Saturday, December 31, 2011

More on the sovereign debt crisis from Spain

This story keeps growing.  Here. the New York Times explores the depth of the crisis in Spain.  Debt is insidious. Vast, sometimes hidden, daunting.  Easily seductive; hard to dig out from. 

The Cincinnati Stereetcar is emblematic of the debt problem.  Almost 100% financed with debt, and an absolutely worthless project.

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