Disclaimer

Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

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Friday, July 27, 2012

1 in 4 Spaniards unemployed



Latest stats.  And the latest austerity measures by the government are likely to worsen the recession -- no, depression, because it is a deep and as long lasting as the Great Depression in the US.  And it's going to get even worse.

And here's where some of the money went.  Isn't it odd how the rich make the money through corrupt projects but the poor pay the price through pay cuts, higher taxes, and unemployment?

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