Shame, Shame, Shame

It started yesterday, the French press as well as a lot of politicians have assumed publicly that the Greeks cannot make an educated choice should a referendum to be organized extending the view that at time of a crisis, citizens understand dummies will do something stupid, of course the very same folks are the first ones to judge and decide what’s democratic and what’s not. Assuming nations can’t make educated choices have of course nothing to do with the fact that the press does a very poor job with a bunch of politicians exploiting that poor job to make sure the citizens will show sometime impatience they will promptly use to declare they can’t be asked to make educated picks, these poor things don’t get all the implications, we know better…. Want an example, since the EFSF and the SPV got out of the box, how many interviews of politicians have taken place and how many have been asked how the EFSF debt service will be funded and what’s the plan to get rid of that debt should it be a multi-decade thing?

I’d say not once.

This morning, not just have I heard by the usual liberal pundits so fast to chase the heretic that it is impossible to organize referendums at time of crisis because of the above but on top of it causes markets to go down, no kidding…. So not just, sometimes the Press doesn’t play its role on the citizen’s side to help the educated choice to be possible but it does the contrary helping some politicians with the same old tune markets and democracy don’t fit, look, the Greeks want to organize a referendum and markets go down….

So, do markets go down because the Greeks want a referendum, of course not, markets go down because first, some investors have been surprised and decided they needed time to allow themselves to study the fallout of a Greek No should it be their decision over their strategy of investments and while doing so to be cash surely the best way to escape shortfalls, second, big and hot money such as myself were following Brussels meeting expecting billions and billions of public money to be poured in the system with a first consequence inflate assets why not make a quick buck with some money on the market before the public money kicks in. A Greek referendum, yes or no is just a game changer that has the potential to delay the public money kick therefore investors pack until they get a better idea on when the money may be poured in or if it will and while waiting head to the sidelines but investors or markets have absolutely no opinions on should the Greek have or have not a referendum only politicians do.

Why they do, it a catch 22 they love to have, at least they say so, citizens making educated choices but frankly what’s their life expectancy if citizens were given all the information that lead to this debt crisis? Starting with how was a referendum necessary to approve the gross general gov debt ratio level but none was necessary to blow it and keep doing so for nearly 8 years?