Bill Blain On This Morning’s European Euphoria

Mint – Blain’s Morning Porridge – March 16th 2017
What a fascinating world of possibilities opened up y’day, but let’s start with a simple game. Without thinking about it too much; name 5 famous European politicians of the last 30 years.
I bet none of them were Dutch.
Why? It’s a great country with a functional consensual political system biased towards compromise and coalition. Generally it works. The country works.
Yet this morning the European markets are Risk-ON in frothy celebration because Right-Wing demagogue Gert Wilders ‘apparently’ lost the election and won’t dominate the coalition process. All the anti-pollsters who predicted a higher Wilders vote due to polling bias were proved wrong. The Populist bogeyman was overcome by Dutch common-sense. We can relax as the same-old, same-old Dutch right-of-centre social democracy sits in the comfy chair.
Nothing for Europe to worry about….
Except for the fact that Holland – one of the most successful Euro member economies with a growth rate faster than Germany and less than 7% unemployement – still gave the Extreme populist Right Wing 25% more seats while the ruling VVD (a most unpleasant sounding name for a party) lost about the same amount!

This post was published at Zero Hedge on Mar 16, 2017.

 

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