By Alessandra Nucci
How would you feel if for years and years you had been picking up shipwrecked penniless migrants from Africa, dumped by criminal agents all over the Mediterranean, ferrying them to your shores and taking them in by the thousands, only to see yourself made the butt of sarcasm, reproaches and even pecuniary fines for not doing enough?
How would you feel if the EU, which owes you billions, were to ignore your demands, and yours alone?
How would you feel if you were to help debtors out to the tune of billions of euros, then were to find yourself painted in the media as being a spendthrift recipient of bailouts?
How would you feel if in order to bail other countries out, you had to borrow money yourself, at double the interest?
These are just a few examples of what has been happening in the last several years to Italy.
At the end of June 2012, and then again at the beginning of July, the headlines in the international press carried news of the “bailout of Spain and Italy”, placing the two on the same level. Yet it was Spain that was being bailed out while Italy is the third most generous contributors to the funding.
This is just the latest blow to the reputation of the Euro-Zone’s third-largest economy (and the world’s eighth –largest) , dealt like all the others in a seemingly innocent manner by an international press which is either superficial or conniving in what amounts to the looting of Italy,
By looting I mean the process of cheapening the country, its name and its worth by means of discredit nonchalantly but relentlessly sown in every possible way and direction, from within and without, to drive the value of its assets down and make them more … affordable. This has quietly been going on since 1992, but was stepped up with a double-barrelled aggression, on a military and financial level, in 2011.
The Philosophical Divide
The world, and the stock markets, are being told today that the countries insultingly referred to with the acronym “PIIGS” are a bunch of lazy, irresponsible spendthrifts who, after piling debt upon debt, are now squandering other people’s hard-earned money. Therefore they deserve whatever degree of impoverishment they may get. Well, the truth is mostly the exact opposite. The financial élite gathered around the EU buildings in Brussels have been quietly at work undermining the economies of Southern Europe, out of the need to save their own.
I don’t think it is a coincidence that the “PIIGS” countries (Portugal, Italy, Ireland, Greece, Spain) all have a historically Catholic or Christian Orthodox background, which the common assumptions underlying the culture have maintained as a basic frame of reference, even if the number of liturgically practicing faithful is at a minimum. On the other hand, the countries that are aggressively posing as having been economically wise and virtuous (Germany, France, Belgium) are leaders on the road to the predominance of a secular culture.
In Italy’s case, we are clearly a big disappointment to the EU secularists. Once the showcase land of successful inroads against Catholic norms (our 1978 law provides abortion free of charge to all, within the first three months of pregnancy, for whatever reasons of health, including the prospective mother’s psychological duress), Italy now identifies with a firm and widespread resistance against the pressure of gay lobbies and pro – euthanasia activism (described in my piece “The Struggle For Italy’s Soul”: http://www.catholicworldreport.com/Item/512/The_Struggle_for_Italys_Soul.aspx )
The last straw, to the pagans in Brussels, was probably the march in Rome organized by the Forum of Families in 2007, which mobilized over a million people in defence of heterosexual marriage. Oh, yes, and also the sensational defence of the Cross upheld by Italians of all stripes, including agnostics and even a few atheists, against a decision by the Court in Strasbourg in 2006 to prohibit its being exhibited on classroom and courtroom walls. Italy appealed the decision and won, but the occult powers that inhabit the EU governing bodies have dug in their heels and clearly intend to make us pay for it. Their objective? Nothing less than physically taking over the country, thereby finishing the job that had been started in the mid nineteenth century.
The irony of this all is that Italian citizens find themselves being told they must look up to those who have cleverly installed themselves in power, and be grateful to those who are actually ruining the economy under the guise of fixing it. Like the Masonic élite who took power in the XIX century, they are impoverishing us while declaring themselves Catholic, and then coming, like the elders to Job, to lecture and teach us our lessons.
Until ex-EU commissar Mario Monti was sent in to help, Italy was doing better than all of the other EU countries, bar only Germany. We had a higher surplus than France, a higher surplus than the UK, and only a slightly lower surplus than Germany. Our banks had almost none of the toxic assets that glutted the banks of France and above all of Germany. Our unemployment was manageable. Our companies and trade marks were and still are so successful that they are constantly being bought up by foreign companies.
