A "Tidal Wave" About to Hit Spanish Real Estate and Banks

February 11, 2010 (LPAC)—The Spanish real estate and property development sector — one of the crown jewels in the phony assets portfolio of London-run Banco Santander — is about to drop off the face of the earth; and with it, the banks that are holding all the bad paper.

Spain's General Judicial Council is forecasting that last year's 115,000 foreclosures will jump by more than 50% to 180,000 this year, according to Property Wire, and that banks will have to write off about 50% of the valuation on their books.

"That's a vast underestimation on both counts," Lyndon LaRouche commented today.

Santander's 2008 pioneering introduction of property derivatives into the Spanish market, in a joint operation with Britain's Grosvenor Property — owned by Britain's richest man, Gerald Grosvenor, the 6th Duke of Westminster, who is a cousin to Queen Elizabeth II and godfather to Prince William — has only increased the explosive charge of the bomb that will explode.

Already in 2009, Santander had to increase loan loss provisions by about $1.45 billion, which essentially came from their IPO sale of 16% of their Brazilian bank for about $2 billion. Santander is reportedly quietly preparing for a far, far worse meltdown of assets in 2010, and is considering selling up to 25% of its U.K. and U.S. holdings in similar IPOs.

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Lyndon LaRouche explains start of WW III. Distribute this Video!

 

Firewall: In Defense of the Nation State

 

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Last Gasp of European Sovereignty on the Line in Brussels Today

February 11, 2010 (LPAC)—A senior U.S. intelligence source, contacted Feb. 10 by EIR, was fully aware of the drive for a consolidated European super-state at the European Union heads of state meeting in Brussels on Feb. 11. The proposal for the EU to take over most of the sovereign debt of all 27 EU member states is the "logical next step in the Maastricht/Lisbon process," the source commented. "If the European states go along with the proposal, this will represent an explicit surrender of the last remnants of sovereignty." The source emphasized that the argument being presented by the promoters of this scheme is that only a single European entity, "too big to fail," can avert a wave of sovereign defaults.

Commenting on the source's observations, Lyndon LaRouche observed: "If they go ahead with this, then the next step is war."

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EU Summit Will Discuss Establishing European Commission Dictatorship

February 11, 2010 (LPAC)—A European Commission dictatorship will be the main topic of discussion at the Summit of the European Union on Feb. 11. The EU direct rule which has been imposed on Greece will be extended to all countries of the Union. This is outlined in the secret annexes to the letter being sent by European Union President Herman Van Rompuy to European Union heads of government who will be attending the summit.

The British daily, the Independent, has seen these annexes and quotes Van Rompuy: "Members of the European Council are responsible for the economic strategy in their government. They should do the same at EU level. Whether it is called co-ordination of policies or economic government, only the European Council is capable of delivering and sustaining a common European strategy for more growth and more jobs." He continued, stating that "the crisis has revealed our weaknesses," adding: "Budgetary plans, structural reform programs, and climate change reporting should be presented simultaneously to the Commission. This will provide a comprehensive overview." Referring to the fact that the EU has no way to resolve a budgetary crisis that affects other member-states,

Van Rompuy goes on: "Recent developments in the euro area highlight the urgent need to strengthen our economic governance. In our intertwined economies, our reforms must be co-ordinated to maximize their effect.... The crisis has revealed our weaknesses. Our structural growth rate is too low to create new jobs and to sustain our social systems."

The Independent then quotes an EU source who explicitly states that what they have imposed on Greece will be imposed on all: "It has become clear to everyone that this economic crisis can't be solved by individual member-states, such as Germany helping out Greece. What we need is the same kind of mechanism that we have now imposed on Greece in order to monitor and survey Eurozone countries. So the idea is to put all European economies under surveillance. You can expect some important decisions to be taken this week."

The summit will not be held at the EU headquarters at the Solvay Library. "Van Rompuy wanted to create a far more intimate atmosphere without an army of advisors," a source said. "There are a lot of tensions between member-states right now, which is why he decided to get them to talk in an open, friendly setting, starting with aperitifs. The idea is to have a proper brainstorming session and hear everyone's thoughts."

This is presumably where a series of "Solvay Conferences" did so much to destroy European science.

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Giovannini Calls for European Empire as Solution to EU Crisis

February 11, 2010 (LPAC)— Alberto Giovannini, a key operative in the euro system, let the cat out of the bag and said that the EU must create an efficient empire structure as a solution to the current crisis. Giovannini, a protege of Robert Mundell's, is head of a EU Commission advisory body called the "Giovannini Group," which was originally established in order to oversee the transition from national currencies to the Euro. Giovannini was on the board of LTCM and created the EuroSTMS platform for electronic trading of state bonds.

