George Orlwell coined the term doublethink in his classic book 1984. Doublethink is the power of holding two contradictory beliefs in one's mind simultaneously, and accepting both of them.
Have you listened to the conflicted beliefs coming from Spain lately?
In response to the Paris terrorist attacks, President Obama essentially said terrorists are welcome here. ABC News reports Obama Vows to Veto Bill Increasing Screening for Refugees. President Barack Obama is vowing to veto a bill from House Republicans that would increase screening for Syrian and Iraqi refugees before they enter the United States.
EU Throws Spain Two Deathlines; Spanish 10-Year Yield Tops 6.7%;
ECB Rejects Madrid Ponzi Refinancing Scheme
The markets are reeling in the wake of rejection of Spain's Ponzi Recapitalization Scheme by the ECB according to the Financial Times.
LONDON — The messy deal to bail out Cyprus has averted the latest threat to the break-up of the euro but at the cost of raising new questions about the single currency’s long-term viability.
Savers in other eurozone banks appear so far to be taking the freezing of balances over 100,000 euros in Cyprus’s two biggest lenders in their stride. Perhaps they judge that events in a tiny, far-away island with outsize banks and a reliance on deposits from Russian oligarchs hold little relevance for them.
Anyone who wants to get an inside look at both the European banking system and the politicians in charge of fixing it need to only look at Spain’s Bankia. Bankia was formed in December 2010 by merging seven totally bankrupt Spanish cajas (regional banks that were unregulated). The bank was heralded as a success story and an indication that European Governments could manage the risks in their banking systems.
In a surprise but welcome move, the ECB Shifts View on Bond Losses.
The European Central Bank, in a sharp turnaround, has advocated imposing losses on holders of senior bonds issued by the most severely damaged Spanish savings banks, though finance ministers have for now rejected the approach, according to people familiar with discussions.
Shortly after Dutch finance minister, said "We want no further delays" came news of further delays. The reason: Greek political parties all refuse to go along with more austerity measures.
Please consider Greece’s leaders oppose new austerity measures