[FoRK] World stocks dive on Greece turmoil
gstock at nexcerpt.com
Thu May 17 05:34:27 PDT 2012
On 5/16/12 9:12 PM, Adam L Beberg wrote:
> Ken Ganshirt @ Yahoo wrote on 5/16/2012 4:23 PM:
>> Can someone tell me why the stock markets are in such a tizzy about
>> this at this point? It should have been obvious months ago what the
>> outcome will be and should already be priced into anything that might
>> be affected by a Greek default.
> The looting of Greece is mostly done, and the outcome is already
> known. The rich will only become richer as it runs it's course and the
> taxpayers bail them out.
Adam nailed the answer -- presuming Ken nailed the question.
However, as Joe noted, relatively speaking there's not much turmoil.
The markets respond as little to what the average Grecian earns (hehe...
see what I did there?) as to any other aspect of reality.
Financial markets care not a whit whether Greece burns to the ground, or
slips into the ocean. Either could happen; neither would matter.
(Seriously: over two percent of Greece DID burn in 2007 -- but the
market didn't care -- while something over TEN percent of Greece will be
lost to rising oceans in the next century -- and nobody's doing anything
about that, either.)
What's occurring THIS week is that commentators -- having NO freaking
clue what causes ANY market to move one way OR another -- have decided
to blame all changes on the EU. THIS week.
Placement of blame need be neither accurate nor relevant: the
commentators wish to keep their jobs, so they conjure up something
plausible to blame each day. In fact, the market's true motive ALWAYS
is optimal sacking of the commons -- but they can't admit THAT!
Think of it as "Post hoax, propter hoax."
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