This makes no sense at all unless the Euro bailout has the sole aim of making the rich richer

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This is the FTSE for the last three months, care of Google, screen captured a few minutes ago:

This makes no sense at all unless some very particular circumstances exist.

This weekend we'll be seeing discussion to bail out the Euro. That will extract vast amounts of value out of the Eurozone, depress demand and increase unemployment and austerity in the way it seems likely to be undertaken. Markets should therefore be down. They're ludicrously high. It was as if nothing much had really happened in the years since 2007.

How can that be? Well only because those with the biggest stakes in the market think that they will be the biggest beneficiaries of this bail out and that despite the impact on the rest of the economy they will do well out of it. As a result they've priced that into the market.

It's either that or they're stupid.

But we have to be stupid if they get away with this again.