Thursday, May 6, 2010

Opa - Part 3

The Greeks continue rioting. As I've said before, the Tea Parties are a bunch of "white button downs" holding posters. My "favorite Republican" took his 10 year old son out of school to attend one. I told him that when the real protests arrive, you won't be taking the family. Stay tuned.

"In the U.S., the Tea Parties mentioned above were rather like, well, tea parties. In France, the demonstrations are large, but the tone is not yet violent. According to Time Magazine, millions marched in that country bu the disruption was a "comparatively modest nuisance.' In London, the "Financial Fools Day' protest against the G-20 was much larger and more focused than the April 2000 demonstration agains the IMF. And this time things turned ugly fast: 'At first, jazz bands, jugglers and drummers lent a carnival atmosphere to the gathering, but within an hour, anger at the collapse of the financial system turned to violence.' But the protest is a long way from the violent bear market finale that Elliott Wave Financial Forecast was referring to in 2000. At this point, the movement is just 'a vague attack on consumerism, coupled with anti-capitalist rhetoric,' which Daniel Finkelstein of the London Times points out is ' a total dead end,' revolution-wise. When the bottom is at hand or already in place, the rage will be greater and more widespreead, and there will be no question what the rebellion is about."

Robert Prechter - Elliott Wave Financial Forecast - April 2009

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