This time has been the Women’s Institute, which draws 600,000 euros in grants for research into the situation of women “especially in the areas of economic growth, employment and sustainable development, as well as the health and quality of life” .

It will be money …

Since returning to work on 1 January, has found more and more irritated by what he sees. Fund managers, encouraged by their mammoth profits are clamoring for risk. Junk bonds are still very popular. Even more surprising, says Rodriguez, is the government’s failure to tackle its debt. “I know one thing for business,” he says. “Unless we correct the problems that are happening, not you add more leverage and new responsibilities, until you correct the old! Everything you do is overturn the boat! ”

Rodriguez argues that the U.S. debt as a percentage of GDP (currently 64%) is massively underreported, as there is no off-balance sheet rights and Medicare, and debt that have Fannie and Freddie. If you factor these liabilities, the current ratio is above 500% and growing. U.S. have to reduce by 2012, says Rodriguez, but is unlikely to be achieved during the election year. If nothing changes, he adds, investors start getting nervous about the amount of U.S. debt in the balance. Given that lenders will refuse to buy Treasury bonds, rates will rise, which will make borrowing costs soar throughout the financial system. “The financial system held together with a very thin wire called trust,” says Rodriguez. “When you remove it, all hell breaks loose.”

The situation is not irreparable, Rodriguez believes the government may keep interest rates get too high if you start to make cuts of 350,000 million to 500,000 million per year. But he has little faith in their willingness to do so. If he would have a serious tax reform, with all tax deductions (including mortgage interest) on the table.

So FPA managers, advised by Rodriguez, are again eliminating risk positions. First Pacific Advisors now has a 30% cash and 38% in energy stocks because he believes that the supply of oil worldwide is declining. Yet, even in this sector do not see too many opportunities (forget other sectors). Refuses to buy the majority of the bonds or bonds long term. Your security system has irked some investors: new FPA revenues have begun to shrink again, and a few clients of FPA Capital are already complaining.

You need a thick skin to be otherwise. Rodriguez used to lose the faith of its shareholders, but it seems tired of it. “I do not get a reward in this business do it right,” he says. “It’s a love-hate relationship. You may feel bitter about that, but then I wonder, what would you do differently? “. The first thing to do is live with yourself. ” For him, that’s easy. Convincing others is the challenge.

And twice – first with Internet stocks in late 1990, and then with the 2008 financial crisis – Rodriguez has been successful.

As the catastrophe unfolded, the man who mocked once lost one of the hottest markets for life, was anointed as a seer. The Wall Street Journal pointed to Rodriguez as one of the naysayers who did well. Barron’s label made him a prophet. MarketWatch described it as one of the four horsemen of the market.

Rodriguez, CEO of the firm First Pacific Advisors, which manages 16,000 million dollars, is not the type to be satisfied with having successful. Apparently the man who is committed to sharing the harsh reality. It’s as if I had that terrible gift and with that came an obligation to tell the world the coming disaster.

Like most iconoclastic, Rodriguez often feels as if shouting into an abyss. But in the spring of 2009, thought that people were finally listening. Sobriety apparently was back. Leverage is melted. Frugality was again hailed as a virtue. It seemed the world had finally begun to understand the risk.

After a period of rest, Rodriguez returned in January for First Pacific Advisors – just as the CEO – and realized, to his horror and disgust, almost nothing had changed. Risk taking had become fashionable, and the debt burden of the United States, which he believes is the biggest threat that investors face today, had soared. Now, once again, Rodriguez is sounding alarms.

His new prophecy: if we do not fix the budget – soon – the economy is facing a disaster. “I think within two to five years we will have a crisis of equal magnitude or greater than that just happen,” he says. “And it will come from the federal level.”

Bob Rodriguez never liked Internet stocks. As the dotcom bubble in recent years increased from 90, made him nervous to see how companies that lost money were trading at higher multiples than companies that generate large amounts of cash flow. In 1999, described this phenomenon as nothing more than speculation dressed in the garb of investment. With the fear that the bubble burst, began to cut its presence in technology companies.

