Stock markets worldwide, especially in Asia, have been seeing some significant recoveries over the last week. Economic data has been bad, as usual, but not as bad as it used to be, but it helps to see G-20 leaders meet for some constructive actions, including a new injection to the IMF. A few key statistics turned out to be better than the profession expected. Commodities picked up their prices again. Dows back to 8000, Gold on 920, Oil mid 50s. Some chief economists at some funds are already recommending their clients to get into the market, expecting the economy to recover in the second half of 2009.

What the fuck? Are you serious?

If I’m not mistaken, those banks, insurance companies, and car manufacturers are still hanging there, waiting to be hung, or dead and gone already? My feeling is that the financial crisis has started long before it is even picked up by the prophets on high street but if one considers the forbidden d word, I think it has not even started. “We’ve gone through the worst of the worst?”In five years time people will start talking about how we should have suffered the pain instead of prolonging the real crisis but a fake recovery. Sadly, the general atmosphere over the media gives out an eager to impress attitude, which may unfortunately be reflecting the typical short term thinking of the pea sized brains. It seems that they are already building another bubble.

When I said pea size brains I didn’t mean it as an attack but a mere observation for the lack of uniqueness and independent thinking, but plenty of trend following and bullshitting. I must keep this remembered in my mind, as professor D. once said “(talking about universities in the states) America is such a country that a young, good looking young man/woman can stand up in an auditorium of one thousand people, confidently saying something loud and point driven, but saying something that is completely nonsense, absolutely rubbish.”