Best of the Week
Most Popular
1.What Happened to the Stock Market Crash Experts Were Predicting - Sol_Palha
2.London Housing Market Property Bubble Vulnerable To Crash - GoldCore
3.The Plan to Control ALL Your Money is Now at Advanced Stage
4.Why Gold Is Set For An Epic Rally This Spring - James Burgess
5.MR ROBOT NHS Cyber Attack Hack - Why Israel, NSA, CIA and GCHQ are Culpable - Nadeem_Walayat
6.Emmanuel Macron and Banking Elite Win French Presidential Election 2017 - Nadeem_Walayat
7.Trend Lines Met, Technical's are Set - US Dollar is Ready to Rally (Elliott Wave Analysis) - Enda_Glynn
8.The Student Debt Servitude Sham - Gordon_T_Long
9.Czar Trump Fires Comey, Terminates Deep State FBI, CIA Director Next? - Nadeem_Walayat
10.UK Local Elections 2017 - Labour Blood Bath, UKIP Death, Tory June 8th Landslide - Nadeem_Walayat
Last 7 days
Rosenstein and Mueller: the Regime Change Tag-Team - 25th May 17
Stock Market Top - Are We There Yet? - 25th May 17
Should I Invest My Fortune in Gold? Inaugural Lecture by Dr Brian Lucey - 25th May 17
USD/CAD Continues Decline - 25th May 17
Bitcoin Price Goes Loco! Surges through $2,500 Despite Unclear Fork Issues - 25th May 17
The US-Saudi Arms Deal - Sordid Saudi Signals - 25th May 17
The No.1 Commodity Play In The World Today - 24th May 17
Marks and Spencer Profits Collapse, Latest Retailer Hit by Brexit Inflation Tsunami 2017 - 24th May 17
Why Online Trading Platforms Are Useful for Everyone - 24th May 17
The Stock Market Will Tank Hard - 24th May 17
It’s Better to Buy Gold & Silver When It DOESN’T Feel Good - 24th May 17
Global Warming - Saving Us From Us - 24th May 17
Stock Market Forecast for Next 3 Months - Video - 23rd May 17
Shale Oil & Gas Production Costs Spiral Higher As Monstrous Decline Rates Eat Into Cash Flows - 23rd May 17
The Only Metal Trump Wants More Than Gold - 23rd May 17
America's Southern Heritage is a Threat to the Deep State - 23rd May 17
Manchester Bombing - ISIS Islamic Terrorist Attack Attempt to Influence BrExit Election - 23rd May 17
What an America First Trade Policy Could Mean for the US Dollar - 22nd May 17
Gold and Sillver Markets - Silver Price Sharp Selloff - 22nd May - 22nd May 17
Stock Market Volatile C-Wave - 22nd May 17
Stock Market Trend Forecast and Fear Trading - 22nd May 17
US Dollar Cycle : Deep Dive - 21st May 17
Bitcoin Breaks the $2,000 Mark as Cryptocurrencies Continue to Explode Higher - 21st May 17
Stocks, Commodities and Gold Multi-Market Status - 21st May 17
Stock Market Day Trading Strategies and Brief 20th May 2017 - 21st May 17
DOW Needs to Rally Big or Correction is Next - 20th May 17
EURUSD reaches DO or DIE moment! - 20th May 17
How to Get FREE Walkers Crisps Multi-packs! £5 to £28k Pay Packet Promo - 20th May 17
UK BrExit General Election 2017 - Will Opinion Pollsters Finally Get it Right? - 19th May 17
Gold Mining Junior Stocks GDXJ 2017 Fundamentals - 19th May 17
If China Can Fund Infrastructure With Its Own Credit, So Can We - 19th May 17
Evidence That Stocks are More Overvalued than Ever - 19th May 17
Obamacare May Become Zombiecare In 2018 - 19th May 17
The End of Reflation? Implications for Gold - 19th May 17
Gold and Silver Trading Alert: New Important Technical Development - 19th May 17
Subversion And Constructive Synthesis Of Capitalism And Socialism - 18th May 17
Silver: Train Leaving Station Soon! - 18th May 17
Credit and Volatility Signal That Financial Conditions Are Very Overheated - 18th May 17
Another Stock Market "Minsky Moment" or Will the Markets Calm Down? - 18th May 17
WannaCry Ransomware Virus Is a Globalist False Flag Attack On Bitcoin - 18th May 17
Euro, Stocks, Gold Momentum Extremes All Round! - 18th May 17
US Stock Market Slumps on Establishment / CIA Trump Impeachment Coup Plan - 18th May 17
Tory Landslide, Labour Bloodbath - Will Opinion Pollsters Finally Get a UK Election Right? - 17th May 17
The stock market sectors which are breaking out in 2017 - 17th May 17
A ‘Must-See’ Chart for Gold and Silver Aficionados  - 17th May 17
Will the SPX Stock Market Final Surge Fail to Appear? - 16th May 17
Claim your FREE copy of Jim Rickards’ explosive book - 16th May 17
GOP Establishment Elite Plots Trump Removal - 16th May 17
Walkers Crisps Pay Packet Cheats, Shoplifters and Staff Conning Customers - 16th May 17

Market Oracle FREE Newsletter

Why 95% of Traders Fail

The Italian Election Farce and Not So Super Mario

Politics / Euro-Zone Feb 26, 2013 - 11:22 PM GMT

By: Andrew_McKillop

Politics

SUPER MARIO BOMBS
As of February 25, exit polls and analysts' reviews of voter trends showed a total collapse in support for Mario Monti, called "Super Mario" for a while by government-friendly media. The 'technocrat' parachuted in by Europe's elite to apply a classic austerity programme as Italy's Brussels-approved unelected Prime Minister from late 2011, scored around 7% to 9% of votes cast. He is finished.


