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Rockyann’s Rant – Number 532

It looks like Spain is due for a little takeover — by the ECB/IMF – well the bankers.

From The Guardian yesterday:

In reality, Spain is on the brink of insolvency and under huge pressure to accept a rescue package. In return, the eurozone’s fourth largest economy will have to surrender sovereign and financial control to the IMF, the European commission, and the European Central Bank.

If talk of a financial coup d’etat sounds far-fetched, consider this statement from a recent Goldman Sachs report: “The more the Spanish administration indulges domestic political interests … the more explicit conditionality is likely to be demanded.” That’s banker-speak for, “We can do this the easy way, or the hard way.”

How much clearer can they be? Spain will have to surrender sovereign and financial control — it’s right here in black and white. This is also what happened in Italy with nary a peep from the people of Europe or the U.S.

Does anyone else find it incredible that the central banks, who are run by former Goldman Sachs executives, can remove democratically elected officials and take over an entire country and hit the populace with austerity measures that comes down on them like a box of hammers?

It looks like the Spaniards aren’t going to take it laying down, though, and for this I applaud them.

Rockyann is signing off.