Tag Archives: Stock Market

SUICIDES UP IN US, DOWN GLOBALLY

“The suicide rate in America is up by 18% since 2000.  This is not merely a tragedy; it matters politically, too.   The rise is largely among white, middle-aged, poorly educated men in areas that were left behind by booms and crushed by busts.   Their deaths are a symptom of troubles to which some see President Trump as the answer. Those troubles should not be ignored.”   (“Staying alive,” The Economist,11/24)

Suicide is declining pretty much all over the world, thanks to greater freedom and some helpful policies.” (“Defeating despair,” The Economist, 11/24).

“Globally, the rate has fallen by 38% from its peak in 1994.”

LIFE EXPECTANCY DOWN IN US

“Suicide and drug overdose rates continued to rise in 2017, helping drive the number of U.S. deaths to the highest level in more than 100 years, the Centers for Disease Control and Prevention said in a series of reports on mortality released Thursday.

“Tragically, this troubling trend is largely driven by deaths from drug overdose and suicide,” CDC Director Robert Redfield said in a statement.  “These sobering statistics are a wake-up call that we are losing too many Americans, too early and too often, to conditions that are preventable.”

“Life expectancy in 2017 fell to an average of 78.6 years for the total population, down from 78.7 years in 2016.

“Overall, more than 2.8 million Americans died in 2017, about 70,000 more than in 2016.”

(“Suicides, overdoses rise in US,” John Bacon, USA Today, 11/30)

——————————————————

CONTINUING BREXIT CRISIS

“The only rule of British politics for the coming weeks is that nobody knows anything.   The prime minister doesn’t know who will resign next.   The factions don’t know their relative strengths.   Nobody knows what is bluff and what is in deadly earnest.

“But one thing that is increasingly clear in the fog of Brexit is that this is the most serious domestic crisis Britain has faced in the modern democratic era.   In the statement that accompanied his resignation as transport minister earlier this month, Jo Johnson accused his own government of “a failure of British statecraft on a scale unseen since the Suez crisis.”   Others have compared the current debacle to the IMF’s bail-out of Britain in 1976 or the gold-standard crisis of 1931.   In fact it is worse than anything else Britain has endured in peacetime. The political system is all but paralysed, the country is divided into warring ideological tribes, the civil service in overwhelmed and, in the event of no deal, Britain would be staring into the abyss.” (“Crisis? What crisis?”  Bagehot, The Economist, 11/24).

The Economist has a new layout, that prompted an anti-Brexit  reader to suggest they move the British news section to the end of the magazine, after the Obituary column!   

——————————————————————

IS THE GLOBAL ECONOMY TAKING A DOWNTURN?

The stock market has been rather jumpy lately.   At the same time, gas has been going down (except in France, where an increase in fuel taxes has resulted in three consecutive weekends of riots); of course, a fall in gas prices may not be such a good thing, as it’s often the harbinger of a slowing economy.

Here’s some other indicators the economy may be headed south:

  • The Federal Reserve has been ratcheting up interest rates.
  • Corporations have loaded up on debt.
  • Unemployment is so low that employers are finally raising wages.
  • The housing market shows signs of softening.

. . . But there are plenty of upbeat signs today, too.

Auto sales are still running strong, if not quite at the peak levels of a couple of years ago.   Then, too, the labor markets still have some slack . . .”    (“Warning signs of recession abound,” John Gallagher, Lansing State Journal, 11/26).

“NEW YORK 30% OFF”

“Some homeowners are selling at bargain-basement prices from what they paid, as the city faces an end to a decade-long boom. Oversupply, rising interest rates and tax-code changes are only partly to blame.” (WSJ, Mansion, 11/30).

“Real estate, oil and employment figures are sending similar messages, and that is that economic activity is starting to slow significantly, just like in 2007 before the Great Recession wiped out trillions of dollars from the markets.

And, according to a blog on The Economic Collapse, those in charge don’t want to admit the reality of what is happening, just like in 2008.” (“Money and markets,” JT Crowe, 11/30)

GM ANNOUNCES 15,000 JOB CUTS   (Monday)

‘In the wake of massive layoffs announced by U.S. carmaker General Motors, Canada’s Prime Minister Justin Trudeau lashed out at President Donald Trump’s recent steel and aluminum tariffs.