All this was despite the vast amounts of money that Italy shelled out to line the coffers of the European Union. According to the official data released by the EU Commission, the balance of payments from Italy surpass incoming funds by 25 billion. By Italian official accounts the real amount is 40 billion.
Yes, we did have a huge public debt, but the private debt was almost non-existent, the which fact, together with the solid economy, guaranteed that the bonds would be paid back. In other words, our debt, like Japan’s even bigger one, was manageable.
Some figures? Italy’s GDP in 2010 was $2.1 trillion. We were the 8th exporters in the world ($448billion foreign exports), and the 6th preferred nation for investors (source: World Bank). Unemployment was at a manageable 8.3%, which was lower than the Euro-zone average of 10.2% and also lower than the US’s 9.1 %- and that is despite our very high population density.
Without the interest on our national debt, we would have been way past France and Germany. The prospects for 2012 were that France would have a deficit of 2.4% of its GDP while Italy was slated to have a 2% surplus, which was to be even greater than Germany’s, estimated at 1.4%.
The debt was bringing us down, of course, but the real debt parade, which must include private debts, has the United Kingdom in N.1 position. The international media, however, take care not to point that out, like they considerately avoided making a fuss when Prime Minister Gordon Brown turned the UK into the first European country to nationalize a bank (Northern Rock) to prevent it from failing, in 2008.
So, well, Italy had it fairly good. Russia guaranteed the flow of oil from the North, and Libya guaranteed it from south of the Mediterranean. Most importantly, a costly treaty with Libya had finally put a stop to the flow of illegal immigration that had been overwhelming the country, weighing down on the economy (and the debt) and almost literally crowding out Italians themselves, thanks to leftist quotas discriminating against Italians.
Why am I writing all this in the past tense? Because this was the situation before Nato’s 2010 attack on Libya, pretending Kaddafi was killing his own people, and before 2011 ex-EU commissar Mario Monti was sent in to help. Mr Monti’s cv reads like a page out of a book on conspiracy theories. He is a past official advisor to Goldman Sachs and to Moody’s, president of the Trilateral Commission for Europe and a member of the Bilderberger clique. Since his sudden appearance on the scene in mid-November 2011, not elected but appointed single-mindedly by our ex(?)- communist President Giorgio Napolitano to head the Italian government, Italy’s sole negative economic index, the public debt, rather than diminishing has soared. At the end of 2011 it was 1897.9 billion euros, four months later it was 1948.5 billion: a 50 billion increase in a matter of 120 days. And we are now officially in a recession, whose beginning is vaguely being retro-dated to precede November’s unacknowledged coup d’état.
How the Looting Works
I will venture to suggest that there must be a blue-print out there on how to manage a country after a revolutionary takeover, such as what has been done to Italy (and to Venezuela? Cuba? China? Russia?)
I would say that basically, after A) overwhelming the system (the Cloward-Piven strategy), the revolutionary leader should aim at B) impoverishing the middle class in order to prevent its every chance of rebelling. This can be done in various ways, which should include: 1) continuous price hikes in utilities 2) a credit crunch 3) tax –tax- tax 4) media influence used to a) scare investors away, b) deflect attention from what is really going on and c) create an iron-clad reputation for the revolutionary “good guys”, 5) sale of the nation’s property at bargain prices.
This sequence is coming full circle in Italy.
A. Overwhelming the system: In the years prior to 2011 the hard-working Italian people had been saddled with a bloated bureaucracy and progressively swelling taxes, due to the unquenchable demands imposed on our welfare system by competing leftist and populist parties, goaded on by trade unions with a finger in every pie. The most telling example of legislation foisted on the people is, I think, a law that was passed by another technocratic administration in 1992 (also unelected but at least concerted by the elected political parties) whereby immigrants over 65 were entitled to old age pensions (whether or not they had paid into the pension funds), and a law of 2007, passed by ex-EU Commission president Romano Prodi, whereby the old-age pensions were extended to the relatives of immigrants who joined them in Italy. In 2009 the Conservative government managed to limit this provision to relatives who could prove they had at least lived in Italy for ten years, but the burden on Italy’s budget remains enormous and climbing. In 2015 it is estimated that old-age pensioners in Italy from outside the EU will cost over €1.5 billion yearly.
