ESPAÑISTAN, real estate bubble and Spanish crisis

ESPAÑISTAN, The real state bubble and the Spanish crisis in comic version, by Aleix Salo

Aleix Salo prepares the output of a comic strip set in the Spanish real estate bubble and the subsequent crisis Spain suffers from 2008.

For its launch has ben created a very interesting video that illustrates the process lived in Spain, and that in 2011 It is still suffered.

Enjoy the video:


And if you want to download the video, I recommend you to follow the next instructions for download videos from firefox.

The destruction of money and the crisis

The money can be created, as I indicated, and can be destroyed. I do not mean to burn banknotes. Merely to repay a loan is a destruction of the virtual money involving own debt. If I sign a promissory note and others used this promissory note as payment, the promissory note is money. If I cancel the debt of the promissory note, the promissory note ceases to exist, the money disappears from circulation. Both money existed in the time before my payment, the promissory note and my money, and when cancelled it ceases to exist the promissory note. Destruction of money.

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Lehman Brothers bankruptcy, the second great bankruptcy of year 2008

In March was Bear Stearns. Now, in September 2008, Lehman Brothers.

Then I wrote an article entitled “the bankruptcy of the year“, but the year was not yet over and is the turn to Lehman. In addition, Merrill Lynch has been purchased by Bank of America, It seems a covert rescue operation, as Merrill also entered the bets on the banks who were suffering most in the USA. Continue reading

Bear Stearns, the first great bankruptcy of the crisis

Bear Stearns went bankrupt and was bought by JP Morgan Chase for 2 $ each share.

If we take into account a year earlier was worth to 150 $ each share, It is clear that it has been purchased at a symbolic price. About 200 million of $ compared to a value exceeding 20000 million a year ago.

The credit crisis we have lived and live and has lived primarily the United States is the guilty for the destruction of almost 20000 million of $ of value in a large company. Continue reading