More Fun With Stats

From ZeroHedge:

Spain

The new ploy here is to place the banks’ Real Estate holdings in some financial vehicle so that it is no longer on the balance sheets of the banks. There is only one purpose of this and this is to prevent the banks from going bankrupt. …

To prevent the banks from going bankrupt.  Which is great.  Banks no longer have to be accountable for the bad deals they make or the fraudulent loans they make.  Legally sanctioned money-launderers even more powerful than they were before.

Italy

According to Reuters, Italy is going to propose to the European Union that they should exempt borrowing used to pay their commercial obligations from their calculation of public debt. Monti, the article states, is also going to propose exempting the counting of public debt used for investments. You may be sure that Italy’s $211 billion of derivatives will now be entitled an “investment.”

And why shouldn’t they.  This sounds just like the SSI fraud the US uses; why shouldn’t Italy get away with it as well.

The funny thing about all of these manipulations is that prior to the age of the internet they would probably have worked.  The dissemination of information pre-DotCom was at a tepid pace – and individual announcements had more time to be normalized before the next batch of manipulations became public.  Now all of these announcements are grouped into one story and used to editorialize t

“Repent for the end is nigh.”  How do we repent for the depravity of these financial sins?  There is usually a reckoning involved – what will this reckoning look like?

 

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