"History teaches us that empires are more efficient and achieve great prosperity because the imperial model is successful with an extended geography, through a center playing an effective and functional political role."

Giovannini says this in an interview with the Italian business daily Il Sole 24 Ore, where he endorses a draft paper circulated in the EU Commission, according to which 80% of EU member public debt would become EU debt, whereas the rest would remain connected to single national sovereign risks and exposed to default. "I like this idea, because it enables you to achieve the advantages of large emissions with high-ratings, without the risk of contagion from credit risks of single countries."

Giovannini says that in his "Giovannini Group," they have discussed technical aspects of a euro-bond scheme: "We elaborated various mechanisms. Technical solutions can be found: the problem is a political one. We need a political entity, a political union before the bonds."

"The political problem is a problem of money: who creates the debt? Who pays and who guarantees it? How to distribute resources collected with such bonds?" So far, "special interests" prevail in the EU, Giovannini complains. A solution "to avoid the Union Bond from becoming a system to increase local expenses with money from the center" is "to establish a European, non-national tax, connected to the European bond. The European Parliament, which is currently a jumble of particular interests and plays no leadership role, could be strengthened to express a European political union."

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The Anglo-Venetians Behind Santander

 

The Anglo-Venetians Behind Santander

by John Hoefle

 

Most people, when thinking of banks such as Banco Santander, tend to think of them as individual institutions, when, in truth, the world of finance is dominated by networks of institutions whose connections are sometimes only partially revealed, and often hidden from view. When it comes to "high" finance, the world is much smaller than you may suspect.

Banco Santander is a good example of how the oligarchic system works. On the surface, it appears to be a regional Spanish bank whose savvy has catapulted it into an elite international operation; but when you peer beneath that facade, you find yourself very quickly in the dark heart of the Anglo-Venetian empire. Behind Banco Santander stand some of the world's most powerful, and criminal, forces.

As we peel back the Santander onion, we will find the British monarchy, the core of Venetian finance, and a host of other, unsavory elements. Below, we update and expand on some of the findings presented in EIR's 2004 feature on Santander (see Documentation).

Hidden Connections

Banco Santander is a member of a European banking consortium, the Inter-Alpha Group. Formed in 1971, the group consists of 11 banks. In addition to Santander, the group includes the Royal Bank of Scotland, Italy's Intesa Sanpaolo, France's Societe Generale, Germany's Commerzbank, The Netherlands' ING, Belgium's KBC, Sweden's Nordea, the National Bank of Greece, Portugal's Banco Espirito Santo, and Ireland's AIB. Their combined operations cover much of Europe, including significant penetration into the former Soviet bloc, the United States, and Ibero-America.

The Inter-Alpha Group itself is but part of the picture, as the real power lies in what controls the institutions themselves, and in what it uses those institutions to do.

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The "Santander Syndrome:" London's Sucker Game

 

The "Santander Syndrome:" London's Sucker Game

 

by Dennis Small

"A great fraud has been shaping international relations, including relations of Russia with the United States, which I have some privy insight into," said the world's leading economist Lyndon LaRouche on Feb. 6. "What is going on, is the Russians have been induced to believe, that there's a vast pool of international money, centered in institutions such as the London-controlled Spanish bank Banco Santander, which were going to be the resource for the Russians, when the British, and these fellows, succeeded in bringing down the United States. That is why we've been having some resistance from some Russians on looking at cooperation with the United States, in my Four Powers proposal to use the combined political and economic power of the U.S., China, India and Russia to replace the current bankrupt international monetary system, with a new credit system to foster high-technology development.

"They have been convinced to believe in the fraud that Banco Santander, and similar, related institutions of the British imperial system, have this vast amount of resources, which was going to secure the existence of Russia, at the point that the United States disintegrated.

"Now, I don't agree with letting that go that way—as you may know. So, since I knew, not by figures, but by the nature of the situation, that Banco Santander, and its vast empire extended into South America, especially Brazil, and other places, was one giant fraud, that there are no solid assets, survivable assets, associated with a network of banks, which are grouped around a Spanish-speaking British bank called Banco Santander. So this week I did the obvious."

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Saving the planet now!: A Global "Glass Steagall"

Saving the planet now!:

 

A GLOBAL "GLASS STEAGALL"

 

by Lyndon H. LaRouche, Jr.

