisis is the result of too many people taking on loans they could not afford. Neither the bankers nor the politicians, according to the accepted story, saw the crisis coming or could have seen it coming but have been engaged in heroic attempts to rescue us from a crisis of our own making. THIS IS NOT TRUE.
First, people did not ‘take’ loans they could not afford. The loans were ‘offered’ by bankers whose job it should have been to advise their clients on whether the loan was wise and sustainable. The bankers offered no such advice but instead pocketed the bonuses which came from selling as many loans as possible to all and sundry. So a more accurate summary of who is morally guilty, is that people accepted loans they should have known they would not be able to afford if ever the market turned down, but which were offered to them by professional bankers who assured them they would be fools not to get on the property ladder. Second, a vast number of the loans which have gone bad in Spain were not in fact ever made to ordinary people. They were made to developers and construction companies. It is those companies which have defaulted.
I am not saying ordinary citizens bear no responsibility. My concern is to stick a knife into the diseased carcas of Spanish Politics and bring to the surface the parasites who have gorged themselves on the flesh of Spain for decades and insist that their blame be recognized.
Let us start with the men who can be said to have built and profited from the disaster which is now engulfing the Spanish people. Four of Spain’s ugliest parasites are Rodrigo Rato the former head of Bankia, Prime Minister Mariano Rajoy , Miguel Ángel Fernandez Ordóñez the Head of the Central Bank of Spain and Jaime Caruana former head of the Bank of Spain. These men form a tight and incestuous group who have promoted and appointed each other to positions of power. They were at the helm during the whole bubble period and they can be said to be the men who caused the present crisis. They, as I hope to show, are at least some of Spain’s guilty men.