At Friday’s ceremony to sign a new version of NAFTA, the free trade agreement between the United States, Canada and Mexico, Trudeau urged Trump to reassess levies imposed on Canadian imports in June.

“Donald, it’s all the more reason why we need to keep working to remove the tariffs on steel and aluminum between our countries,” Trudeau said Friday, The Hill reported.   According to a tweet from Toronto Star journalist Daniel Dale, the prime minister was referring to the GM cuts, which Trudeau called a “heavy blow.”

(Justin Trudeau blasts Donald Trump’s trade tariffs to his face after General Motors announced huge lay-offs,” Katherine Hignett, Newsweek, 11/30)

———————————————————

AN ARMY OF THE EUROPEANS

Military Union in the Making

“At this year’s Berlin Security Conference, which ended yesterday, German Defense Minister Ursula von der Leyen promoted new steps toward creating an “army of the Europeans.”  According to von der Leyen, “the question is no longer if, but how to reach strategic autonomy” of the EU with its own armed forces. “The European defense union is in the making. “[1] Delicate questions will be raised in the near future, such as that of establishing “independent command capabilities,” alongside those of NATO, for future EU missions and streamlining decision-making structures. German parliamentary reservations should not be abolished, but rather reframed.   Brussels could establish a “committee of legislators from national parliaments specializing in defense,” which could rapidly prepare decisions – in questions of war and peace.   In addition, compulsory EU consensus in foreign policy should be abandoned. “European foreign policy decisions on the basis of large majority support must be made possible.”   This would mean that individual member countries could be compelled to support a foreign policy against  their interests.

Strategic Autonomy

The German foreign policy establishment is already discussing the outline for the further development of the “army of the Europeans.” To actually achieve “strategic autonomy, Europe, more than ever must provide for its own security – perhaps even completely,” according to Jan Techau, Director of the European Program of the German Marshall Fund of the United States  .[2] This would mean that, not only conventional, but “nuclear deterrence,” as well, must be “independently organized in Europe.”   [3] This, in turn, must be accompanied “by a significantly enhanced independent intelligence competence and activity.”   Furthermore, with the “shift of acts of aggression to the sector of information technology (IT), and the hybrid warfare in the sectors of media and public opinion influence,” the guarantee of European security will be extended to fields, where Europe … is not among the world leaders,” concluded Techau.   In the future, “the Europeans, and above all, Germany, must accomplish in these fields things that, by far, surpass what the United States has been able to achieve until now.”   The “scope of the task” also demands that in the future “strategy be taught at German universities . . . and strategic education be required as a career-obligation for all civil servants from the B-6 salary level upwards.” And ultimately, “a federal security council” should “be the hub connecting the various strands of ministerial activities on all central questions” so that “the chancellor may have access to thorough strategic advice.” “German foreign policy, 11/29

————————————————–

‘THE DAY OF THE DICTATOR IS OVER!”

Those were the words of President George H.W. Bush, who has now died, aged 94.   They were spoken at a time of great optimism, with the fall of the Berlin Wall and the US intervention against President Noriega of Panama.   Almost thirty years later, democracy isn’t doing so good.  A report last week showed that, in Africa, nations are becoming more dictatorial as leaders refuse to hold elections, amending their constitutions to enable them to stay in power indefinitely.

——————————————————–

TWO CHUMMY MURDERERS

Without any sense of shame or embarrassment, President Vladimir Putin and the Crown Prince of Saudi Arabia, Mohammed bin Salman, greeted each other warmly at the G20 summit in Buenos Aires, Argentina.   Both men think nothing of ordering the murders of people who disagree with them.   Unfortunately, western nations still have to do business with them!

————————————————————–

HERALDING THE SOCIALIST PARADISE

“Senator Bernie Sanders knows what he wants.  In a Washington Post op-ed last week, the democratic socialist from Vermont laid out a legislative agenda for the 116th Congress’s first 100 days.  Among the dizzying array of proposals Mr. Sanders pushed were his “Medicare for All” bill, tuition-free college, student-debt relief, tax increases requiring “wealthy people and large corporations to begin paying their fair share” and a $15 minimum wage indexed to “median wage growth,” not inflation.

