Happy days are here again! With Nato (i.e., American) help, it appears that evil king Qaddafi’s days are spent. With the resolution of the conflict, developed-world stock (and other) markets around the globe should be giddy. Not that the Libyan conflict had or has any real bearing on the value of the underlying economic fundamentals of the West and Japan. But it will be seen as a victory for democracy, which by implication, means a victory for capitalism. Such is not necessarily the case, and even were it the case, wouldn’t make much difference one way or another, but, in aggregate, markets behave like junkies looking for that next high. When it appears events might, just might, transpire to provide another hit, the mood of the junkie market changes from despondent to euphoric. It’s the pre-high a junkie gets just from seeing his dealer turn the corner into the street light’s glare. The junkie knows he’s about to get another round of smack.
Don’t think for a moment that the euphoric feeling won’t be noticed and recalled by Washington’s wizards when the inevitable despondency sets back in.
Western capitalism needs constant infusions of imperial expansion for it to feel, if not good, then at least not as bad as it otherwise would.