(Big h/t to Zero Hedge) If you Google the following link...
http://www.elpais.com/...
...and then translate it via Google's translation link, you'll read a lead story appearing in today's Spanish daily newspaper (as you'll see, Google's translation "engine" is far from perfect), El Pais, entitled: "The NRC investigates speculative pressure on Spain," which tells us that Spain's National Intelligence Center is investigating "...the speculative attacks on financial markets against Spain."
The NRC Investigates speculative pressure on Spain
C. Perez -- Madrid
El Pais
14/02/2010
The National Intelligence Center (CNI) is investigating what is behind the speculative attacks on financial markets against Spain, in line with the Greek fiscal crisis and contagion effects in several southern European countries. The Economic Intelligence Unit, created to defend the economic, commercial and industrial strategic sectors, similar to that found in other European countries investigates whether investors attacks and aggressiveness shown by some Anglo-Saxon media obeys market dynamics and the challenges facing the Spanish economy, or if there is something more behind that campaign.
But, as you read further, below, you'll see that--since early last week--the Spanish government's known exactly where its investigation's heading. (Much the same place where six, ongoing US investigations are aimed.) Meanwhile, today's El Pais story continues on to quote NYU economist Nouriel Roubini.
"...If Greece fell, is a problem for the euro area," said Roubini. "If Spain goes down, it's a disaster," he said amid the storm against the Greek debt at the time was beginning to affect also the Portuguese and Spanish.
Development Minister and deputy secretary general of the PSOE, José Blanco, has gone several steps further and has come to ensure in a recent interview that "nothing is happening in the world, including foreign newspaper editorials, by chance or innocent " and then complain about "somewhat murky maneuvers" of financial speculators. These theories have found some resonance, although Secretary of State for Economic Affairs, José Manuel Campa, said emphatically the other day that "no conspiracy". Elena Salgado Vice President visited the British newspaper Financial Times quoted Zapatero as usual for one of the rams of this campaign-to defend the soundness of the Spanish economy.
I also covered this developing story, last Tuesday, right here: "Does Wall Street Now Openly Control U.S. Foreign Policy, Too?"
But, Spanish intelligence authorities need look no further than a Zero Hedge story from Tuesday, February 9th, for a great deal of assistance in their new investigation (which is, in large part, taken from another Spanish publication): "First Greece, Now Spain: Moore Capital, Brevan Howard, Paulson As Well As JPM And Goldman Implicated In Spanish CDS Rout."
First Greece, Now Spain: Moore Capital, Brevan Howard, Paulson As Well As JPM And Goldman Implicated In Spanish CDS Rout
Submitted by Tyler Durden on 02/09/2010 09:47 -0500
Yesterday we reported on "concerted hedge fund attacks" rumors involving Greece. Today, via Alphaville, it appears that the mysterious hedge fund cabal strikes again, this time in Spain, and, more relevantly, this time there are names associated. If indeed these are the actors set on setting the world ablaze, they are more than likely the same ones who are involved in Greece, Portugal, Dubai, and elsewhere. Presenting: Moore Capital, Brevan Howard and Paulson & Co... Oh and JP Morgan and, ahem, Goldman Sachs.
From Cotizalia (obviously this is a Google translation for the sake of time).
Development Minister and deputy secretary general of the PSOE, José Blanco, said yesterday that the sharp drop in the Spanish stock market last week was due to "attack" of financial speculators, who were "somewhat murky maneuvers" to punish the euro and weaker economies in the euro But who are these 'speculators' evil to which he referred to the minister of development? What are their names? How much money managed?
For the trading desks of major international brokers have sounded in recent sessions Brevan Howard, Moore Capital and Paulson & Co, among others, Hegde funds that manage more than 500,000 million and are among the top ten. The total figure is nearly double industry. "There have been specific macro hedge funds, which are taking positions against the euro and against the CDS (insurance coverage of non-payment) of Spain," said a broker from abroad that term around 7% of the daily volume of the Spanish stock exchange. "When these guys are short against someone, there is nothing to do. Already suffer from investment banks in late 2008 when institutions like Merrill Lynch and Morgan Stanley saw their CDS exceeded the benchmark of 2,000 points.
Among others who have been short are the hedge funds at Goldman Sachs and JP Morgan, according to financial sources say...
As I covered it this past Tuesday, IMHO, the reality is that Wall Street's historical greed has--to a great extent--started to undermine much of the global goodwill our new President has worked to developed in his first year in office.
It is time to breakup these financial behemoths before they do further damage, not just to Main Street and to U.S. taxpayers, but to this country's future throughout the global community.