It was enough that BdS began talks with ailing Allience & Leicester to see the share price jump, to fall down sharply when the talks came to nothing. A & L lost fully 40 % of its value during the crisis of 2007 and may not survive 2008 if things keep on like this.
The Spanish bank of Botín is looking for some easy pickings among the ruins of the banks in Britain, in a crisis that looks more and more like 1929 all over again. Only worse, because at that time the prices of food fell sharply, while the inflation in food prices and domestic energy in Britain aims up to 50 % a year, you just wait and see: it is horrendous.

And this is the people who hector other countries, pontificate and talk about how Europe and the ‘iuropeans’ and most specially the pesky Mediterraneans should go about their business and try to get Catholic~blair as president of the UE, may that never come to happen.


Banco de Santander has set itself the objective of surpassing Citigroup. That was what Botín told 300 of his managers during the Christmas party at Bobadilla del Campo.
Only 6 bn euros separate both banks, when the difference at the beginning of 2007 was 118 bn euros.
That would put BdS above JP Morgan Chase (the Bank of Blair) and between striking distance of Bank of America and HSBC.
It is the growth of BdS in Mexico, Brazil and in its homeland, Spain [where the economy grows at 3.8 % a year] that explains this success, and of the BBVA, the bank of the Basque provinces, the Ruhr of Spain.

A curious pattern is setting in the media in the UK. During the week the economic news tell a story of decadence and crisis. The graphs are in the shape of a man falling off a cliff: except if it is gold, oil, COAL, gas, foodstuffs and the companies that deal in these vital commodities in which case you see jumps higher than a basketball player. That happens from Monday to Friday. Comes the weekend, there are some better news, or rather, some indications of better news to come; obviously the markets close for the weekend, and the hacks of Barclay’s Telegraph take a deep breath, the sky has not yet fallen over our heads, (It did this Lunes Negro of 2008) and polish off another piece on the coming disappearance of the euro.

And on the coming crash of the economy in Spain; there are elections over there in March and the party of Aznar, the apple of their eyes, needs a lot of help from the newspapers of Murdoch and Barclay’s. The Popular Party looks more and more the loser, the victory of the Spanish Socialist more and more likely and that increases the despondency of D. Ambrosio and his colleagues who predict the coming crash of Spain -and the ruin of the British who live there, obviously. With donkey-like stubbornness it doesn’t happen, Spain is the marvel of the world!
If it is not the adobes, then it must be the Spanish women, who insist on not having children except if wed, and very few in any case. Not like in Britain, where it pays to have children starting at twelve years old, popping one out every year and the State foots the bill.
As the autodidacta Steyn predicted and D. Ambrosio repeated, Spain is simply going to disappear because of a lamentable lack of Spaniards, you can see it for yourself in the graph, Spain is practically empty.

¡ We have never been so many !
640 000 thousand emigrants went to Spain in 2007, the second biggest wave of immigration in the world (after the USA). Somehow, most find jobs and good for them because Spain doesn’t give them any aid, or Job Seekers Allowance or anything like that. (They can go and beg for money at the church gate, it is a Spanish tradition) They don’t keep them in concentration camps either, as they do in Britain. It is inhumane and it costs money.
– You: have a bit of bread and out you go, find yourself a job, moreno.»

Spain has seven million more inhabitants than Argentina, a country the size of India. The seven million are probably Argentineans who have left the Americas for good. The Americas, that land of plenty and promise!
It is a pity that D. Ambrosio and the Barclay’s Telegraph can not move this island, 4 000 km to the west, like a Stone Raft floating on the SiAl crust of the Earth and they are joined to us, Europeans, like, for ever.

A JOKE ABOUT BOTIN THAT MAKES THE ROUNDS IN SPAIN -It explains why the Bank of Botín grows, while the banks of the USA and the UK dwindle.

Botín goes to church every Sunday and there is always this beggar at the gate.
– Please, Señor Botín. Give me some money. God will pay you back with blessings.
Botín doesn’t ever give him a dime, doesn’t even look at him as he enters the church.
Next Sunday Botín goes to church and there is always this beggar at the gate.
– Please, Señor Botín. Give me some money. God will pay you back with blessings.
Botín doesn’t give him a dime, doesn’t even look at him as he enters the church.
Next Sunday Botín goes to church and there is this beggar at the gate.
– Please, Señor Botín. Give me some money. God and the Virgin Mary will pay you back with blessings.
Botín stops. He opens his wallet and gives the beggar a lot of money.
– Why, Señor Botín? You never gave me even one dime before.
– It is different now. You came with two guarantees today.

Por Armando

2 comentarios en «Banco de Santander pays little heed to D. Ambrosio Evans-Pritchard»
  1. Mervel, according to that story I caught part of on NPR (I think it was on «On Point») we have reduced our demand for oil.

  2. If by «we» you mean We Europeans, we certainly have. That’s being taken up by Chinese, Indians and others.
    The reason is increasing unemployment and poverty, so it is all right then …

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