May 9 - Reuters columnist James Saft is in London this week and observes that the vote in France and Greece isn't a vote against austerity, it's a vote against reality.
I'm James after -- columnists and I'm here in London where markets are grappling with the aftermath of -- throw the bums out election in France and Greece. Received wisdom is that this is a vote against austerity. Look at an alternative explanation it's a vote against reality. Not that the austerity project has been successful it hasn't worked in it probably wouldn't work. But not there for that matter what a replay Jerry policy have. Fast enough and big enough impact to keep the electorate. The fact is is that there's a fair amount of pain that's going to have to be suffered and that's not just in Europe that's in the UK and the US as well. And until we get through that period. Electorates who are seen falling living standards are gonna be very likely to throw the bums out for good or for ill. From an investment -- view that makes things very difficult it's hard to plan it's hard to know what you're gonna be dealing with. And I say it argues for more caution in taking on less risk.