So it isn’t true that Spain’s green economy — Obama’s serially cited model, until the catastrophe was exposed — was nothing more than a bailout for investors in uneconomic investments whose good money was, admittedly, incented by the state into chasing uneconomic investments with the promise of massive guaranteed returns (at the ratepayer’s, and futures taxpayers’, expense, as I detail in Power Grab).

Now it turns out that Spain’s scramble away from its “green jobs” debacle has, under lobbying pressure from the Frankenstein interests that this scheme creates, morphed into another bank bailout to avert collapse from overinvestment in a state-sponsored bubble.

Hmmm. Now where have I heard that bef… For anyone who has followed the issue this piece setting out why and how this is the case is a worthwhile read, especially the parts between the lines.