You will need the clouds tube that came with PSP - if you do not have it, you may download it HERE . You will also need a glass globe tube - if you do not have one, you may download the Glass Globe from Fantasy Inspirations HERE . Add a new layer, name your layer pole . Flood fill your selection with white . Add a new layer and name it stripes.
Flood fill the selection with a bright red color.
Drop Shadow and use the same settings for the drop shadow as in Step 2. Deselect the area. Add a new later and name it red globe . Use your Selection tool set to Circle, Feather 0, Antialias checked. Draw a circle at the top of the pole, see image below for example.