Best of the Week
Most Popular
1.Putin’s World: Why Russia’s Showdown with the West Will Worsen - John_Mauldin
2. Stocks Bull Market Grinds Bears into Dust, Is Santa Rally Sustainable? - Nadeem_Walayat
3. Gold and Silver 2015 Trend Forecasts, Prices to Go BOOM - Austin_Galt
4.Gold Price Golden Bottom? - Toby_Connor
5.Gold Price and Miners Soar on Huge Volume - P_Radomski_CFA
6.Stock Market and the Jaws of Life or Death? - Rambus_Chartology
7.Gold Price 2015 - EWI
8.Manipulated Stock Market Short Squeezes to Another All Time High - The China Syndrome - Nadeem_Walayat
9.Gold, Silver, Crude and S&P Ending Wedge Patterns - DeviantInvestor
10.Is the Gold And Silver Golden Rule Broken? - Michael_Noonan
Last 5 days
Stock Market Happy Holidays - 27th Dec 14
Peace On Earth And Goodwill To All Men - 27th Dec 14
2015 Crude Oil Prices Won't Change the Emerging U.S. Dominance - 27th Dec 14
What’s Really Going on Inside the Latest GDP Number - 27th Dec 14
The Interview - 2014, The Year Propaganda Came Of Age - 27th Dec 14
Gold Miners Extremely Oversold as Tax Loss Selling Ends - 26th Dec 14 - Jordan_Roy_Byrne
Putin: It Is Time to Play Your Ace in the Hole - 26th Dec 14
A Gold Stocks Golden Opportunity On Hope’s Doorstep - 26th Dec 14
Russian Roulette: Taxpayers Could Be on the Hook for Trillions in Oil Derivatives - 26th Dec 14
Israeli Good Tidings for Palestinians - 26th Dec 14
Boxing Day Sales, Next, Debenhams... High Street Full List - 25th Dec 14
The Gold Price Target... Merry Christmas - 25th Dec 14
The Chinese Copper Elephant - 25th Dec 14
Santa Crushes Bears by Delivering Stock Market Rally to Dow 18,030 New Closing High - 24th Dec 14
Correcting Scrooge’s Economics - 24th Dec 14 - Ryan McMaken
Christmas Eve Online Sales, Boxing Day High Street Sales Full List - 24th Dec 14
Crude Oil, US GDP - You Thought The Saudis Were Kidding? - 24th Dec 14
Bank Capital Punishment and Other Nostrums - 24th Dec 14
The Biggest Unstoppable Market Trends - 24th Dec 14
In 2015 the U.S. Will Elbow OPEC Oil to the Sidelines - 24th Dec 14
U.S. Economic GDP Growth Revised Higher to 5% - 24th Dec 14
Crude Oil, US National Debt, and Silver - 23rd Dec 14
Make No Mistake, the Crude Oil Price Slump Is Going to Hurt the US Too - 23rd Dec 14
Twitter, the Only Social Media Stock Play I'm Recommending Right Now - 23rd Dec 14
Gold Price Outlook For 2015 - 23rd Dec 14
How to Prepare for the Super Convergence: the Bio-Info-Nano Singularity? - 23rd Dec 14
Stock Market Crash and High Yield Debt - 23rd Dec 14
Big Rally for Gold Junior Miners in January 2015 After Tax Loss Selling - 23rd Dec 14
Get Ready for the Gold Stocks Consolidation Wave 2015 - 23rd Dec 14
Could an Energy Bust Trigger QE4? - 23rd Dec 14
Will the Malaysian Economy Risk another Financial Crisis in 2015? - 23rd Dec 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Dramatic Stock Market Selloff

Cyprus, Greece Gathering Storm Threatens Europe and America

Stock-Markets / Eurozone Debt Crisis Mar 17, 2013 - 05:15 PM GMT

By: EWI

Stock-Markets

The similarities between Greece and pre-WWII Germany are striking.

  • Nazi salutes.
  • Praise for Adolf Hitler.
  • Swastika-like banners.

Now, before you write off this warning as a run-of-the-mill, Nazi-name-dropping scare tactic, consider this recent report from the Socionomics Institute, a U.S.-based think tank that studies global trends in social mood. Here's an excerpt from the Institute's February publication of The Socionomist.

A rising political party known as Golden Dawn is resurrecting such practices, all hallmarks of Hitler's Third Reich, in modern-day Greece, which has suffered a dramatic, five-year stock market decline.

From 1927 to 1932, Germany suffered a disastrous stock market decline, falling 73% over five years. Six million people were unemployed, and the government was weak. Germany suffered outside financial pressure in the form of reparations required by the Versailles Treaty and consequences of its involvement in World War I.

Adolf Hitler argued that the German government betrayed its people by signing the Versailles Treaty. He promised that if he were elected, the nation would stop paying the reparations. The position appealed to the German people's anger and helped the Nazi leader become chancellor in January 1933.

Modern-day Greece has experienced an even larger five-year decline than 1920s-1930s Germany did, falling 88% since 2007, and the country has suffered a debt crisis. As a condition for bailouts aimed at helping Greece recover, the European Union has imposed tough austerity measures. The Greek government has implemented the measures. Meanwhile, the deepening negative social mood has fueled protests against them.

Nikos Zydakis, editor of the daily newspaper Kathimerini, says Greece is in an economic depression like that experienced by Germany in the 1930s. More than 90% of Greek households have experienced income reductions, with the average drop 38%. Unemployment in Greece now stands at a record 26.8% and is nearly 60% among Greece's young adults. In November the Greek Parliament imposed tax hikes and spending cuts demanded by creditors. Supermarket sales in the country declined by 500 million euros ($669 million) last year, and people are burning wood because the price of electricity has risen and taxes on heating oil have increased.

"History doesn't repeat itself, but it does rhyme," goes an old saying attributed to American author Mark Twain. And new research from the Socionomics Institute sees a disturbing pattern of rhymes between modern-day Greece and pre-WWII Germany.

To be sure, market and political developments in Greece will have a significant impact on the future of Europe, the Americas and beyond.


The Socionomics Institute is an independent research firm devoted to the study of social mood and social action. As a partner to the world's largest market forecasting firm, Elliott Wave International, the Institute puts the most important developing social trends around the world into context with Robert Prechter's socionomic theory, which posits that social mood drives social action (not the other way around).

Read the rest the Institute's new February report to learn more about the developing threats out of Greece. The full report is available for free as part of a special promotion run by the Institute with EWI. Follow this link to read the full February issue of The Socionomist (a $19 value) - for free.

About the Publisher, Elliott Wave International
Founded in 1979 by Robert R. Prechter Jr., Elliott Wave International (EWI) is the world's largest market forecasting firm. Its staff of full-time analysts provides 24-hour-a-day market analysis to institutional and private investors around the world.


© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014