Spanish Banks Gorging on Sovereign Bonds Shifts Risk

Jim Sinclair is right:  QE to infinity is as sure as death and taxes.

http://www.bloomberg.com/news/2012-04-17/spanish-banks-gorging-on-sovereign-bonds-shifts-risk-to-taxpayer.html

Spanish, Italian and Portuguese banks are loading up on bonds issued by their own governments, a move that shifts more of the risk of sovereign default to European taxpayers from private creditors.