Wednesday, February 25, 2009

May be riot for the banking

The start point of such a conversation has to be Iceland, where the Prime Minister's car was surrounded during daily protests outside the government buildings

This is from January 21st, just before the government was replaced wholesale.

Displacing a government doesn't solve the issues, but it does make folks feel better which is why there's also a lot happening around Europe.

In fact, Eastern Europe has a growing range of issues, with shares of banks with major exposure in Eastern Europe - such as Raiffeissen, Erste, Uncredit and Societe Generale - tumbling in recent weeks.

This is because of growing political instability in some of these countries, particularly Latvia, Ukraine and Georgia, triggered by the global economic crisis and made worse by deep internal problems, such as corruption.

It has also been made worse by a battle between the European Union and Russia over the allegiance of these countries and where their interests lie.

Whilst in Europe, there are protests and battles everywhere from Greece to France, Spain to Ireland; and the UK will not miss out, as the police fear a 'summer of rage'. This rage may well spill over at the G20 Summit in April, with organisations clearly trying to create a co-ordinated plan of action.

I am not saying there will be trouble on April 2nd, but I do believe that a large crowd of people protesting can easily spill over into rage and violence ... not always, but with the current anger boiling beneath the surface of most societies, don't be surprised if this happens.

Equally, I am not saying that Europe is falling apart, but it is being truly strained.

Outside the EU it's just as concerning as even the usually mild and sedate Japanese are having mild rumblings as the country sinks into 'despair'.

Most suprisingly of all the Canadians, who have the safest economy of all, are protesting as "a growing online community of Canadians who feel disenfranchised by social turmoil, economic instability, and 21st-century uncertainty (are) beginning to speak out."



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