February 8, 2010

For any actually competent economist today, a global equivalent of a "Glass Steagall" reform was implicit in President Franklin Roosevelt's basing his 1944 fixed- exchange-rate Bretton Woods system. It was the contrary actions of President Harry Truman, made as concessions to Winston Churchill, and to Wall Street, after Roosevelt's death, which sent the world careening, step, by step, by step, into the direction of the presently terminal phase of decline gripping the world today.

The ultimate consequence of the Truman administration's concessions to London and Wall Street is, today, that all recipes known to me, for a so-called "new Bretton Woods" contrary to my efforts, have been fraudulent in effect, whether this was the intended effect, or not. Such has been today's outcome of the official suppression of President Franklin Roosevelt's anti-Keynes, Bretton Woods intention for the post-war world.

Today, without a kind of Glass Steagall reform, which would virtually wipe out the monetarist features of both Wall Street's and of the City of London's systems, the chances for escaping an already oncoming, planet-wide, "new dark age,"were virtually "zilch"!

The stunningly poor performance of the British empire's nominally Spanish, and largely Brazil-based, Banco Santander during this past week, has confronted the Euro system as a whole with a crisis for which that institution has no visible remedy in sight. After all the ifs, ands, and buts available to London's phrase-mongers have been spent, the fact persists that the present Euro system has no remedy for its presently existential crisis within the obvious present means at hand.

In fact, there is only one essential remedy, disband the present Euro system under its just recently installed, present rules. Return to a Europe of respectively sovereign nation-states, including immediate steps to reestablish the Deutschemark, and break up the conditionalities which were imposed upon Germany under the intentionally ruinous terms jointly dictated to Germany by the heads of state and government Margaret Thatcher, President Francois Mitterand, and a rather silly, but mean- spirited President George H.W. Bush.

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LaRouche Webcast Question: From UAW Member, How do We rebuild?

 

 

http://savethepeopleoficeland.com/  

# 4,087:

1:45 pm PST, Feb 10, Name not displayed, Ohio
don't let iceland down! what happens to them can and will happen to all of us!

# 4,080:

6:32 am PST, Feb 10, Gunnar Thorell, Sweden
This is an outrageous, criminal act - to punish the people because of the sins of the so called "elite"

# 4,079:

5:23 am PST, Feb 10, Richard Idiens, Canada
I don't have much money, but if you were to print your owm, I would leave my money in your peoples bank, providing it is not in any way connected with the banksters of Europe or North America. I would even commit $10,000 for an Icelandic Passport.  

WECAST JANUARY 30 2010

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Great Britain Joins the "STUPID"

February 10, 2010 (LPAC)—Britain has joined the "STUPID;" this is the new acronym on the trading floors that has replaced the PIIGS (Portugal, Italy, Ireland, Greece, Spain). "STUPID" stands for Spain, Turkey, United Kingdom, Portugal, Italy, Dubai. (One wonders whether the "I" stands for Ireland instead of Italy, since like Spain, Portugal, and Dubai, Ireland is an direct outgrowth of the City of London.) The Reuters wire that reports this today, appears in the Daily Telegraph as "breaking news." The rest of the article is a plea for the U.K. to urgently take measures to distance itself as soon as possible from the rest, primarily through producing a "credible budget" to bring down its "STUPID"-like deficit.

Another Telegraph article, by assistant editor Jeremy Warner, says that Great Britain "need not fear a Greek tragedy," and that the British economy can not be compared to Greece, because it has its own currency and it can afford to pay higher interest on its debt. Nonetheless he quotes former George Soros partner Jim Rogers as saying, "sell all sterling you might have. It's finished," and Bill Gross of Pimco, who says, "The U.K. is a must-avoid. Its Gilts are resting on a bed of nitroglycerine." He also cites Simon Johnson that the U.K. should be seen in the same category as Greece and Spain. With misplaced optimism, he concludes, "Sterling isn't finished, and the U.K. is certainly not in the same category as Greece and Spain, but they will be without more credible deficit reduction plans."

The Telegraph also reports that a collapse in retail sales has raised fears of a "double-dip recession": January sales fell by 0.7%, the most since this statistic was first recorded in 1995. Retailers expected a 0.5% increase.

As for British Treasury bonds, the government managed to sell a £2 billion offering of Treasury bonds today, despite fears that it could take a beating since the Bank of England halted its policy of buying them. While the sale pushed down the interest rate a bit, the success of the sale is attributed to a report claiming that British housing prices have increase a little, something that could reverse very quickly. And £2 billion is a small fraction of the £225 billion that Britain must raise over the course of the year.

