[BITList] Morning Briefing

michael J Feltham ismay at mjfeltham.plus.com
Thu Nov 10 13:51:02 GMT 2016


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> Some thoughtful stuff from Germany.
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> Good morning Peter, 
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> It was not a defeat but a humiliation, and not just for Hillary Clinton but for the entire Western political establishment. Donald Trump's triumph is the latest climax of a global earthquake whose epicenter has shifted from continental Europe to Brexit Britain and on to America, from where the shock waves are reverberating back to us. 
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> Flying under the radar of pollsters and using a form of guerilla tactics, American voters have opened the door to the White House for the poltergeist Donald Trump. Experts called it a hidden vote, in which people cast their ballots for a political outsider and concealed their decision from neighbors, friends and bosses. 
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> Those who confine their analysis to the leader of this populist storm have missed the point. Donald Trump has a bloated ego, but that wasn't it. The political energy that flushed him to the top went well beyond his own personality. It welled up from the depths of America's electorate. Mr. Trump didn't seduce the people - the people took possession of him. 
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> Their rage stems from pain, both real and perceived. Everywhere in the West, the great promises of salvation in the modern age - globalization, digitalization and the development of multicultural societies - are too much for a majority of people to handle. 
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> Globalization creates prosperity but not for everyone. Stock market capitalism lets some people rise to the stars, while others suffer social decline. Digitization gives everyone a voice but devalues human labor at the same time. You don't have to be a Marxist to understand that such a powerful economic upheaval will impact the political system. Disruption is a buzzword for the economic elite and a threat to the rest of humanity. To quote the French philosopher Albert Camus: "What is a rebel? A man who says no." 
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> For sure, the risks of questioning current processes and authorities, from the big-tent parties to the economy to the traditional media, should not be underestimated. How stable is a society that's in such a state of transition? After the belligerent cacophony of the Brexit and Trump campaigns, what serious person is still willing to mount the political stage? How can the economy continue to provide prosperity and jobs on this increasingly shaky foundation? 
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> The coming years will provide us with partial answers to these questions, and some answers may be uncomfortable. Shirking the debate will only make things worse. There are alternatives to everything in this world, even democracy. We are compelled to remain optimists. Or, as Austrian writer Ingeborg Bachmann put it: "Anyone who falls has wings." 
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> Yours sincerely, 
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> Gabor Steingart 
> Handelsblatt Global Edition 
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> Number of the day 
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> SOURCE: DEALOGIC 
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> The City of London grossed $6.1 billion with IPOs since the start of the year. Last year, revenue from IPOs totaled $17 billion. 
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> Quote of the day 
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> We are ready to do our part to put Russian-American relations on a stable path.
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> Vladimir Putin, Russian president 
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> Image of the day 
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> SOURCE: EPA/CLAUDIO BRESCIANI
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> A man on skis on the Brannkyrkagatan Street: Traffic in the Stockholm area was hampered due to heavy snowfall. All bus traffic was halted and the main roads were blocked by trucks, buses and cars stuck in the snow. 
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> Author of the Morning Briefing editorial: Gabor Steingart 
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> Responsible party according to § 55 para. 2 RStV 
> (German Interstate Broadcasting Agreement): Yasmina Banaszczuk 
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