This all preceded Monti, who was called in precisely to put a stop to all this, lower the debt and put Italy back on course. But what he has done is the exact opposite, in other words:
B. Adding taxes upon taxes, wiping out liquidity, scaring investors away, protecting certain privileges and playing the media with expertise. Very creative.
Now he comes to the bargain sale of the family jewels.
It goes like this.
Italians, who are notoriously very attached to their offspring and grandchildren, were used to judiciously setting aside their savings, usually investing them in real estate. This was highly prized collateral that should have avoided all the pernicious alarmism about the national debt.
But the alarms were contrived (See video where Monti states that crises are good events: http://www.youtube.com/watch?v=HORaWaxi6io&feature=related ) Now having set inordinately high property taxes, Monti has crippled their prices, thereby reducing at waving of magic wand the value of Italy’s financial collateral.
Then Monti announces that Italy is all set to sell off huge amounts of prestigious State-owned real estate.
Funny, the Bank of Italy announced the very same thing more or less at the same time. Which means glutting the housing market with fine property from one moment to the next. The technocrats know that the glut will make the tax-depressed prices collapse even lower, but it will appear as if it were no one’s fault, apart from the usual culprit: the free market. This way they can sell off the family jewels at bargain prices to their foreign friends (the rest of us in Italy not having the liquidity left, as explained above).
This is a tragic déjà vu.
For the looting of Italy began back in June 1992, with the now notorious, but then super-secretive meeting on the HMS Britannia, anchored off of the shores of Latium . The British royal family yacht had been lent for the occasion to a group of Anglo-American financiers. Among the guests was today’s President of the ECB, Mario Draghi.
What did these invisible financiers want from Italy? Well, just like they do today, they wanted to get their hands on Italian banks, telephone and energy companies, the “family jewels”. Their main target is probably Eni – but more about that later.
To go about this they had to speed up the changing of paradigm, making politics subordinate to the economy, and making the economy in turn to hinge on volatile finance.
In 1992, Italy’s I.R.I. (Institute for the Reconstruction of Italy), the world’s largest state-run holding company, started selling off its assets, at bargain prices, thereby starting the rush that has led an avalanche of private industries to follow suit and seeking a foreign buyer for their “Made in Italy” products in order to escape the combined stranglehold of bureaucracy and taxes. In the intervening 20 years, hundreds, if not thousands, of famous Italian brand names have been sold off to foreign companies.
The Attack in the Press
Reputation is everything, in a globalized market where traders encounter no restrictions to gambling with their own or other people’s money and are therefore in a position to cripple banks, currencies and entire countries. Demolishing investor confidence in a country can cost it millions, in the higher interest rates needed to attract buyers of its bonds. Detraction from competitors is also a good way to increase investor interest in alternative bonds. In practice, as a piece in “il Sole24 Ore” put it recently (http://www.ilsole24ore.com/art/notizie/2012-06-02/deutsche-gioca-prestiti-081023.shtml?uuid=Abpn67lF), “the worse the reputations of Italy and Spain, the lower the interest rates on German bunds”.
Normally ignored in the general press, except to confirm uninformed clichés about things like the mafia and corruption, Italy started being described in the financial press as basket case, hovering on the verge of disaster due to the size of its public debt, at the beginning of 2011. Despite its (then still) humming industries, mostly healthy banks and debt-free, educated, well-to-do population – conditions that are more than enough to guarantee secure payment of a country’s sovereign bonds – the press portrayed Italy’s condition as being desperate and placed the blame on the shoulders of the nation as a whole.
In actual fact, the situation was only desperate because of an uninformed international press pretending it is informed while choosing its sources only from among the “progressives” that mirror their own biases. And the blame should actually be laid where it belongs, for example at the door of the decades-long unreasonable demands and manipulations of domineering communist parties and trade-unions with a finger in every pie: a tale of warning that bears out the Cloward-Piven strategy of instigating the downfall of a capitalist society. It could be useful to read in the U.S. before it finds itself winding up in the same spot.
