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I predict a riot

There is a great deal of anger and disquiet bubbling away worldwide thanks to this crisis created by the financial system.  I note however, that there seems to be a distinct lack of news coverage on these widespread protests and, in some cases, riots.

The start point of such a conversation has to be Iceland, where the Prime Minister's car was surrounded during daily protests outside the government buildings:

This is from January 21st, just before the government was replaced wholesale.

Displacing a government doesn't solve the issues, but it does make folks feel better which is why there's also a lot happening around Europe.

In particular Eastern Europe, with riots in Latvia:


Source: Reuters

as well as in Lithuania and Bulgaria, with a lot more predicted. 

In fact, Eastern Europe has a growing range of issues, with shares of banks with major exposure in Eastern Europe – such as Raiffeissen, Erste, Uncredit and Societe Generale – tumbling in recent weeks.

This is because of growing political instability in some of these countries, particularly Latvia, Ukraine and Georgia, triggered by the global economic crisis and made worse by deep internal problems, such as corruption.

It has also been made worse by a battle between the European Union and Russia over the allegiance of these countries and where their interests lie. 

Which would you choose, as even the Russians are staging anti-government protests that turn into trouble:

Whilst in Europe, there are protests and battles everywhere from Greece to France, Spain to Ireland; and the UK will not miss out, as the police fear a 'summer of rage'.  This rage may well spill over at the G20 Summit in April, with organisations clearly trying to create a co-ordinated plan of action.

I am not saying there will be trouble on April 2nd, but I do believe that a large crowd of people protesting can easily spill over into rage and violence … not always, but with the current anger boiling beneath the surface of most societies, don't be surprised if this happens.

Equally, I am not saying that Europe is falling apart, but it is being truly strained.

Outside the EU it's just as concerning as even the usually mild and sedate Japanese are having mild rumblings as the country sinks into 'despair'.

Most suprisingly of all the Canadians, who have the safest economy of all, are protesting as "a growing online community of Canadians who feel disenfranchised by
social turmoil, economic instability, and 21st-century uncertainty (are) beginning to speak out."

The only question is why the Americans aren't actively protesting or, more importantly, will they?

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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