That decision hurt his back in the short term. The stock fund Rodriguez behaved worse than the rest of the market and shareholders closed accounts. The fund’s assets dropped from $ 800 million to 350 million. Don Phillips, president of research funds from Morningstar says: “There is growing pressure in the late 90′s when people were saying, ‘Bob Rodriguez has been lost. For the love of God, man, you live in California. How can you not understand tech stocks? ”

But when the bubble finally burst, Rodriguez was vindicated: From 2000 to 2002, First Pacific Advisors (FPA) gave a yield of 29% -38% versus the S & P 500. Then, Rodriguez was the toast of the investment world, and the two funds assets accumulated steadily over the following years.

Then in 2005, again began to detect signs of trouble. Rodriguez and his co-manager of FPA, Tom Atteberry, noticed an unusually high number of mortgage defaults in supposedly safe tranches. Quickly began to remove their investment asset class and began to improve the credit quality of its portfolio. In 2006, Rodriguez sold all the bonds of Fannie Mae and Freddie Mac to your bond fund.

Although the mortgage market “subprime” was starting to crumble in 2007, most managers were still fully invested stock. Rodriguez, however, had increased to 40% its liquidity position and invested the rest in oil and gas companies with strong balance sheets. “Many experts believe the housing cycle is at a stable level,” he said in a speech this summer. “We are not of this opinion.” He concluded: “We are willing to bet our company and our reputation for being right.” Once again, investors punished him. In 2007 and 2008, the stock fund was beaten with an output of 711 million dollars.

Like virtually all funds, FPA Capital fell in 2008. But unlike most, had huge cash reserves. As prices plummeted, Rodriguez was able to double your bet on stocks. The result: your stock fund made a profit of 54% in 2009 vs. 27% of the index.

Fixed expenses

Without going into any maintenance or repairs, owning a home has many fixed costs. Thus, for example the house of 90 m2 in Madrid can be concluded that to have: Property Tax or IBI (400 per year), community-owned (100 per month or 1,200 per year), home insurance (300 euros per year), minimum expenditure of light (20 240 euros per month or per year), minimum expenditure of gas (20 euros or 120 euros every two months a year).
In total, the approximate cost of this fixed cost would be about 2000-2400 per year.

Deterioration in the price

Almost any house that is currently in the market suffers a loss in value as the price declines are somewhat generalized. A house of 90 m2 in Madrid (half m2 Price: 3,642 euros) has an average price of 327,780 euros, according to the latest data report idealista.com prices

As the price of housing in Madrid fell 6.5% in the last 12 months, the house has “lost” value of EUR 22,786 in the last year

In total, adding the fixed costs and the deterioration of the price, any house without the use of these features would have cost the owner approximately 25,000 euros

Mortgage interest

In the unlikely event that the home was recently foreclosed, we would have an additional expense. At this point we will only enter as “cost” of housing interests, considering the principal and savings. Although last year there was minimal interest rates, also the owner have had to endure through interest cost. Specifically, for an open mortgage last year to 80% for a house of € 350,000 with an interest rate of 2%, interest paid in the last 12 months have been about 5,500 euros.

In total, be empty or sell a home of 90 m2 in Madrid may have come to cost the owner more than 30,000 euros in the last 12 months or 8.5% of the price a year ago.

It should be noted here that if the total interest rate mortgage for less than 5%, the interest cost would increase from € 5,500 to about 14,000 euros. with this data and keeping other variables fixed, the cost of having the empty house would be around 40,000 euros, more than 14% of the price.