Some technical notes, by way of explanation.
Up until the single euro currency was invented, Germany was the “sick man of Europe”, mainly due to the fact that Western Germany had absorbed impoverished and backward Eastern Germany (Prussia) in one swallow, sharing with them the strong Deutschmark as their currency, with no adjustment. The Germans are still having to pay a tax for the support of ex-East Germany, but the common currency has enabled them to spread the burden onto all of the other members of the EU as well.
Since the introduction of the Euro in 2001 German exports have soared, every year there has been a surplus in their accounts, and a consequential mirror-image deficit in the accounts of the rest of the euro-zone countries.
There are many little details that have favored the image of Germany presented to the world as the most prosperous, honest, solid, upright and reliable country in the EU, or maybe the world. Things like the liabilities from the Kreditanstaltfurwiederaufbau which that they don’t include in the official accounts, so that they don’t come to bear on the total debt. Or the covert bail-out they received when, as revealed by Bloomberg, Germany was allowed to spread its exposure to Greece onto all of the other EU countries. Most outrageous of all: the arms deals foisted on Greece, which in order to gain Germany’s assent to the bailouts was bullied into handing over a sizeable amount of said bailouts back to Germany itself, settling its debts for a purchase of submarines!.
SO WHO IS BAILING OUT WHOM?
Bailouts are carried out in order to help a country’s creditors as much as the country itself. This is particularly obvious in the case of Greece, which Germany and Frances cynically compelled to use a considerable part of its bail-out money (borrowed from the EU, at interest) to pay off previous purchases of German submarines and French helicopters. Percentage-wise, with respect to its exposure to Greek debt, Italy has contributed more than any other country to Greece’s bailout. But while the Greek government was forced to pay for German submarines (at least one of which doesn’t even stand up straight), as well as for French helicopters, it neatly rescinded its contract for Italian fighter planes, with no penalty attached .
Of the total €340 billion granted to Greece in official loans, only about 15 billion came directly from Germany, which corresponds to only 68.6% of Germany’s exposure in terms of the Greek bonds held by its banks. France, also imperilled by a possible Greek default, has contributed an even smaller proportion: 21% of its exposure. Conversely, Italy which, having relatively few Greek bonds, was one of the countries least at risk, has forked out 214.6% or more than double its exposure. According to some accounts, it was Berlusconi’s attempt to refuse this apportionment, balking at the Italian tradition of meekly accepting unfair conditions, that unleashed the German fury against Italy, an account confirmed by ex-Spanish Premier Jose Zapatero who in his memoirs tells of the irritation against Berlusconi at the G-20 meeting in Cannes, in September 2011, a little over a month and a half before his ouster.
Most unfair of all is the fact that despite being lumped into the “PIIGS” group, Italy, which has never received a penny of the 285 billion lent out to the other troubled countries, actually contributed a hefty 55 billion to bail-out Greece, Spain and Portugal. This is
– money we must borrow at some 6% while getting a 3% interest in return.
– money that contributes to increasing not only the recipient countries’ debt, but also our own debt, for which we are fined by Brussels and reported on as profligate spenders!!
THE PRESS: CONNIVING OR INCOMPETENT?
So which country do you think is being trumpeted by the international press as being the one and only magnanimous and put-upon benefactor of all things European? Italy, which is shouldering a share of the bailout which is wildly disproportionate with its exposure? Of course not. As always these days, when something is being meted out, to enhance reputation and/or the economy, Germany is on the receiving end.
Here are a series of other instances of pernicious press incompetence.
On August 7th 2011 Fox News’s Shepard Smith suddenly came out with “A couple of weeks ago there was a run on the banks in Italy”… which was totally made up. Italy has had to cope with lots of problems but so far never any runs on banks! Who fed Fox News that lie?