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http://savethepeopleoficeland.com/

# 4,066:

8:34 pm PST, Feb 9, Name not displayed, Pennsylvania
Hey Iceland, I'm here for you. Don't give up. You're a wonderful country, after all, and certainly not a terrorist like UK says. I've noticed that a lot of problems are caused by either money or greed. Do the right thing and stand above these evils. Go ahead Island, and show the UK and Netherlands that you care about your children. Icelanders should not be impoverished to pay for the reimbursement of private investors, whether foreign or not. As a disclaimer, I do not intend to offend the children of UK and the Netherlands. No individual citizen should be blamed for the mistakes of his or her country. Together, we can save a beautiful nation from falling.

# 4,065:

8:06 pm PST, Feb 9, Megan Jones, Australia
I spent a month in Iceland last year, and, while I realise people did collude in creating some of the problem, it is obvious that the people have been generally cheated and can not afford to pay- nor should they pay- the Icesave debt. It is a wonderful country, and this will destroy it.

LaRouche Warns Europe: Don’t Make the U.S. Mistake; High-Gain Creditors like Santander Have to Take the Hit

February 10, 2010 (LPAC)—On the eve of the EU Summit, LaRouche warns Europe: don't make the U.S. mistake of bailing out Wall Street; the high-gain creditors like Banco Santander have to take the hit.

With the European Union scheduled to hold an urgent summit on Feb. 11 to address the financial crisis sweeping the entire eurozone, the world’s leading economist Lyndon LaRouche today warned European leaders: “Do not make the mistake that the US made in bailing out Wall Street. If you do that in Europe, you are going to sink Europe, because Europe is more vulnerable than the U.S. It is the high-gain creditors, like the London-run Spanish Banco Santander, that are going to have to take the main burden of the hit. Anything else would just reproduce in Europe a far worse form of the crisis we’ve experienced in the U.S.”

In the lead-up to the Brussels EU summit, prominent voices have gone public with open calls for dictatorship and “empire”—exactly as LaRouche warned would occur under British sponsorship. According to the London Independent, EU President Herman Van Rompuy has sent a letter to summit participants, with secret annexes demanding that all member nations, not just crisis-wracked Greece, be put under supra-national EU receivership. The Independent quotes an EU source saying bluntly: “What we need is the same kind of mechanism that we have now imposed on Greece in order to monitor and survey euro-zone countries. So the idea is to put all European economies under surveillance. You can expect some important decisions to be taken this week” at the EU summit.

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 What's wrong with the European Commission ?

Baroness Ashton!

LaRouche: Santander Crash Signals Collapse of British System

February 9, 2010 (LPAC)—Lyndon LaRouche today issued a stern warning to those around the world, who have bought into the British imperial propaganda line that the United States is going down, and that any alliances or cooperation with Washington are fruitless. "The truth is, that it is the British System that is collapsing, far more rapidly than most people wish to believe. People must realize that the power of the British-led bloc is crashing, and that the clearest sign of this collapse is the unraveling of the Inter-Alpha banking group, led by Banco Santander."

LaRouche explained: "Last week, I conducted a test, aimed at smoking out the true vulnerability of the British System, through particularly the exposure of Banco Santander, in the onrushing collapse of the European Monetary Union. I warned that Santander was thoroughly exposed in this process, and that this would, in turn, bring down major parts of the City of London, including the British government-run Royal Bank of Scotland, which is indistinguishable from Santander. I also warned that the epicenter of the European crash was not Greece, but Spain. I warned of an immediate spill-over into Brazil, where Santander has been the long arm of British looting policies for more than a decade.

"I was proven right, beyond most people's expectations," LaRouche continued. "Within 48 hours of my issuing the warning about the British exposure through Santander, the roof caved in on the nominally Spanish bank, which is, in fact, at the heart of the British System and its reach into continental Europe, Ibero-America and even Russia. Last week, Santander's total value crashed by 16 percent, and that is just the beginning. Sensing the blood in the water, Union Bank of Switzerland (UBS) issued a "sell" recommendation on Santander stock to its clientele before the end of last week.

"The lesson to be learned from my little test: The British are not the financial power they claim to be. Their system is coming down, fast and hard, and anyone who continues to bet on the British System, including the City of London-manipulated European Monetary Union, is making a very bad bet, indeed."

A detailed report on the fall of the British House of Santander will appear soon in Executive Intelligence Review.

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