If anyone is still not convinced that surging stock bourses in Europe are indicative of anything more than central bank liquidity, carry trade allocationand localized asset bubbles, we present a snapshot of what is actually happening on the ground via Italy’s Ansa: “It’s a massacre,” said Confesercenti President Marco Venturi.
“Each day 134 shops, restaurants and bars close in recession-hit Italy, retail association Confesercenti said on Wednesday. Confesercenti, which represents small and medium-sized businesses in the retail and tourism sectors, said 224,000 enterprises had closed their shutters since the start of the global economic crisis in 2008.
“Every day five green grocers, four butchers, 42 clothes shops, 43 restaurants and 40 bars and catering business close down”.
But who needs commerce when all those newly available day traders can just boot up their E-trade platform and trade their way, along with the trading mascot baby, to untold riches?