Pier Luigi Bersani has twice ruled out the possibility of a grand coalition with Silvio Berlusconi’s centre-right coalition, and Beppe Grillo’s Five Star Movement wants no part of overtures from Bersani.
There is insufficient support for another technocrat. So, the logical conclusion is new elections are forthcoming. But when?
Reader “AC” who is from Italy but now lives in France explains …
Now that elections are over and declarations have been made [...]
LIVE: EXIT POLL: BERSANI SET TO WIN ELECTION
Rome, Italy — We’re live from the Casa dell’Architettura in Rome, where the center left Partito Democratico is hosting its election day activities.
According to exit polls reported by Bloomberg, Pier Luigi Bersani is projected to win.
Here’s a breakdown of the exit polls:
Sky News Poll, Chamber results:
Bersani: 34.5 percent
Berlusconi: 29 percent
Grillo: 19 percent
Monti: 9.5 percent
RAI poll, Senate results
Bersani: 36-38 percent
Berlusconi: 30-32 percent
The First Italian Exit [...]
by Phoenix Capital Research
As I noted previous articles, Spain has essentially three options:
1) Spain goes the “Greek route” of agreeing to austerity measures in exchange for bailouts (which will implode the economy).
2) Prime Minister Rajoy refuses to impose austerity measures and is removed/ replaced by an EU technocrat who is pro-austerity measures (like Italy experienced last year)
3) Spain defaults/ leaves the EU.
Thus far Spanish Prime Minister Rajoy has opted to [...]
The saddest part about the recent decision in Brussels, Belgium, to fine “offensive language” is how utterly predictable it was.
When you combine the inherently expansionist character of government with the nanny-state sensibilities of the modern technocrat, the necessary outcome is total control of the individual — his or her comprehensive subsumption into the collective will.
Since there is no more potent expression of individuality than speech, and since there is no [...]
September 5, 2012
Senator Ron Paul has introduced the Federal Reserve Transparency Act of 2012 ( HR459) to the upset of Ben Bernanke, Chairman of the Federal Reserve Bank. In August, the House of Representatives passed 327 – 98 on a vote which exceeded the necessary 2/3rd majority.
Paul, who is pushing for “transparency” in America’s relationship with the Fed, said that Americans are “sick and tired of what happened in [...]
If one needs a shining example of why the days of Europe’s artificial currency are numbered, look no further than the EU’s poorest country which moments ago said “Ne Mersi” to the Eurozone and the European currency. From the WSJ: “Bulgaria, the European Union’s poorest member state and a rare fiscal bright spot for the bloc, has indefinitely frozen long-held plans to adopt the single currency, marking the latest fiscally [...]
VENICE — Concerns grew on Monday that Italy could be the next victim of Europe’s financial infection, leading nervous investors to sell Italian stocks and bonds and damping euphoria over a weekend deal to bail out Spain’s banks.
Italian officials privately expressed concern that the 100 billion euros, or $125 billion, that Europe pledged to Spanish banks might not stop the troubles from spreading.
Italy’s main stock index was Europe’s worst performer on Monday, [...]
(Reuters) – Conservative rebel Panos Kammenos has stormed out of nowhere to torpedo his old party’s chances of winning outright victory in Sunday’s Greek election and put himself in a strong position to be a power broker after the vote.
Kammenos splintered from the main conservative party New Democracy in February when he launched the Independent Greeks movement. It is riding a wave of popular discontent against austerity policies demanded by [...]
Mario Monti is set to cut Italy’s economic growth forecasts for 2012 in a move that will cast doubt on the viability of his austerity programme in the face of the advancing debt crisis.
The technocrat prime minister is expected to admit that Italy’s economy is likely to shrink by as much as 1.2pc this year – far more than the 0.4pc contraction the government forecast, according to a leaked draft [...]
There’s a long history in the West of conflating capitalism with democracy, but nothing could be further from the truth. Especially now in the waning days of Capitalism, many like to call our exploitive economy by a more pejorative term, such as crony capitalism, corporate capitalism, neoliberal capitalism, predatory capitalism, etc. in order to make sense of our slide into a fascist corporate police state. Capitalism never had anything to [...]
Via Peter Tchir of TF Market Advisors,
Italy has issued €157 billion of debt between November of last year and the end of last week. This is direct Italian government issuance and doesn’t include any of the debt the government has guaranteed in the meantime, which seems to be at least €70 billion more, but hey, who counts guaranteed debt.
Of the €157 billion that has been issued, about €122 billion matures within [...]
Shares on Wall Street reached a post financial crisis high on Tuesday night amid growing optimism about the state of the eurozone and the US economy.
As Greece finally had the terms of its second bailout agreed by its European partners and the country was upgraded by ratings agency Fitch, the Dow Jones industrial average soared through the 13,000 point barrier to hit its highest point since June 2008. In [...]
