Can You See What's Coming?

Why on earth are UK house prices up, how are people obtaining mortgages, and why is Santander issuing so many of them?

Spain has huge amounts of debt. A Spanish bank buys former British building societies and gives out mortgages, gaining praise from idiots in the media-political class and homebuyers. If the Euro goes down, the Spanish have a stream of British pounds almost as nice as the aztec gold that originally ruined them. British 'homeowners' will end up smoking in the ruins of some ikea Eldorado. If the British explode into inflation, the bank has a hold over homeowners and commercial enterprises that it can threaten the government with until it gets a bailout.

Trebles all round, barman. Have you seen that one heading this way?


Martin said…

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