Mike Shedlock

George Orlwell coined the term doublethink in his classic book 1984. Doublethink is the power of holding two contradictory beliefs in one's mind simultaneously, and accepting both of them.

Have you listened to the conflicted beliefs coming from Spain lately?

Conflicted Beliefs

  1. “I don’t know if we are on the edge of a precipice, but we are in a very, very difficult situation”  said Spain's finance minister, Luis de Guindos, at a conference on Thursday night.  "Madrid needs assistance, no strings attached" says Spain’s deputy prime minister, Soraya Sáenz de Santamaria. Meanwhile, Guindos has made overtures to the ECB, EU, and now US treasury secretary Tim Geithner to help capitalize Spanish banks.
  3. Guindos, Santamaria, and prime minister Mariano Rajoy insist Spanish banks are sound and Spain does not need any international assistance

Geithner to the Rescue?

The Financial Times reports Spain and US hold talks on bank aid

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.

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