When the “humanitarian” bombing of Libya was being carried out and the papers were dwelling on the situation in Northern Africa, the Washington Times wrote that Italy was “the former colonial power in Tunisia”. Of course, Tunisia was a French colony, as were Algeria and Morocco. Of all the territories in North Africa, the only one that was a colony of Italy’s was Libya, which it accrued in 1911, as the Ottoman Empire was starting to disintegrate, and held only until World War II. With all the North African autocrats suddenly being presented in their worst colors, singling out Italy, the least of the colonial powers, as the colonial power par excellence, is particularly unfair.
Whether out of ignorance or interest, the Daily Telegraph wrote in a front-page headline in 2012 that “Spain and Italy are to be bailed out”, while it was Spain that was to be bailed out, with Italy shouldering 20% of the cost.
At the end of June 2012 an opening headline piece in the New York Times’ informed the public that that our unelected Prime Minister, Mario Monti, has been doing wondrous things, and would do even better if it were not for those petulant little nuisances, the political parties, who are reluctant to let him take the tough decisions he would like.
Actually, things are the other way around! Monti has enjoyed the unmitigated praise and support of an unprecedented majority of Parliament from both sides of the aisles. He was able to do whatever he pleased and they ratified, very few questions asked.
And unfortunately, what he did amounted to grinding the Italian economy to a halt, ruthlessly imposing punitive taxes on everyone and everything, giving our money away as if it were everyone else’s due, and pretending slow-motion to do something to help companies that were struggling not out of lack of business or readiness to work hard, but for want of liquidity. Not that the state coffers are empty, they’re not. Italy has wherewithal to settle these overdue accounts, but can’t do it because of treaties such as the European Stability Pact which requires us to keep the money on hand. Businessmen have been committing suicide by the dozens, and one of the reasons was and is that they await payment for services rendered to the State, yet are required nonetheless to cough up income taxes immediately to that same inflexible State.
All this, and more, notwithstanding, the NYT certified that Monti was unquestionably competent and did more in his first six weeks in power than the entire political class had done in the preceding ten years!
In actual fact the Monti government did pitifully little, apart from eliminating the some remaining early retirement loopholes. Now Italians must stay at work (if they have one) until they are 67, while Germans retire earlier and the French only recently raised their retirement age from 60 to 62.
A never-ending flow of illegal immigrants overburdens Italian welfare
Very little is ever said about the immigration load, which together with bureaucracy is largely responsible for the burgeoning debt. It is routinely downplayed, while Italy gets lectured to for supposedly not living up to impossible standards that are provably not expected of any other country. The Italian coast guard and carabinieri have saved countless lives and generous Italian welfare, including old age pensions, is doled out not only to illegal immigrants but, incredibly, to their relatives back home. Nonetheless Amnesty International feels free to scold us on the subject, and periodically issues press releases condemning the heartlessness of Italy alone, never anyone else, even though Spain has been known to shoot against boats approaching its shores, Malta routinely turns away boats heading them in their direction, instructing them to come to Italy and France literally closed its borders after prompting the renewed stowaway immigration by instigating the attack on Libya.
In order to de-industrialize an economy as big as Italy’s, money has to be pried away from millions of hard working Italians. Which explains the sudden deluge of illegal immigrants which have been literally tossed onto our shores by the shiploads, starting in 1993..
That first time, Italy flew them right back from where they came from, like any other sovereign country would. But In 1997 they were back, with Romano Prodi, the leader of leftist Catholics, as Prime Minister. He hedged and hawed and eventually ….. refused to send them back.
The flooding continued, to the self-righteous glee of Italy’s powerful leftists, until it was stopped by a costly “friendship” treaty with Libya’s Muammar Kaddafi (who was not friends with Italy alone. His friendly relationships with the leaders of France and Britain, as well as with Nelson Mandela, are well documented on the Internet, and it is rumoured that he financed the election campaign of Sarkozy, his prime assailer of 2011, in which case Sarkozy would have had good reasons for preferring him dead rather than imprisoned and eventually allowed to talk; same goes for his sons).
Which leads us to when the West suddenly discovered the pressing need to get rid of Kaddafi, and Sarkozy led the way in Nato’s ….humanitarian bombing.