“Others in the Democratic Party’s increasingly influential democratic-socialist wing are pressing for their own major legislation to pass the House, even if it will get nowhere in the Republican Senate.   Rep.-elect Alexandria Occasion-Cortez, for example, wants a “Green New Deal.”   Sounding too much like a Maoist functionary, she describes it as a “national, industrial, economic mobilization plan” to make America carbon neutral.”   (“Stopping the Socialist Resurgence,” Karl Rove, WSJ, November 29th)

———————————————————

“Then Moses went up into the mountain and a cloud covered
 the mountain. — and the cloud covered it six days.
And on the seventh day He (the LORD) called to Moses out of
the midst of the cloud.”  (Ex 24: 15-16)

Advertisements

THE WEEK

Donald and Ted

There’s a lot of discussion about whether Senator Ted Cruz can run for president, due to the fact that he was born in Canada.   A few years ago, a similar concern was expressed about Barack Obama, with many convinced he was born in Kenya and therefore unqualified to run for president.

FWIW, when I went to the US Embassy in Ghana to register the births of our three children, all born outside of the United States between 1976 and 1981, I was informed that they had all the rights of any child born on American soil, “up to and including running for President of the United States.”

They were considered “natural born citizens” because their mother is an American citizen.

On this basis, President Obama, Senator Cruz and Senator John McCain all qualify even though they were born overseas, or maybe born overseas in the case of the current president.

——————————————————————————-

“In 2013 alone, 117,423 migrants from Muslim-majority countries were permanently resettled within the United States— having been given lawful permanent resident status.   Additionally in 2013, the United States voluntarily admitted an extra 122,921 temporary migrants from Muslim countries as foreign students and foreign workers as well as 39,932 refugees and asylees from Muslim countries.

————————————————————————————

Thus, twelve years after the September 11th hijackers were invited into the country on temporary visas, the US decided to admit 280,276 migrants from Muslim countries within a single fiscal year.” – Breitbart, Julia Haha, September 15th, 2015.

———————————————————————————-

President Obama took pains in his State of the Union speech Tuesday to warn Americans not to exaggerate the threat from terrorists,” notes a Journal editorial.   But after a spate of attacks from Paris to San Bernardino to Jakarta, what “Americans want from their next President is someone who will give them fewer reasons to fear being murdered while getting coffee.”   (WSJ, Morning Editorial Report, James Freeman, “Hillary and Ted’s Big Problem”)

——————————————————————————–

In Europe, reaction to the massive influx of refugees is increasing as people experience the full significance.   One thousand young men from North Africa and the Middle East congregated in the main public area around Cologne Cathedral on New Years Eve where dozens of German women were groped and sexually assaulted. Chancellor Merkel has condemned what happened and promised those convicted would be sent to their country of origin.   The anti-Muslim PEGIDA movement has been holding rallies and now has a British branch, committed to ending the growing Islamization of the West.

——————————————————————————–

Meanwhile, the 70-year-old ban on Hitler’s Mein Kampf (My Struggle) has been lifted in Germany and a new annotated version of the book has become available.  Sales have been greater than expected.   The new publication contains the full text of the original, with scholarly notes commenting on what was written.   It is hoped that this will turn people against right-wing ideas, but the law of unintended consequences may lead to a different outcome.

——————————————————————————-

Former British Prime Minister Tony Blair has called for a European Army, adding his voice in support of a development that is already taking place, with more European countries cooperating on defense.

The issue of Europe is uppermost on the minds of many in Britain at this time, with a referendum on future membership of the EU set for later this year.   Pro-EU politicians are trying to scare people by claiming that the EU has prevented conflict in Europe in recent decades. Fourteen leading British academics and historians have issued a statement saying that it is, in fact, NATO that has prevented major conflict in Europe since World War II.   This debate could intensify.   Many EU members are also members of NATO, which includes the US and Canada. But, if the EU successfully puts together its own powerful military force, the two organizations may go their separate ways.

——————————————————————————–

The British parliament is debating today, Monday, a petition signed by well over half a million people to ban Donald Trump from visiting the United Kingdom following his anti-Islamic comments.   A second pro-Trump petition has been signed by fewer people.   It seems like the Donald is dividing the UK as much as the US.   If the ban is approved by Members of the British Parliament, what will happen to the western alliance should he become president?

More immediately, what will happen to the $1 billion investment he promised Scotland?

Surprisingly, Piers Morgan came out in support of Mr. Trump on a popular British radio program.   The audience did not applaud.

The unanswered question here is why so many people on both sides of the Atlantic are determined to see a lot more Muslim immigrants arriving on their shores.   Their thinking is totally different from that of previous generations.

