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. These days I'm retired, and I can't by law give you advice. While I do make mistakes, I try hard to do my analysis thoroughly, and to make sure my data are correct (old habits die hard!) Also, don't ask me why I called it "Volewica". It's too late, now.

BTW, clicking on most charts will produce the original-sized, i.e., bigger version.

Thursday, February 7, 2013

The cost of the GFC in Spain

A telling chart.  As so often, it is the poor, in fact the poorest of the poor, who suffer: the lowest percentile falling nearly 45% in real terms.  The property speculators and the top bankers have pocketed their profits and bonuses.  Those who in and closest to grinding poverty pay the price.  Shameful.

Click to see original size

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