It has been proven that the attack on Libya was based on a flagrant lie. There were no mass graves and Kaddafi was demonstrably not killing his own people. (Just like with Syria’s Assad today).
But the testimony of the archbishop of Tripoli and other witnesses went unheeded, the forgery of the mass grave pictures was brushed aside, and the “humanitarian” bombing began. (Again, just like with Assad)
The no-fly zone, which immediately turned into a viciously destructive bombing (like Nato’s intervention in Kosovo, which went on even after Serbia had surrendered), was not just about Kaddafi. It was all about Italy; it was a frontal attack on
1) Italy’s major companies, which all had legitimate business with Libya and costly infrastructure built up with years of work on the Libyan coast,
2) The treaty that had put a stop to the wholesale invasion of Italy by impoverished immigrants, who happened to come prevalently from Muslim countries.
Both of these were enormous blows to Italy, but the second one was made particularly odious by the double standards that were flagrantly applied: with Italy being required to take in any and all who come (are placed) on boats to our shores, or are dumped almost anywhere in the Mediterranean between here and Libya, while France – whose raids had started it all – literally closed its borders. When refugees from Tunisia (a former French colony) showed up expecting to get into France, they were shoved back into Italy! This incredible behaviour revealed to public scrutiny for the first time the existence of a Treaty signed in Dublin and dating back to the beginning of the 1990s, by which all illegal immigrants to the EU are to be registered and dealt with by the country where they first set foot. Italy being a stone’s throw away from Africa means that the boat people obviously come here as their first “choice”, and the Treaty makes sure they go no further here.
This incredible burden notwithstanding, our rulers in Brussels, perhaps savouring the day in the not too distant future when the Vatican (considered the Book of Revelation’s “whore of Babylon” ) will inevitably be surrounded by a predominantly Muslim population, armed and financed by Saudi Arabia and Qatar and incited on by Qu’ran precepts to conquer the world for Allah and his prophet, ignored our legitimate pleas for help. Not only that: there were dark intimations here and there in the press about Italy needing to face up its responsibilities; whoever googled Italy+ colonialism would come up with a lengthy Wikipedia list of Italian colonies, which actually correspond to the ancient Roman empire, plus charts of what amounts to dictator Mussolini’s 1930s colonial …. wish list!
Now, the illegal immigration forced on Italy is a large part of what has caused our huge national debt. Yet whenever Italy is concerned, the EU applies a sort of right of anyone in the world to come and live here, with their families, and be supported by us as well. Last May, 2012 the EU High Court in Strasbourg even fined Italy for repatriating 24 illegal immigrants from Eritrea and Somalia, who had tried to enter the country three years earlier, 2009, on board a boat that was setting sail from Libya. These people were not harmed in any way, they were merely prevented from setting sail.
This was in accordance with the Treaty between Italy and the then existent Libya, which allowed the Italian coast guard to halt the massive illegal immigration that had been bringing immigrants to our shores in uncounted multitudes. Many have drowned in the attempt.
Today, particularly after Pope Francis amazingly went to Lampedusa to lament a generically wretched treatment of migrants, in the aftermath of the October 2013 shipwreck of a shipload of 300+ Africans, the situation is that Italy’s navy is perennially fishing unlimited numbers out of the sea, ferrying them and towing their boats into Italian ports by the thousands. Daily. From the beginning of 2014 to Easter, over 20thousand have been saved and brought into Italy, after Easter the rate of intake has been on average over a thousand a day, with no end in sight. Secretary of State Angelino Alfano has made it known that an estimated 800THOUSAND people are assembled in Northern Africa, waiting their turn to be ferried into Italy. He has said Italy can not shoulder this burden by itself. But the Italian government dare take no action to stop them, knowing full well that the newscasts and daily press would immediately be filled with statements of moral outrage.
In sum: Italy has one of the highest population densities in the world, an economy saddled with the notorious public debt, yet we are high-handedly expected to take in unlimited masses of people who come here with their families, empty handed, expecting to be supported for the rest of their lives. (In 2013 Australia, a continent with the lowest population density of the world, let it be known that boat people demanding asylum by landing on Christmas island – their Lampedusa – would be denied entry and immediately deported to detention centers in Papua New Guinea or the island of Naum instead. Where is the international outcry?)
