05/24/2011 12:46 PM
ECB’s Balance Sheet Contains Massive Risks
By Matthias Brendel and Christoph Pauly, DER SPIEGEL
While Europe is preoccupied with a possible restructuring of Greece’s debt, huge risks lurk elsewhere — in the balance sheet of the European Central Bank. The guardian of the single currency has taken on billions of euros worth of risky securities as collateral for loans to shore up the banks of struggling nations.
On the green fields near Carriglas, halfway between Dublin and Ireland’s west coast, the wind whistles eerily around rows of half-finished houses. Most of these buildings are roofless, leaving their bare walls unprotected against the elements. Even the real estate brokers’ for-sale signs and the project offices are gone. Hardly anyone in Carriglas believes that the houses will ever be finished.
Read more at: http://www.spiegel.de/international/business/0,1518,764299,00.html
The world is in a mortgage death spiral deliberately orchestrated by the International bankstsrs. Rockefellers, Soros,Rothschilds,Oppenheimers and their Royal Bilderbergers, free MASON and Corporate CRIMINALS BUDDIES and Political ppuoppets all. The warnings have been there for centuries if not millennia, Now it is pay back time. Either we as the worlds citizens stand up and make those responsible pay for their crimes or we again withdraw into our shells and let them walk all over us wimps. Make no mistake. Our ability to communicate via internet is probably the only time we can stand up and be counted and make it stick. They are massively outnumbered and we hold the moral high ground. So fight through the internet and don’t be afraid to expose the crooks for what they are. If we don’t , they will cull us for sure.