It’s going to be difficult to overcome political correctness on both sides of the Atlantic!

——————————————————————————-

Talking of the Atlantic, notably absent from the ocean right now are cargo ships – a sure sign the global economy is slowing.   For centuries, there have been ships crossing the ocean every single day. But right now there’s a lull.   Another sure sign of global inactivity is the fall in the oil price.   The price of oil is determined by supply and demand, as is everything else.   There’s more oil available now thanks to fracking and, from today, the lifting of sanctions on Iran. But there’s also less demand, with China’s economy weakening by the day and a deteriorating standard of living faced by most Americans, the world’s biggest consumers.

The head of the Royal Bank of Scotland warned all customers last week to get out of the Stock Market.   His warning sounded extreme, but what if he’s right?   We should know this week!

——————————————————————————-

Just remember, with all the uncertainty in global markets and in the Middle East, that Christians should not worry unduly about what’s going on. 34 Therefore do not worry about tomorrow, for tomorrow will worry about its own things.  Sufficient for the day is its own trouble.”  (Matthew 6:34)   The previous verse reminds us of where our primary focus should be at all times: “But seek first the Kingdom of God and His righteousness.”

 

 

 

 

 

 

 

 

 

SPREADING PROBLEMS

stock-market-down

So much is happening across the globe right now, it’s difficult to know where to start.

It’s Monday morning and the world news is dominated by further falls on stock markets across Asia and Europe.   China’s economy is heading south fast and is dragging other countries down with it.   As the country is the second biggest single economy in the world, it’s not surprising.

It’s not that long ago that China was a third world backwater.   Then, the communist dictatorship allowed free market reforms that led to an incredibly fast growth rate.   Too fast.   And suspiciously fast – could the numbers be trusted?   Now, we know the truth – the reality is not what we thought it was.   Millions of Chinese people are losing their life savings and are naturally angry about it.   If this continues, the Chinese people may conclude the ruling Communist party has “lost the mandate of heaven,” a precursor to significant change.

But change could also come elsewhere as a result of what’s going on.

The average American lost 6% of his retirement fund towards the end of last week.   6% isn’t too bad.   But if this fall continues, people will get more angry and frustrated.   It can only help Donald Trump’s presidential hopes.

Note the following from today’s The Daily Skimm:

“Last week, after some bad economic data from China, global stock markets completely freaked out.   US markets ended up with their worst losses in four years.    And today isn’t looking any better. China’s markets opened even weaker than yesterday, which has triggered a global domino effect.   Think:   Asian and European markets taking tumbles and oil prices way down.

“Right now, the ups and downs of global markets are hinging on two of the least transparent things ever:   the Chinese government and the Federal Reserve.”

It’s time to worry!

——————————————————————————-

It’s 8.20 AM Eastern time. I just received a news alert from the Wall Street Journal. The headline is: GLOBAL MARKET ROUT CONTINUES.   Stock markets continue to fall around the world.

It’s a good reminder that we should not put our faith in this world and particularly in this world’s money, which is, frankly, worthless paper.

In Matthew 6:19-20 Jesus Christ said the following:

19:  Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:

20:  But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:

 

Our retirement funds are certainly set to take a big hit, though how big remains to be seen.   Christians should take encouragement from Christ’s words and not worry as we go through this market “correction.”

It’s now 9.45, the New York Stock Exchange opened a few minutes ago, and we seem to be witnessing a big crash.   The stock exchange is down over 1,000 points, heading rapidly toward a “correction,” usually defined as a drop of 10% or more.   The dollar is also falling against other currencies.   Commentators are saying that this crash started with China, but blame should also go to the high taxes and anti-business policies of the current US Administration.   One lady said:  “They’ve killed the economy!”   Meanwhile, China is using the state pension fund to buy stocks in a hope of keeping up prices, an unwise move that could wipe out pensions for decades.

_________________________________________________________________

It’s really inspiring to hear that three young Americans on vacation in Europe helped save a train full of passengers from an imminent terrorist attack.   Today’s news shows them receiving the “Legion d’Honneur” from France’s President Hollande.

But, you will notice there’s another guy standing with them, an older man who was also part of the rescue.   The much-praised trio was actually a quartet.  The other man was from England.   It would be nice if just one American network would acknowledge his role along with the three Americans.   All four were very courageous and may have saved dozens of lives!

