Election Day!

Egypt, Greece, and France held elections yesterday, with mixed results.

In Egypt, needless to say, the Supreme Military Council (aka military junta) stripped the soon to be elected president of all his powers even before the first vote was cast, so nobody really cared what happened.  What will Muslim Brotherhood candidate Mohammed Morsi do with his empty title?  Beats me.  Is it time to to heat things up again in Tahrir Square?  Maybe — but Egypt could make Syria look like Luxembourg.

In Greece, fear triumphed, mildly, over hope (or anger) with the "victory" of the New Democrats — who really are not all that different from the Clinton-Gore New Democrats of the USofA.  Obama may be thinking about genuinely joining a religion so he might more effectively pray for a financial turnaround in Europe.  So far, New Democracy has not managed to form a government.  I suppose Pasak will join in by tomorrow or the next day, provided the alleged "socialists" are offered enough graft — but that coalition will be very fragile.

Greece could be facing new elections in a matter of months, unless the Germans get the steel rods out of their asses and let Greece ease up on its current austerity program, which has driven the country into depression.  In case you hadn't noticed, Germany is the country that has profited most from the euro — the euro is worth a lot less than a deutschmark would have been worth at this point, and that has been the primary factor driving Germany's export oriented economy for many years.  The losers were the net importing Eurozone countries of the south.  As I suggested last November, the best way to save the euro would be to kick out the Germans and generate some healthy inflation.

The good news is that Hollande and his Socialists have solidified their political control in France, creating a counterweight to Merkel and the Germans with regard to austerity.  If it's not too late, the Greeks, Spaniards, and Portuguese will appreciate Hollande's efforts.  It might even cheer the sad, suffering Irish a bit.  Countries cannot afford to watch their best and brightest young people emigrate because there is no work at home.