I read today on the blog of a friend a comment about the unsustainable situation faced by banks in relation to the heavy burden of the legacy left by the crazy avalanche estate that has occurred in this country in the last ten years.
Many have considered the land rezoning Philosopher's Stone as the last, the prodigy that many alchemists sought diligently throughout the Middle Ages: a mechanism to transmute base metals into gold.
The reality is that the banks have finished accumulating vast areas of land around cities and on the Spanish coast in the idea of getting his requalification and thereby obtain a surplus. That has worked regularly in Spain, for more than 70 years from the postwar, has been disrupted for the first time and suddenly the lands are not worth virtually nothing. This fact has become a dark pit full credit industry generated about preventing the economy from here lift his head. Surprisingly, brainy economists and bankers have lent for years to investment and business craziest stupid without having had to assume responsibility.
I saw this picture of the book entitled Window and ladder Argentine artist Leandro Erlich and I found the perfect metaphor for what has happened. Humans usually build chimeras in the air that suddenly seem solid and are in an impossible situation by unsustainable. As real estate assets listed on the balance sheets of Spanish banks and on which its leaders fail to recognize the extreme loss of value assigned to them naively.
