esrosedotblog

FRENCH FRIED

It used to be that discussions of the stock market revolved around IBM and General Motors or Apple and Google. Exxon and Mobil.

American corporations.

Now, in one day we lost all of yesterday's gains because French banks had too much exposure to other European countries.

Before that it was the Greeks. Spain, Italy, Portugal.

WTF!

I do not manage my own account but if I did I would just throw up my hands. All of the financial industry which led the loss today are up to here in "foreign" banks.

There is no way to read this part of the scene. Yesterday no problem. Europe seemed serene. Today, pardon my French, we are fucked.

One word. "globalization".

We are doomed.

Of course there has always been an international aspect of the market. Google is worldwide. Exxon sucks oil out of the Middle East.

But these seem more indirect to me. Trouble with the Saudis shows up with some impact but not like this.

We used to control the world or thought we did. Now we know different so we react and more out of ignorance because we still don't know any more about France than we did a decade ago. And so on.

Up shit's creek.

Labels: globalization