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Mark Grant

Greece, Oil and Fed Give Markets the Look of Wonderland

The use of purposeful misdirection by politicians is on the rise.
Markets are in a state of disbelief.

Markets are in a state of disbelief.

Photographer: Michael Nagle/Bloomberg

The markets are full of presumptions. They are often incorrect. They are generally manufactured, and driven, by politicians touting their own particular wares in an attempt to bolster their positions to the detriment of market participants and investors. This is not noise but purposeful misdirection.

Take Europe. The European Union structure is a large part of the problem. Brussels makes the pronouncements, but Berlin writes the scripts. Brussels is little more than a mouthpiece and all statements that emanate from there should be viewed with great suspicion. A politician from one country makes some pronouncement, then one from another country replicates it, then some member of the EU reinforces it, and they all hope that you accept it as truth. Don’t be fooled. These people have their own agenda, and accuracy is not part of their equation.