It’s bad news all-around. Not that anyone can agree on what’s good or bad news these days.
And even if we could, there’s no agreement on whether good or bad news makes the market go up or down.
Perhaps, even if things do take a turn for the worse, central bankers will just up their efforts and push the market up again.
Or good news will allow central bankers to reduce their quantitative easing, pulling the rug out from under the levitating market.
Whatever you think of the implications, the lesson from this weekend is that everything seems to be escalating.
In Hungary, the EU critic Viktor Orbán was re-elected president. His party will hold on to power in parliament too. Orbán claims to be pro-EU, but against a huge chunk of what the EU actually does.
That turns out to be a very popular political position because it’s agreeable and vague.
The key issue is immigration. Which is ironic given how Western EU states used to perceive Hungarian migrants.
Orbán threw up some of the EU’s first internal borders and refused to accept its refugee quota during the migrant crisis. Other nations quickly followed suit once they saw him get away with it.