Posted Mar 2, 2015 by Martin Armstrong
I have written before how strange symmetry seems to unfold with the names like the last Roman Emperor having the founder Romulus and the first Emperor Augustus. The same in Byzantium and even the forecasts for Popes. I have explained that it made perfect sense that the first Sovereign Default should be Greece for that is where Western Civilization began. Athens was the first Financial Capital of the World in the West taking that from the Persians.
The first banking failure in 1931 that set in motion the Great Depression took place in Austria. It was the failure of Credit Anstalt, which was partly owned by the Rothschilds, that set off the banking panic.
Well now, the first European bank collapse is also in Austria. The creditor participation in the Austrian Heta bank could mean up to 50% loss for the holders of bonds. The biggest problem of the Austrian model lies in the great temptation for states to abuse their extensive rights and thereby do great harm together with buyers of bonds.
As always, where it begins, it strangely ends. I really cannot explain this one. It is merely an observation.