Belief in "The Markets"

You hear the phrase thrown about all the time, in terms of near-magical reverence. Sort of like the Greek Muses, or the Oracle of Delphi: "The Markets will lead us". "The Markets know the real truth". "Trust The Markets". "Don't bet against The Markets".

Such regular pronouncements of omniscience or magic have in more recent ages been the province of Court Jesters, Astrologists, Alchemists, Witch Doctors, Medecine Men, and The Born Again.

A few things all such seers have in common:

• An impenetrable vocabulary and/or beguiling gestures
• A gullible audience
• Persuasive salesmen
• A powerful platform
• Political permission
• The allure of inevitability
• The attraction of thoughtlessness and entertainment

Today, our Court Jesters are the financial press and the mainstream media (FPMSM). They dance at the foot of the King's table, spin clever diversions to keep the masses amused, and tell tales of endless riches around the corner, if only you have faith

So, it is with no degree of surprise, that our modern Fool - CNBC - is yet again today flogging stocks, (Bristol Myers! Amazon!) even as 'The Market" is again in the tank. They're endlessly looking for stuff that might magically rise in value, and endlessly ignoring reality. All day long I've (sadly) had them on in the background, and all day long have yet to hear more that 20 minutes total about anything other than the 'upside' to devastating economic news. GM to liquidate? No prob, we're 'off the lows of the day!' G-20 to fail? No biggie, "markets will adjust!"

The idea is to beguile the masses with the notion that all you need do is to believe. Believe, believe, and all will be well. In Wall St's case, it's crucial to drive blind faith in "The Markets", and the job of the FPMSM is to devine every single obscure sign that "The Markets" will become benevolent, and allow us again to prosper. The ancient Egyptians, and their faith in the magical power of asps, were not much different. Nor were the blessings of Zeus, nor those of Mayan priests performing human sacrifice (tho the Mayans may be closest to our Wall St leaders in the human sacrifice aspect....)

Upon such stuff is progress based....