European Elections a Stark Contradiction to All-Time Highs in World Markets
In the U.S., the S&P hit an all-time high on Friday. Around the world, many other markets hover just below all-time highs. Maybe more will set records this week. Against this backdrop we find a stark contradiction in European elections held on Sunday.
From country to country, hard right and hard left parties won local elections. While on opposite sides of the political spectrum, each opposes policies pushed by the European Parliament that result in high unemployment and increased immigration. Really, what they oppose is the European Union itself. And their victories were called by one high-ranking French politician an "earthquake."
But when you look at the success of stock markets in these countries vs. the discontent of many of the people living there, we shouldn't be surprised. Despite the trumpeting of economic strength in the financial media, many people don't feel all that strong. The increased immigration, something promoted by their leaders as and important component of economic growth, appears to benefit the enrichment of a few without much if any benefit for "the people."
And so we now see what can only be described as increasing gains for a "populist" movement that extends over many countries. We in the U.S. don't experience this surge as much - or at least haven't so far. Perhaps people here, while they complain, haven't hit the wall of discontent that we've just found in Europe. I wonder, though, whether we're heading for that same wall here. Something tells me that while the lid's on for now, we may see signs of pressure building.
There's another reason for concern here: us. I don't want to sound elitist or snooty or anything, but each time I observe the behavior and hear the language of many people, even older Americans who were raised with some sense of propriety, I wonder how far this sort of lack of manners, proper speech and, frankly, human dignity, will extend before we look around and wonder whether whatever happened to civil society. Imagine individual discontent building to general social unrest (groups or crowds of people, as opposed to individuals) consisting of a majority of people with limited intelligence, bad manners and language, undisciplined behavior, and...It's not a pretty picture, is it?
From country to country, hard right and hard left parties won local elections. While on opposite sides of the political spectrum, each opposes policies pushed by the European Parliament that result in high unemployment and increased immigration. Really, what they oppose is the European Union itself. And their victories were called by one high-ranking French politician an "earthquake."
But when you look at the success of stock markets in these countries vs. the discontent of many of the people living there, we shouldn't be surprised. Despite the trumpeting of economic strength in the financial media, many people don't feel all that strong. The increased immigration, something promoted by their leaders as and important component of economic growth, appears to benefit the enrichment of a few without much if any benefit for "the people."
And so we now see what can only be described as increasing gains for a "populist" movement that extends over many countries. We in the U.S. don't experience this surge as much - or at least haven't so far. Perhaps people here, while they complain, haven't hit the wall of discontent that we've just found in Europe. I wonder, though, whether we're heading for that same wall here. Something tells me that while the lid's on for now, we may see signs of pressure building.
There's another reason for concern here: us. I don't want to sound elitist or snooty or anything, but each time I observe the behavior and hear the language of many people, even older Americans who were raised with some sense of propriety, I wonder how far this sort of lack of manners, proper speech and, frankly, human dignity, will extend before we look around and wonder whether whatever happened to civil society. Imagine individual discontent building to general social unrest (groups or crowds of people, as opposed to individuals) consisting of a majority of people with limited intelligence, bad manners and language, undisciplined behavior, and...It's not a pretty picture, is it?
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