Trilemma?

50 Percent Of Americans Want MORE Offshore Drilling, Poll Finds

Now, perhaps another click:

http://www.boston.com/bigpicture/2010/05/disaster_unfolds_slowly_in_the.html

**Trifecta or Trilemma? Harvard economics professor Dani Rodrik echoes the sentiment here of many economists: The Greek bailout gives Europe some breathing room, but few believe it will solve the continent's massive debt dilemma. "Whatever the outcome," Rodrik recently wrote, "it is clear that the Greek debacle has given the EU a black eye."

Rodrik introduces what he calls "the political trilemma of the world economy." He claims economic globalization, political democracy, and the nation-state are mutually irreconcilable. We can have two of the three, but never the trifecta.

"Democracy is compatible with national sovereignty only if we restrict globalization. If we push for globalization while retaining the nation-state, we must jettison democracy. And if we want democracy along with globalization, we must shove the nation-state aside and strive for greater international governance," he writes.



Market update: The struggle is on. The market flat lines, with just enough upside to enter the call at best buy prices as low as 8.20. Whipsaws are tighter, gold and silver both fall slightly. Something is up. And the 3 p.m. hour takes us right back to our Fibonacci retracement, 10, 746.

We still see another upside burst and remain bullish short term, perhaps one last burst up before summer. In other words, we think this may hold, and we'll have one more upside.

We are contrarian to the strength of this downside. Cycles are being broken every day right now, but a stronger downside I would have seen later in the year.