————————————————————————————

In this age of mass murders, it’s interesting to note that America, with less than 5% of the world’s people, accounts for almost one third of all mass murders, defined as incidents where four or more people are killed.

OBSERVATIONS II

Puerto rican debt

President Obama has called for urgent action on climate change, to save the environment for our children and grandchildren.

We are not likely to hear him call for massive reductions in government spending so that our children and grandchildren do not have to pay back the $18 trillion debt the last two generations have accumulated.

This problem is arguably more urgent than climate change.

————————————————————————

We’ve been hearing a lot about Greece recently.  The country has some serious financial problems.  Now Puerto Rico is in default.

“Puerto Rico’s outstanding debt of $72 billion is far bigger than Detroit’s $20 billion bankruptcy two years ago but a fraction of Greece’s $350 billion in obligations.  But unlike Detroit, there’s no law allowing Puerto Rico to declare bankruptcy…..  ’There’s no big daddy to rescue Puerto Rico,’ says Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics.”   (“Puerto Rico defaults on $72bn debt”, USA Today, Tuesday.)

As everyone with a credit card knows, eventually you have to pay the balance.

It’s no different with countries.

How are we, or our grandchildren going to pay off $18 trillion of national debt?   How long before it’s $20 trillion?   Will that be the psychological barrier that prompts the rest of the world to say “Enough!”?

What’s happening in Greece could also happen here.

In Athens, the Stock Market reopened yesterday after a five-week shutdown due to the financial crisis.   Shares fell dramatically, with some investors losing 25% in one day.   Shares of the Greek National Bank, once trading as high as $27.50, dropped to $0.09 Monday.

The general feeling is that the worst is yet to come.

It could also spread to other countries with a heavy debt load.

————————————————————————-

Our economic woes are certainly increasing.  One reason is the drought, which is severely affecting some parts of the country and has been for four years.   This has led to many of the uncontrolled fires we are witnessing on the nightly news.

The drought stricken land reminds me of God’s warning to the ancient Israelites, that if they did not obey Him, there would be some serious consequences.

One of those consequences would be drought.   Note:  Deuteronomy 28:23 – “The skies above will be as unyielding as bronze, and the earth beneath will be as hard as iron.”  (New Living Translation)

Is God trying to tell us something?

——————————————————————————-

I haven’t been able to post any articles for a few days.  This is because all eight grandchildren were staying with us last week.  The four oldest, all girls, are aged 8 to 10; the four youngest, all boys, 2 & 3.   Needless to say, I spent the week pre-occupied with little time to think, let alone write.

But it was fun having them all and we’re looking forward to the next time — over the Labor Day weekend.   Family get-togethers are so very important!

 

 

 

FINANCIAL CHAOS AROUND THE WORLD

Euro crisis

Wednesday was quite a day on financial markets around the globe.

China’s stock market continued to lose considerable value, down about a third in three weeks.   Uncertainty over the future of Greece within the euro rocked European stock exchanges. And a technical glitch caused problems on the New York Stork Exchange, the world’s biggest.

The latter was resolved before the closing bell.   Greece should be resolved by the weekend.   China, the number two economic power, poses the greatest threat to the world’s economy.   There are increasing fears that the Chinese stock markets are one big giant ponzi scheme, with nothing tangible to support them.

Late Thursday Greece handed over proposals to its European partners that will, hopefully, end the crisis affecting the beleaguered country.

Greece was a member of the euro from the very beginning, using the new European banknotes and coinage from day one on January 1st, 2002.   Today, the euro is used by nineteen European countries. Euro notes are used daily by more people than the US dollar.  The two currencies are the two most important currencies in the world and are used as payment for most international trading.

When Greece joined the euro, it was suddenly able to borrow vast amounts of money, which it did. It was not all used wisely.   Following the crash of 2008, the country soon found itself unable to repay its loans. The dream currency had become a nightmare for the Greek people. Austerity was forced on the country by European bankers, making life very difficult for the average citizen.   Austerity led the country into a downward spiral, which has recently been speeding up.

In January, the left-wing Syriza party won the election, promising an end to austerity.    However, European bankers, anxious to get their money back, want to impose greater austerity as a condition for offering Greece more help.   Without help, Greece will not be able to stay in the euro.

Without a doubt, Greek governments have been reckless.   Government employees can retire at 48 on generous pensions. Corruption is rife, as also is tax avoidance.

