The two words of ‘Globalisation’ and ‘Liberalisation’ have been the bedrock of the Bull run over the last 2-3 decades. The winners of this run have been big corporates and the emerging economies round the globe while the losers have been the ‘Working Class’ in the developed world. Both in Europe and the US, Far-Right and Far-Left politics is at historic highs and Centre-left and Centre-right at their lowest in popularity for a long time. This trend has the risk of becoming a surge in the next 2-3 years but the markets, the analysts and the media have just had it so good for such a long time that they believe nothing can go wrong. Whether we have a Brexit tomorrow or not is anybody’s guess, but the complacency frightens me. One of these events is soon gonna catch a lot of the experts with their pants down!!! The EU is a failed economic and political project and no amount of Central bank printing is going to o save it. We are in times where the new buzzwords for the next 2-3 decades are likely to be ‘Nationalism’ and ‘Protectionism’. ‘Islamism’ may just be the straw which breaks the camel’s back.
June 23, 2016