The Attack Begins In Earnest
2011 is when they began in earnest to train their guns on us, with the military aggression that began with Nato’s attack on Libya culminating in half-truths calculated to stampede investors away from Italy in the direction of presumably safe bonds. And what bonds can be safer than Germany’s?
After the attack on Libya pulverized this country’s infrastructure, mainly built by Italy, as well as the many giant Italian industries that lined the coast, the banksters sprang into action. In July, Germany’s heavily leveraged Deutsche Bank, which a month later was revealed to be one of the prime recipients of the U.S. Federal Reserve’s tremendous secret bailout, to the tune of $354 billion (http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html), dumped over 7billion euros’ worth of Italian bonds onto the market in one swoop, loudly trumpeting this fact to the press and then just as dramatically buying up unnecessary swap options that bet on Italy’s going bust.
This of course signalled to all investors to follow suit, lest they remain saddled with bonds that might never be paid back! After which the panic inevitably spread to the shareholders’ market, driving the price of wealthy banks and huge joint-stock companies down to levels of craziness where one could buy a mega-multinational concern at the cost of maybe a single one of its properties. (http://www.corriere.it/economia/11_agosto_19/bocconi-saldi-folli-piazza-affari_e78f4e7a-ca3b-11e0-9ddb-a6b1d988da8e.shtml)
Der Spiegel may have let the cat out of the bag when it wrote that documents in its position showed that the reason Angela Merkel was holding out against the Euro-bonds, which would guarantee the debt of all the Euro-zone countries, was that in exchange for relenting she planned to demand privileges for foreign buyers of choice property in Southern Europe.
This may or may not be. What is certain is that they have had this on their minds for a long time. In one sole day, in July 2011, Germany’s DeutscheBank dumped billions of euros’ worth of perfectly good Italian sovereign bonds onto the market, trumpeting the move as the markets were still open – something that is NEVER done – and then dramatically buying swaps that would make a profit if Italy went bankrupt. By stampeding investors away from Italy they managed not only to distract the press from their own banks’ toxic assets, which they were busy dumping onto other countries’ debit accounts, but also to attract the money thereby freed up to – where else? Germany of course.
This kind of situation is a problem even in normal free markets. But in the Euro-zone, where the spigot of money creation has been clamped off in the name of thrift (“austerity” they call it) and, thanks to Maastricht and other assorted treaties, can not be turned back on except by fiat of the European Central Bank, in Frankfurt, it becomes a matter of mors tua vita mea. It’s like when you tilt a glass of water letting it all flow to one side, leaving the rest high and dry. If there is a fixed amount of money and it is all made to flow to one corner of the continent, the rest is left high and dry, with no way for people to exchange the fruits of their respective labour to procure the rest of the things they need to live. Money has no value in itself. The value lies in goods and manpower. But barter became impossible a long long time ago. Even in the bronze age there were products of human invention that needed some instrument to fraction their worth with respect to whatever needed interchange. Can a piano-manufacturer barter his goods in exchange for his daily bread? Or must he grow his own produce if he wants to eat? Without money markets are not free but paralyzed. Such is the situation of the captive countries of the euro-zone.
Hence from July 2011 on, Germany’s vested interest in the collapse of other countries, and particularly of Italy’s rival economy, has been obvious to all who cared to see. Nevertheless, no one could possibly have imagined that two months later, and a fortnight before the financial putsch in Italy, Deutsche Bank would have gone so far as to secretly request for the Troika to impose a “massive and profound decommissioning of the system of social welfare and of services to the public, to the tune of hundreds of billions of euros for France, Italy, Spain, Greece, Portugal and Ireland” (the so-called “PIIGS” countries, plus France) according to a report which we only discovered the following year (see http://www.ilfattoquotidiano.it/2012/06/19/la-deutsche-bank-e-il-piano-di-dismissioni-per-i-governi-ue/267410/)
Unsurprisingly, the insultingly named “PIIGS” countries are all non-Protestant. As attested in several editorials, since the euro no longer evokes wealth and stability but unemployment poverty and decline, there has been a return of anti-Catholic prejudice in Northern Europe, where many consider the “PIIGS” countries to be doing badly because of Catholic sin. The whore of Babylon all over again. (http://www.corriere.it/cultura/12_settembre_05/franco-battaglia-culturale_71f9a522-f742-11e1-8ddf-edf80f6347cb.shtml)
Enter Mario Monti. The unelected self-proclaimed Catholic and supposed conservative economics professor who went to visit the Pope eight times in little over a year while impoverishing the country and instigating the suicide of dozens of industrialists.
