Greek economy is in free fall, and Spain could be next

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As Greeks run to the bank to pull out euros in preparation for a possible bankruptcy, economic meltdown, and exit from the Euro – the nation of Spain is also starting to collapse under trickle-down austerity. New economic numbers show Spain fell back into a recession in the first quarter of this year – with its economy shrining by .3%.

Spain has the fourth biggest economy in the Eurozone, but tops the list when it comes to unemployment with a staggering 24.4% of the nation’s workforce out of a job. Even though austerity is clearing not working – the Spanish government remains committed to lowering deficits through severe budget cuts and eliminating the social safety net. Stay tuned – Greece is in free fall now – but Spain could be next.

Thom Hartmann Administrator's picture
Thom Hartmann A...
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Dec. 29, 2009 10:59 am

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I think it's time to give the Greek's the names and addresses of Lloyd Blankfein and the other boards of directors of Goldman Sachs. Time for payback, enough suffering by the many because of the greed and sociopathology of a few.

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Choco
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Who Should an Economy Serve?

The top one percent own half of all the world's assets. In stark contrast, the bottom fifty percent of the world owns less than one percent. According to the 2014 Global Wealth Report from Credit Suisse, global inequality has surged since the 2008 financial collapse. The report explains that while global wealth has more than doubled since the year 2000, the vast majority of overall growth has gone to those who were already wealthy.

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