If it ever needed spelling out that the PTB and their lackeys, the govts, do not place any store on the people’s voices beyond using them as bargaining chips, it is in Greece:
Hang on – that referendum was the direction the people wanted, rightly or wrongly. It wasn’t some bargaining chip you might now use or not use according to the state of your game of brinkmanship. In other words, it was a direction to govt.
The AV referendum was the same, as will be the EU Out, once he’s got the softening up of the populace in order to stay in sorted.
So here’s our old bind – these clowns are the last people on earth to be running the show, apart from the masses who get swayed by anything plausible, e.g. PCism.
Yet put in a meritocracy and still there’d be issues, with one expert calling out another. After all – you put a Klugman in with a von Mises and nothing would get anywhere.
Benevolent autocracy? Who though? Anyone on the scene you see? Mr. People’s Army might have it right about the situation in the country but are there delusions of grandeur here? Marine le Pen?
Meanwhile, how is he going to react to the NYSE going down for a few hours due to FIX being not fixed? Jesse writes:
If you have stock gains, now might be a good time to consider raising some cash on any rallies, and sitting on it for a while, until this global equities situation sorts itself out.
As you can see below, stocks are finding a footing near the lower bound of the ‘trading range’ I suggested that might try to establish. If they slip this range, barring intervention from the Fed and the Exchange Stabilization Fund, it could be a rough ride here, following China and Europe.
China *might* be finding a footing here. I am watching the Shanhai composite. This is not unknown in the pattern by which a bubble breaks. And have no doubt, China stocks were in a bubble.
I have heard that approximately 70+% of China stocks are no longer trading, having been halted to stem their losses. I am also seeing the usual abuses of any bubble, wherein people have leveraged up, pledging hypothecated real estate to buy stocks, and companies using their own stocks to secure loans.
But he also writes:
I would not listen for one minute to stock touts and analysts at this point. They are accomplished liars, but liars nonetheless.