Under his watch billions were siphoned out of the economy, while the vast majority of Parliament remained inert, the conservatives mostly looking on in passive and silent dejection and the leftists simply waiting for election time to reinstall them in power. All of them, left and right, were as if traumatized at the display of power in what amounted to a coup d’etat by President Napolitano, even more frightened at witnessing each others’ silence. One MP, an ex-Socialist friend of mine who had joined the Forza Italia Party, wrote a piece early on which ended saying that we were in the midst of a tragedy which risked changing forever the face of the country. When I called to compliment him for his perspicacity, he cut me short replying “Yes but nobody else is speaking up.” In a matter of weeks he had eaten his words and climbed aboard Mario Monti’s brand new political party.
I think that a sequence of events of this kind – plus the court actions which have devastated and closed down one major industry after another on charges usually involving either environmental disaster, health hazards or corruption, increasing unemployment by the thousands – are probably what is routinely done to countries when there is a leftist takeover. I hold that they could purposely be using the power to legislate money away, isolate the country from investors so as to tear the system down for good and render the people powerless to recreate it. This is the only explanation I can find to the inexplicable way the technocrats have been sending money abroad as if there were no need at home. 5 million to Albania to buy equipment for doctors’ offices. 3 million to Bolivia to help protect its biodiversity. 1.3 billion to help Ethiopians guard against a new drought. 400thousand for a school for tour operators in Mozambique… It goes on and on.
Is it any wonder that Monti’s supposedly un-political, technocratic administration was actually made up of 99 % left-wing ministers? Why else would our (ex?) communist President Giorgio Napolitano – whom the NYT enthused about last August dubbing him “King Giorgio” – install Monti in the Premier’s office the minute the stock markets’ plunge finally managed to dislodge the entrenched incumbent, overriding all constitution-mandated Parliamentary prerogative? The international press immediately recorded this unprecedented power grab as the virtual coup d’etat it was, but this soon became an embarrassing detail that it is impolite to even mention anymore.
Because our politics were purposely programmed by our post-war Constitution, largely dictated by the powerful Communist Party, to be unmanageable and incomprehensible, hardly anyone in the international press bothers to delve into anything that regards Italy. Journalists have us conveniently shelved under the categories of fashion, pizza, the mafia, the leaning tower and the Pope. Investors care only about what the herd will do next in order to follow suit and try and turn a profit on the stock exchange. As a result, no one ever writes about Italy except if there is a sex scandal, a mafia crime, or talk of corruption. Or, today, if the press says Italy is being bailed out.
All of the good things, the 95 percent of hardworking honest Italians, who are not corrupt but actually the first victims of corruption, the Mafia, etc, are invariably ignored.
Ironically, despite having as Prime Minister a media tycoon, Silvio Berlusconi, whose supposed expertise in manipulating media coverage might have served Italy in good stead, the international spotlight has remained firmly projected onto the unfavourable clichés and the sole unfavourable numbers of Italy’s external debt. Our erstwhile Premier’s ludicrous private lechery deservedly made him the butt of world-wide ridicule, and dragged Italy down with him. However, I can’t help remembering that Bill Clinton was President of the United States when his sex-capades in the White House were made public. Has this ever made a laughing-stock of the entire American populace for having elected him? Hardly.
I believe that in this globalized world, relying solely on the mainstream media for news about other countries is a mistake that can prevent a needed comprehension of what is going on. Because, the globalist players being a tight-knit clique, the blueprint they follow can eventually come round to harass other countries in their turn.