2011-02-20

Negative mood manifesting around the globe

The above is from the recent front page of the Drudge Report.

To some extent the headlines and news media are hyping events. The Middle East is truly revolutionary, but events in China and Wisconsin are far more pedestrian. However, it's clear that there's a global phenomena in the manifestation of negative social mood that is self-reinforcing.

In Italy, Prime Minister Silvio Berlusconi is under a cloud of scandal. He is always under a cloud of scandal, but now it is turning serious as he faces charges for abuse of power and paying for sex with an underage hooker. This is in Europe, which mocked America's seriousness during the Clinton scandal, but now they are enraged. In part, this may be politics,since Berlusconi is "right" and Clinton "left," but the fact remains that the public is turning on its leader.

This has implications for the protests in the Muslim world because Italy has close relationships with some North African countries such as Libya. Pressed to engage the Libyan leader, Berlusconi has taken a hands off approach for now.
Berlusconi won't 'disturb' Gaddafi amid bloodshed

In Germany, the public rejected Angela Merkel's ruling coalition, an event that is being widely interpreted as a rejection of EU bailout policies. This is reflected in the results. Merkel's center-right party was defeated by the center-left adopting even more right-wing policies, while a left party underperformed and a right party outperformed.
Merkel’s party trounced in Hamburg poll
Ms Merkel’s liberal Free Democrat coalition partners in Berlin did better than expected in the Hamburg poll. Exit polls showed that they were on course to obtain around 6.5 percent of the vote, a result which would enable to enter the city parliament.

The environmentalist Greens had hoped to secure around 15 percent of the Hamburg vote and share power with the Social Democrats. However exit polls suggested that they would pick up just under 12 percent.

Mr Scholz defeated his unpopular conservative opponent Christoph Ahlhaus by advocating rightwing pro- business policies which some critics argued were “more conservative” than the conservatives. “We have been given the support of a large number of voters and we must ensure that we meet our pledges,” Mr Scholz declared last night.


And of course, in South Korea, the bank runs continue
S.Korea bank runs prompt more suspensions

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