Germany is owed 68 billion euros by Greece, France 65 billion (add 10% to get the US dollar equivalent).   Other countries have loaned lesser amounts.   Total Greek debt amounts to 323 billion euros.   Greece is asking for a further bailout of 53.5 billion.

Although there is much talk of the Greek crisis, in a sense this is not about Greece, so much as Germany.   Germany’s conservative government is taking a hard line, refusing to cancel debt or extend further loans.   The Germans want their money back, on time.   Germany’s stance is setting a precedent that will no doubt be repeated if any other country in the eurozone gets into trouble.   Many have pointed out that when Germany was suffering economically after World War II, European finance ministers, including the Greek finance minister, generously cut Germany’s debt by 50%.   If Germany would reciprocate now, Greece would be fine.

The Greek people voted in a referendum a few days ago, rejecting the austerity demands placed on them by Germany and others. However, they still want to remain in the eurozone, which is an apparent contradiction.   If they leave the eurozone, they could restore their former currency, the drachma, but this would cut them off from many of the benefits of the eurozone.   Business loans and mortgages in euros would have to be paid back in ever depreciating drachmas, leading to many foreclosures.  Importers would have to pay upfront in euros, which may be hard to get if Greece leaves the eurozone.

Nobody wants a “Grexit” (a Greek exit from the euro), but it may not be possible to avoid it if the Greeks are unwilling to make the necessary structural changes to keep them in the euro.

This crisis is not the only crisis facing Europe at this time.   The continent is having to work through a number of challenges all at once.

The migrant crisis is the second biggest issue confronting the European Union.   So many people are fleeing from the Middle East and Africa into Europe that social cohesion is becoming a serious issue.   One consequence of this massive movement of people is the rise of right-wing parties opposed to immigration.

Ukraine is a third challenge for Europe.   Russia’s invasion of parts of Ukraine threatens the peace of Europe.

The possibility of Britain leaving the EU comes in at number four.

There’s even a fifth challenge, and that’s the relationship between European countries and the United States.   France and Germany are both upset over the American NSA spying on them and their leaders, even though it’s quite likely they are doing the same to America.

Depending on how each of these issues is resolved, Europe could be very different in the near future.

AFTER THE VOTE

election-tele_3296186b

The pollsters, the pundits and the commentators all got it wrong!

The British election was not a close call.

All the experts predicted the need for a coalition government, that neither the Conservatives nor Labour would get enough seats in parliament to form a government without the help of at least one other party.   There were warnings of a “hung parliament” and a “constitutional crisis.”   Even the Queen left town, advised that her services would not be needed for a few days, that nobody would be ready to accept her appointment as prime minister.

But the Conservatives easily won.

Consequently, three rival party leaders all resigned within the same hour, an historic first.

While David Cameron is pleased with the result, Nicola Sturgeon is likely more pleased.   Her Scottish National Party won 56 of Scotland’s 59 seats.   Independence for Scotland is back on the table.   56 out of 59 does not mean that the majority of Scots want independence.   What it means is that the SNP candidate in each constituency got more votes than anybody else.   This will not, however, deter the SNP from taking the opportunity to bolt as soon as it presents itself.

Labour was the big loser, losing big in Scotland, where it previously held most seats.   Ed Miliband, Labour leader, said his party faced “a surge of nationalism.”

One newspaper described it as “an electoral tsunami” (Independent).   Of note, Mhairi Black defeated a Labour heavyweight and became, at age 20, the youngest Member of Parliament since 1667.

In fact, the single most significant development in the election was Scottish nationalism.

English nationalism was also evident.   Although the United Kingdom Independence Party (UKIP) only won one seat in the new parliament, they received 13% of the popular vote.   That means that more than one in eight voters wants the UK to leave the European Union.   That’s not all – the Conservatives are promising a referendum on the issue.   Many of their supporters also want to exit the Union.

Nick Clegg, outgoing leader of the Liberal Democrats, summed up this rising tide of nationalism by saying, “Fear and grievance have won.”

The Stock Market soared at the news that the Conservatives are back in power and, this time, without the need of support from the Liberal Democrats.   The Conservative – Lib Dem Coalition of the last five years took a near bankrupt economy, turned it around and made it the fastest growing major western economy.   The surge in support for David Cameron’s Conservative Party likely came from voters who didn’t want to risk a return to the economic disaster of the post-2008 crash.