Does Germany listen to Saxo Bank’s 2013 predictions?

Germans should be able to relate to this:

 Any real change has only come about as a result of the exigencies of war.

Before everyone labels us ‘doomers’ and pessimists, let us point out that, economically, we already have wartime financial conditions: the debt burden and fiscal deficits of the western world are at levels not seen since the end of World War II.

All of this leads us to believe that society will tilt increasingly towards more radicalism in Europe in 2013, where the far left and far right will both gain ground by appealing to the desperately disenfranchised voters who have very little to lose in responding to their messages. Current mainstream European politicians are running on ideological empty. And they have never shown that they understand the ‘representative’ portion of a representative democracy.

As we leave 2012, the consensus call is for the S&P 500 to rise 10 percent next year, and not a single analyst sees the market down in 2013 – I do not remember a similar level of complacency since the year 2000, when everyone I knew quit their job in the hope of making a fortune day trading. One of the things we can learn from history is that we rarely ever take its lessons to  heart.

To continue with the current extend-and-pretend policies is to continue to disenfranchise wide swaths of our population – particularly the young – those who will be taking care of us as we are entering our doddering old age.

In a way, it is the 1960s all over again, though a deeper struggle rooted in economics as much as politics – the 1 percent versus the 99 percent, to borrow the most common way to draw the battle lines.

full article here


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