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Word from the Arab marketsWhat did they really think about Israel
invading Lebanon?
It seems that the Arabs want stability, and their stock prices
reflect
that.
The results were shocking. Shocking, that is, if everything that you know about the conflict comes from talk radio and cable TV. When Hezbollah was taking the initiative, Arab companies fell. When Israel hit back, they rose. The harder Israel hit, the faster they rose. You'd expect the Israeli markets to act this way (which they did), but the Arab ones too? You see, Hamas and Hezbollah are not just threats to the Jews; they're threats to the Arabs. In fact, they do more damage to the latter than to the former. They represent the political and social chaos that keeps the money of the first world from flowing into the third world. The natural conflict is not between Arab and Jew, it's between civilization and chaos. By this measure, Israel didn't destabilize the region; it re-stabilized it. But the markets have a surprise for the hawks, too: They liked the cease-fire. The incredibly complex web of information that constitutes the decisions of the customers, managers, and shareholders of the Arab Titans concluded that Hezbollah's actions were bad for business. Likewise, they concluded that Israel's counter-attack was good for business. Finally they came to the conclusion that it once Israel achieved on the battle-ground as much as could be expected it was time for the war to come to a conclusion, too. Because the free market is built on individual choice, over time it tends to be more and more accurate. Looking at Arab stocks in reaction to the Israeli military action is certainly an original idea. This is one of the best examples I've seen of the wisdom of the Arab street, even if no one was listening at the time. 
Posted: Thu - August 31, 2006 at 06:00 AM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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