[Just a little private notice for Angela: this is currently my most visited post. Considering that, are you still sure that eurobonds are not good for Germany?]
Imagine that all of a sudden people in Spain go to Bankia …
Imagine that there is the news that people are putting their money out of Bankia. If this happens then quite soon this happens in other Spanish banks … Then this happens also outside Spain … Once this happens in all the eurozone banks then it happens almost at the same time in the UK. This follows suit in the US and all the countries of the world, rich or poor, from New Zealand to Iran.
I am afraid this may happen. With Internet this may happen. It already happen in 1929 without Internet or Twitter or Facebook.
I do not see reasons why it could not happen again.
The only advantage we have now it is that we knew what happened but now we also have Internet so that whatever it can happen it can happen just in a three days, no more!
If this is not happening is because people behind some important jobs know what happened in 1929 and they are trying to avoid it.
One of the ways to avoid it is by the media. If you read the media it seems as if the situation was not so bad as it is. But it is obvious that if people wanted the money back from BANKIA I wonder what may happened. Would Bankia be able to give back money in a way that no bells began to ring?
“Today” the G7 has had an emergency meeting through a video conference. I am afraid that we are heading for disaster. A whole country has their bank system like in a limbo.
If all the people in the streets of Spain were aware of what is really happening I wonder what they would do. But what is really happening in fact? It is as if we have now two worlds. A world of what is happening that is obscure and another of what the media tell us.
I hope to be wrong but as this crisis does not end soon I have the feeling this is going to end as a disaster. If we do not end with empty pockets I am afraid that we are going to end nuts.
The only thing that makes me be quiet is that I always have on my minds those thousands of little fish on the ocean that all swim together so that it seems to its predators that they are just a very big fish. If the 17 fish of the eurozone worked all together to just look as one big fish I am sure than not only the sharks would not attack them. They would even have fear of it. Unfortunately the 17 fish are yet too stupid to swim as one. So the wise sharks are having their free meal.