President Barack Obama Message Board

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Politics : President Barack Obama

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To: tejek who wrote (126175)	11/2/2012 12:44:21 PM
From: RetiredNow	Read Replies (1) of 149317

Ted, I'm not wrong about Spain. I lived in Madrid for two years. I know all about Spain. Spain lived beyond its means and they engaged in a massive debt bubble in real estate. The Europeans are now trying to help Spain solve its problems with more debt. It won't work. All that does is lead to walking dead companies and sovereigns. Austerity is not the problem. Too much debt is the problem. If austerity was the problem, then why is it that fiscally responsible countries like Australia don't have the same problems as the southern European nations? Incidentally, I put my money where my mouth is. 5% of my portfolio is in Australian sovereign debt (AUNZ). Nice yield and it will benefit not just from the dividend, but from the currency devaluation of the dollar.

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