Just your periodic reminder that the Spanish banks are bust. They are all going to zero and will have to be nationalised.
But first, here is the monthly chart of the Ibex. It's a horror show...
But first, here is the monthly chart of the Ibex. It's a horror show...
And here is the daily chart... looks ready to resume its downtrend soon...
Now, on to those banks...
Here is Banco Sabadell now available for 0.27c and falling...
Here is Banco Sabadell now available for 0.27c and falling...
Here is Bankia...
Or you might like the awful Banco Santander chart...
Or the truly terrible BBVA chart...
The EU has a lot more work to do. Spain is moving to Universal Basic Income too. The EU will have to foot the bill for all of this in the end and that means the ECB.
German has some nationalising to do too (Im looking at you DB and Commertz)
German has some nationalising to do too (Im looking at you DB and Commertz)
And as for Italy, there is no way out but to nationalise the banks too.
Still fancy the Euro? No. I thought not. Fade the rally.
Still fancy the Euro? No. I thought not. Fade the rally.
Late addition: I cant leave the French out of this. Soc Gen is fucked (and the rest don't look much better).