Uploaded by CapitalAccount on Feb 15, 2012
Follow us @
Europe is shrinking, at least the economy is. Italy sinks into recession as the eurozone contracts for the first time since the second quarter of 2009. Today was supposed to be a meeting of EU Finance ministers to push through the bailout of Papademos’ technocrat led government in Greece. This decision cam after the Greek parliament already passed brutal new austerity measures and privatization [...]
Greek default drama is much like the movie Groundhog Day. If you prefer a quote from Yogi Berra instead, then please consider It’s déjà vu all over again.
Every day for weeks we have heard a “deal is close”. Moreover, on multiple occasions at the end of the week we were informed Greece “had” to reach agreement over the weekend or Greece would default. Let’s hope this time someone really means it.
Once again, Greece [...]
From Peter Tchir of TF Market Advisors
JPM Buys Greece For $2
While we wait for the antics in Greece to result in some announcement, I can’t help but think about how different the Greek situation is from when JPM bought Bear Stearns (shortly after the last time the Giants won the super bowl).
The “weekend” deadline for Bear was neither artificial, nor self-imposed. Without a deal, Bear would have failed that week [...]
Wolf Richter www.testosteronepit.com
Greeks yanked €65 billion out of their bank accounts since 2009, Finance Minister Evangelos Venizelostold parliament on Friday. “Of that total, €16 billion has been legally taken abroad,” he said. The rest? Stashed under mattresses or hauled to Switzerland via the land route. A whopping 20% of GDP! Capital flight of massive proportions. They see a forced conversion of their euros to drachmas. With good reason.
“The case of Greece is hopeless,” said [...]
by Michael Goldfarb
The new Italian Prime Minister told theFinancial Times that it was in Germany’s “own enlightened self-interest” to help Italy and the other heavily indebted countries of the euro zone periphery to lower their borrowing costs.
Monti, a technocrat appointed to replace Silvio Berlusconi, praised Germany’s “culture of stability” as “a precious German product [that] has been marvelously exported.”
The German lesson has been absorbed says Monti, not just by Italy but by [...]
With investors wondering where the next major move is for gold and silver, today King World News interviewed four decade veteran, John Hathaway, the prolific manager of the Tocqueville Gold Fund. Many investors are on edge, waiting for a resolution to the European problem. Hathaway had this to say about what central planners face today, “Oh, it’s terrible, it’s really terrible. Then answer to all of these issues, in terms of what they [...]
European Technocrats May Soon Deprive Americans Of Knowing Where Everything They Buy Is Made
“The World Trade Organization, the OECD, the International Chamber of Commerce and the European Commission are moving aggressively to eliminate “Country of Origin” labeling, claiming that it does not reflect the current structure of global trade. The Europe-based organizations instead want to adopt a “Made in the World” logo for all products on the grounds that global [...]
Panic is spreading says Steen Jakobsen, chief economist at Saxo Bank. Steen eyes the perfect storm including a potential “Chapter 11″ call for European banks.??Via Email
This morning there is too much bad news.
US Super Committee failed to find the 1.2 trillion US Dollar needed to stop the automatic spending cuts being initiated from 2012, but the more acute problem being the expiration of the payroll tax and the emergency benefits [...]
ROME/ATHENS (Reuters) – Technocrat leaders in Italy and Greece rushing to form governments will face a critical test of their ability to limit the damage from the euro zone debt crisis when financial markets open on Monday.
Italy’s president asked former European Commissioner Mario Monti on Sunday to form a government to restore market confidence in an economy whose debt burden is too big for the euro bloc to bail [...]
It seems likely that once again, Italy will be the center of the universe for the coming week (and perhaps longer).
The good news is that the transfer of power is happening as expected. Silvio Berlusconi has resigned, paving the way for technocrat Mario Monti to take power.
There’s some hope that the ECB — seeing this as a positive political development — will now intervene, and suppress Italian yields, but the [...]
Lucas Papademos, a former vice president of the European Central Bank who will be sworn in as prime minister of a Greek unity government today, faces the immediate task of securing funds by implementing budget cuts to avert an economic collapse.
Papademos and his Cabinet, which has yet to be named, will be sworn in at 2 p.m. in Athens. President Karolos Papoulias gave Papademos the mandate to form a [...]
(Reuters) – Scandal-plagued Prime Minister Silvio Berlusconi complained on Friday that constitutional constraints hindered his government from making major reforms as Italy came under mounting pressure in the euro zone debt crisis.
Lashing out at “communists” and an “anti-Italian” press and opposition, Berlusconi told a rally of young supporters in Rome that it was almost impossible to change Italy’s deeply entrenched problems given limits on [...]