No country for old men: Populism steals another nation as establishment desperately clings to dying globalism
On Sunday, Oct. 15, a shocking result took place as a young conservative upstart won the general election in Austria and validated that the global populist movement is still chugging along in high gear.
The People’s Party, which is led by 31 year old Sebastian Kurz, shocked the European elites by winning on Sunday with a majority 30% of the vote.Â And perhaps what is most astonishing is the fact that this particular conservative group had not done this well in over two decades, with the Socialist establishment failing to hold control over the government for the first time since the end of World War II.
In anotherÂ stunning defeat for Europe’s establishment, as previewed earlier this morning Austria’s 31-year-old Sebastian Kurz is assured victory in the Austrian National Council elections, becoming Chancellor with his center-right People’s Party set to take roughly 30.2% of the vote – the best result in almost two decades – accordingÂ to exit polls by Austrian broadcaster ORF, while just as shocking is that the anti-immigrant, nationalist Freedom Party appears set to top the Social Democrats in 2nd place with 26.8% of the vote: the two parties are expected to form a coalition government. If confirmed out by final results, that would be its strongest performance for the Freedom Party since the 26.9% it won in 1999 when the party was led by the charismatic Jorg Haider. Meanwhile, Chancellor Christian Kern’s Social Democrats are looking at another devastating – for Europe’s establishment – loss, sliding to 3rd spot with just 26.3% of the vote. –Â Zerohedge
Ironically, Austria’s election results came just a couple days after Finance Ministers within the the EU came together to discuss the economy and the benefits of globalism.Â However as we have already seen over the past 18 months, their words have fallen on deaf ears, especially in spite of the outcomes which resulted in Brexit, the election of Donald Trump in the U.S., and a resounding backlash against Angela Merkel during last month’s German elections.
Global finance officials on Friday defended their efforts to promote free trade and closer international links against a rising ride of populism around the world and criticism from a Trump administration intent on pursuing its â€śAmerica Firstâ€ť agenda.
Finance ministers from the worldâ€™s major economies wrapped up two days of talks with German Finance Minister Wolfang Schaeuble saying that the G20â€™s efforts represented a solid response to unhappiness over globalisation.
Schaeuble said a year ago people were talking about the â€śswan song of multilateral cooperation,â€ť but now with the global economy beginning to grow at a faster clip â€śwe see that things are not as bad as predicted.â€ť
The G20 did not issue a closing communique, but Schaeble, who served as the groupâ€™s leader because Germany holds the rotating chairmanship this year, said he and his colleagues were united in their commitment to promoting economic initiatives that will foster stronger growth. â€“Â South China Morning Post
The final years of the second decade of the 21st century are shaping up to look very much like what happened in the 1920’s and 30’s in Europe, which eventually led to the downfall of many ruling elites and the rise of both radical and conservative political movements.Â And it also appears that the global populist movement is just getting started, which means that the West is no longer a country for tired old men.
Kenneth Schortgen JrÂ isÂ a writer forÂ The Daily Economist,Â Secretsofthefed.com,Â Roguemoney.net, andÂ Viral Liberty, and hostsÂ the popularÂ youtube podcastÂ on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.