The casino is having a good-sized hiccup today triggered by the crisis of governance in Italy. But the truth of the matter is that Italy’s political crisis is the fruit of endless easy money, suffocating fiscal debt and a demographic bust—-an incurable disease that is coming to America soon owing to 30 years of fiscal and monetary profligacy, which has now been drastically aggravated by 16 months of Trumpian fiscal insanity.
As for Italy, a true and ominous “crisis” it is—given that the populist coalition which represents 51% of the voters was not even allowed to name a Finance Minister owing to his euro-skepticism.
Yet what was the offense of Paolo Savona, the veteran 81-year-old economist, banker and Italian trade official, that caused the overlords of Brussels and Berlin to yank the chain of Italy’s 77-year old President, Sergio Mattarella, who in turn put the kibosh on Italy’s incipient populist government?
Why, in a loquacious moment of colorful expression, Savona apparently called the Euro a “German prison”.
Then, again, is it not—-or at least a trap?
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