[FoRK] World stocks dive on Greece turmoil

Gary Stock 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."

GS


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