What happens when a country leaves the euro? Part 2

What happens when a country leaves the euro? Part 3

The underlying answer is the question itself has not had the level of education required at all levels of Spanish society! Who denies this fact is still part of the problem and we must apply a corrective urgent to understand they have to react, for the good of all even at the expense of individual sacrifices that almost always affect have to lose privileges. The motivation to exercise training is complex because there are many actors involved in its development. Everyone has the will to achieve the best results related to the workers acquire the skills necessary to improve work activities in quality, technology and consequently gain competitiveness. But assembling the required actions and find ways to use them. Trade unions and employers’ organizations have today in its management intelligence by direct access to workers to enable the continued formation of a new disruptive to overcome the range of other years and also have tighter budgets than ever. More than luck takes a lot of intelligence and social vision.

The culture of learning and continuing education when living in a welfare state is difficult to promote the value of effort as the company is performed live and even without exerting themselves with facility jobs that require a lot of learning and time to specialize. In Spain, the economics of housing construction and the national infrastructure has taken a decade to millions of employees not required to have skills in industrial areas. The other two engines of the economy in Spain as tourism and automotive both if you have made to the appropriate manpower to assist them. But the former has erupted from immigration personnel who have held jobs for less skilled accepting minimum wages and displacing many young people who aspire to more national salaries and the second the automotive industry automation posts work and modern equipment for machining and assembly labor have required increasingly specialized, small operations banishing the need for trades personnel. This has confused the economics of vocational education that can develop complex and innovative works are highly competitive value that will raise the level of the industrial economy.

Only proper education based on ethics based on virtue and morality focused on the best currently requires that society can make individuals in positions of responsibility can make constructive decisions to the appellants to improve, gaining that value that can bring a new future. Those responsible for the welfare of future generations have not bothered to do what is necessary to change to make it as easy for his “I, here and now.” They have forgotten the daily exercise to improve her education and training to acquire the skills and abilities that the transformation of the global society requires a tsunami or invade the market and diverted to their countries to create business opportunities, business and commerce . No need to invent anything that other countries, the twenty-first century, and run as normal.

The actors who make up the value chain of professional education are those who must work to order the new variables that are required for the lesson learned once again return to a welfare state supported by the jobs that companies have made opportunities to produce.

The work will be to motivate players to continue training and support with the top half of the draft decisive importance for Spain to climb to its rightful position among all countries of the world: professional continuing education. Must be the new paradigm in all areas of society that affects the economy, such as businesses, organizations and public administration. Also in political society is to enter a new education that meets their players to ethics and governance concept based budgets to approach “zero base”, which gave such good results in the 80 to improve the margin in business .

“We used measurement data collected in these studies (weight for age, height relative to age and the relationship between weight and height) to classify each child nutrition within the categories of ‘underweight’, ‘delay growth ‘or’ thinning ‘, according to child growth standards defined by the World Health Organization, say the experts.

The study indicates that the prevalence of ‘underweight’ fell from 49.1% in 1992-93 to 43.8% in 1998-99 to 40.2% in 2005-06. The prevalence of ‘stunting’ also fell, however, reducing the ‘thinning’ was minimal, only 24% in 1992-93 to 22% in 2005-06. Also during the study period, India’s economy grew at an annual rate of 7% -9%.

It comes down to any level of malnutrition

From these data, the authors studied whether changes in the economic growth of the different states were associated with a reduced risk of a malnourished child in a particular state.

“We found no consistent evidence showing that economic growth leads to reduction of child malnutrition in India. Direct investment may be necessary and appropriate interventions for public health to reduce the malnutrition, “they conclude.

There is one basic premise: The rush is not good

-Forecast of cash within 12 months.
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societies.
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describing the most important parameters and their
evaluation:
* Sales and developments
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The economic and financial data must be submitted
in a coherent and sophisticated.
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You can also address issues such as:
* technologies and equipment used
* innovative features or particular process
the service production
* payment terms to suppliers and customers
seasonality of sales *
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“Legal structure of business. Legal form,
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of the shares, restrictions on their
transmission, etc..
The Information supplied will be tested by
the bank, which in turn has various sources of
information to draw on:
-Registering property
-Trade Register
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(SERT)
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The bank will have a team of risk analysts
who will look to verify the information provided and
qualify the request we made.