I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
Posted: Thu Oct 09, 2008 11:43 am Post subject: Re: On crisis, Europe to US: 'I told you so'
LINKY LINKY _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Joined: Aug 24, 2005 Posts: 415 Location: Costa Geriatrica, Spain
Posted: Thu Oct 09, 2008 12:06 pm Post subject: Re: On crisis, Europe to US: 'I told you so'
Although Spain is up to its eyeballs in national debt, and the property market is tanking, I'm personally (for obvious reasons see location!) quite pleased that the Spanish banks did not deregulate in the '80's as per US & UK. Currently well capitalised, 150-200% provision against bad debt, and no exposure to derivatives.
Some of the smaller regional banks (especially along the Med) will no doubt fold, merge, or get snapped up by the big boys next year as they have high exposure to the Spanish property market/construction industry. Apart from that everything currently cool on the banking/financials front.
If you want a safe bank (or as safe as a bank can be in the current climate) have a look at Santander.
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