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WELL....recovery from what? How the goalposts have been shifted!

“The financial markets are calmer this morning. But there's plenty of chatter about how the eurozone crisis is back -- if indeed it ever went away...”

Or indeed, if there ever really was one!

The analysis in this blog is utterly misleading rubbish, cleaving the British public from any genuine appreciation of what’s going on in the rest of Europe. And it started out so promisingly too. A pity it has descended into some sort of parrochial branch of an Ambrose Evans-Pritchard-style ‘euro-hate’/ Ukip fundamentalist party rag.  Last week, the financial press was full of ‘scratch my head’ stories, trying to explain why the stock markets had climbed to such dizzying heights, against all the struggling fundamentals. Could it be all the fake electronic money sloshing around and having an effect? Could it have anything to do with bonus season?  The quiet but dramatic drop in Sterling since Christmas was clearly a bit of sly competitive devaluation – market traders can’t drive it down that far that fast without some seriously organized large trades.

Yesterday, this blog told us with front page, headline confidence that ‘the eurozone crisis was back’ – that political instability over Berlusconi and Rajoy had shaken the markets and caused both the FTSE and the Euro to fall.

 But today, the markets are not just ‘calm’, both the FTSE and Euro are UP again. So what’s happened now? Have the traders simply forgotten yesterday’s news? Has the “eurozone crisis” gone away again? Have the “worries” slipped from their gnat-brained memories? Or were they just taking big fat profits from recent gains and using “Eurozone worries” as an excuse? (There were plenty of negative Eurozone stories last week, which had absolutely no effect whatsoever on the rising market.)

 Could anyone please remind me again, what exactly the “Eurozone Crisis” actually is these days? I mean, what exactly is it that we are supposed to fear? I thought it was originally a fear about Greece or Portugal or Ireland not being able to service their debt and defaulting, thus toppling banks and the financial system like a series of dominos, but since everybody now has a means of printing unlimited new money, that no longer looks likely to happen. So what unspecified event is it exactly that we now have to fear that justifies the claim “the eurozone crisis is back”?

 Are France and Spain going to be swallowed by sink-holes? Are the heads of European governments going to turn into Triffids and eat their own electorate? Really, I mean what precisely is the specific nature of “the Eurozone crisis” now?

 It seems to me, that the only real threat now, is of compliant junk reporting driving up bond yields to a point at which bond buyers rub their hands with glee.

 This is a crisis of Landfill Consumerism, and we’re ALL implicated up to our necks - it's not just a localised problem for the eurozone.

Call a halt to this pro-market, pro-Tory partisan rubbish blog and open up a rolling blog on the WORLD crisis. It might actually prove to be a better way of documenting, blow-by-blow, the changes the world is currently going through. Investigate all aspects…what do the stocks of resources look like? Raw materials, energy, water, etc? Who’s lying to whom and why? How can the environment possibly cope with a ‘return to growth’, given what we now know about the destructive force of our current business models? You know… some independent analysis, which doesn't merely reflect the stories that the financial markets want to tell.