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c64madmax
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Spain's Social Security Fund Runs Out of Money; Breathtaking Implosion in Every Way

- Mish - Global Economic Analysis

It is really sad to see my country like this. The picture you describe is harsh, but sadly quite realistic. Even living in Spain i work for a foreign company, as there was no real hope for me: Engineer, MBA and 48; useless. Now i tele-commute each day and travel 50% of the year abroad.
Only issue you have not adressed is that we have the worst group of untalented, lazy, moneylover politician class of the whole Europe. And this is really something, as the competition is huge, even from the other side of the big pond. Some topics nobody adresses:
- If the structure of the Spanish Eeconomy doesn´t change (and that cannot be done in one year, nor a decade), full employnment, and even rates below 15% are not going to be seen for a long, long time,if ever.
- If the politicians do not cut spending with a chainsaw (somebody used the image last week; would like to credit him) there's nothing to do.
- We need a politician's apoptosis or someting of the like, for this to change. Guillotine for high treason would have been an option 200 years ago.
- When people start beign more hungry than afraid, be careful, this is the real turning point.

Commented 4414 days ago

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Beginning of the headline :TheSpanish implosion inbreathtaking ineveryway:Human Flight, Capital Flight, RealEstate,Employment, and Taxes. Thecost of a fullbailoutisnow €300 billion, upfrom apreposterouslylow €30 billion projection inJune. €300 billionshould notbe shockinggivenmystatements onJune 9th in Bailout Lite?There'sReally NoSuchThing; €30 BillionNeeded?It'sNow €100 Billion; Contagion ofEconomicIdiocy... Read More

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