“GREEK BAILOUT HOPES BOLSTER BULLS” (February 13, 2012)
Thus the Financial Times merrily today after the Greek parliament has passed the last austerity bill. The spike on all stock exchanges is marvelous to behold, indeed. The euro has been saved once again. But the picture that goes with another article in the same newspaper shows Greek rioters and police engulfed by fire. The title and the picture seem to be coming from two different worlds, not just two different articles. And they do come from two worlds far, far apart. The world of the rich and the world of the poor, to be sure. How much longer will the police and the army manage to keep the two worlds apart, though? Not only in Greece, but also in Italy, Spain, Portugal… Hard to tell, but the austerity will eventually lead to widespread unrest across much of Southern Europe. And those stockmarket spikes will become merry history.