Spain plunders 90% of federal SS and pension funds to fund more gov debt

Discussion in 'Politics' started by NasaJoe, Jan 4, 2013.

  1. Spain Plunders 90% Of Social Security Fund To Buy Its Own Debt | ZeroHedge

    from the wall street journal:

     
  2. Borrowing from Peter to pay Paul is nothing new but the Spanish are pushing it here. Spain is in serious trouble with unemployment running at 25% at the moment.

    Very little reporting of this in the European media.
     
  3. That's what happened to the US social security fund also. I wonder how long a private sector investment firm would last if it simply spent the money that it recieved instead of investing it.
     
  4. They would get a bail out and get combined with another business to make the whole mess even worse if it was ever to come crumbling down.
     
  5. Is there a nation without billions in debt?
     

  6. But hey, Paul is happy and that's all that matters.
     

  7. There are many creditor nations. China, Germany, Japan, Switzerland, etc. America used to be the biggest creditor nation, now we are the biggest debtor nation.
     

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