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Germany botched Spain bailout, Bloomberg

In less than a day the latest Eurozone strategy for pretend-and-extend for the Spain bailout has been exposed as the fraud that it is. The markets aren’t buying it. No one believes the governments any more.

Here’s the solution in one word.

Default.

Those unable to pay the vig, excuse me, those unable to pay interest on bonds sold by banksters who knew the bonds were risky and garbage should default. The banksters take haircuts, the insolvent banks fail, and then we get on with building something out of the ashes. Sooner or later, the defaults will happen, it’s just a question of whether the defaults will happen in an orderly manner or if it will be chaos.

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