“It’s the oil crash few saw coming, and few have been spared as it erased $1.3 trillion, the equivalent of Mexico’s annual GDP, in little more than a year. State pension funds and insurance companies have also been hard hit. Investment advisers, who manage the mutual funds and exchange-traded products that are staples of many retirement plans, had $1.8 trillion tied to energy stocks in June 2014, according to data compiled by Bloomberg. The California Public Employees Retirement System, a $303 billion fund that provides benefits to 1.72 million people, owned a $91.8 million slice of Pioneer Natural Resources Co. in June 2014. Calpers’ stake has lost about $40 million in market value.”
http://www.bloomberg.com/news/articles/2015-08-04/the-oil-crash-has-caused-a-1-3-trillion-wipeout
Tip Freedomwat.ch Staff with Bitcoin