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socioeconomics as sedative

Reader comment on item: My Gloom: Back to September 10

Submitted by michael c (United Kingdom), Dec 23, 2005 at 16:44

the long economic boom in the US, Europe & the far East continues, the Dubai & Kuwait stock exchanges have soared on investment of oil profits, housing wealth is rising everywhere it seems [except Germany], Japans' market is recovering from 10 years of deflation, Indias' ecomomy & market soaring.........

Who is going to worry about a few silly Islamists given all this prosperity? The time when the West will worry is after another market crash, when we cannot turn so easily to our distractions, and when the social mood will be more bitter.

Look today at the chart of the VIX, which measures volatility in financial markets. It is at a major low, signalling maximum complacancy by the markets. Prof Neil Fergusson recently wrote a piece comparing todays complacency with that of the years pre 1914. The financial markets never anticipate the big changes, apparently. He may be right or he may be wrong.
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