Why he stood at all was itself a clear and stark exampe of elite lying. On Sept 26, 2012 Monti said in an interview on CNN during a trip to the United States: “I will not run for the elections,” where he did stand, and got demolished.

Italian voters above all rejected his austerity programme, his Brussels connection, and his Goldman Sachs' links with The Masters of the Eurozone - the Elite Mafia destroying the economy.

HIGH TIMES AND HIGH TIDE OF GS RULE
The ascension of Mario Monti to the Italian prime ministership was remarkable for so many reasons we have to be suspicious about how it happened: who pulled the strings? For the zombie media anxious to keep the public disinformed, Monti replaced scandal-surfing Silvio Berlusconi because Italy needed an unelected technocrat as prime minister. By putting a senior adviser at Goldman Sachs in charge of Italy, the real power of this investment bank and broker was revealed.

As the image above shows, late 2011 was surely the High Time for GS rule of the Eurozone. Monti was in charge of Italy. The European Central Bank, a crucial player in the sovereign debt drama was and still is under ex-Goldman management, and GS still holds sway in the corridors of power across Europe. Until late 2011, the IMF's European division was run by a Goldman Sachs man, Antonio Borges, who resigned "for personal reasons".

Goldman says it is there to provide advice and financing for governments, to send in its experts, and to move forward - creating such a deep exchange of people and ideas and money that it is impossible to tell the difference between the public interest and the Goldman Sachs interest. More specifically, Goldman Sachs has written over $2 trillion of insurance linked with and based on Eurozone country debt, and GS will not escape unscathed if some of the $2 trillion it has purchased was from (for example) an Italian bank that may go under. This is why Europe's bailouts for Banksters and austerity for the people must go on - forever. The threat wielded by GS is that "the only alternative" is a second Eurozone financial crisis, and a second wave of economic collapse across Europe.

This week's Italian elections threw out "the Vampire Squid", the Wall Street nickname for GS and its high flying, always secretive manipulators and fixers.To be sure, the markets panicked at this terrible threat to Business as Usual!

ANGELA MERKEL IS WORRIED
Other Eurozone elites are uneasy. German Chancellor Angela Merkel made no secret of her disappointment at Not-so-Super Mario Monti's debacle. She urged Rome to continue with "reforms", the codeword for higher taxes, austerity and mass unemployment. Other Eurozone leaders, including senior ministers in France's Parti Socialiste government - heavily engaged in its own austerity programme and "courageously" accepting France's ever rising unemployment - said that a new and stable government in Italy, carrying out "reforms", was vital to stabilizing the common currency.

Silvio Berlusconi is however not worried. He welcomes any kind of coalition government role - except with Monti and excluding all and any possible role for Monti. Thanks to his control of more than 90% of Italian media, Berlusconi was able to claw back votes and cut the lead of "the Eurozone favourite" Pier Luigi Bersani and his "reformed Communists" and New Democrats. Berlusconi, showing his statesmanship has said he is prepared to make "sacrifices" for the country - meaning that he might work alongside a slightly left of centre parliamentary group, committed to "reforms" of course.

Also in no way worried while making an excellent pretence of worry, financial market operators were lightning fast to profit from Italy's electoral farce. The premium Italy pays over Germany to borrow on 10-year loans widened to a yield a spread of 338.7 basis points, the highest since December. Monti's magnificent work - impoverishing average Italians and increasing unemployment - was undone in a few hours: six-month Italian Treasury bills now need a yield of 1.237 percent, compared to just 0.730 percent at similar auctions a month ago.

Berlusconi was forced out of office and replaced by Monti in November 2011 as borrowing costs approached levels investors feared would become unsustainable. He said he was "not worried" about market reaction to the election and played down the significance of the spread. Above all he knew that Monti's voter collapse showed that Monti's centrist bloc and its elite "reforms" were the meat for populist electoral ploys, exploited by both Berlusconi and ex-comic Grillo and his 5-Star movement.

The euro instantly lost several cents against the dollar - the subject of the euro's overvaluation being a nearly endless theme of Eurozone elites - but caused by Monti being slayed at the Italan polls, the slight shrinkage of the euro was of course "more bad news". Above all, the elites are worried by the showing of 64 year-old Beppe Grillo, who won about 25.5 percent of all votes. Grillo channelled the rage of Italians at the rampant corruption and refusal to govern of their current crop "reformist" politicians and campaigned on a platform including the demand for a national referendum on staying in the Eurozone. He also campaigned for cuts in politicians' privileges and their protection from prosecution, a minimum income for Italy's millions of unemployeds, faster growth of clean energy and other grassroot themes - defining his 5-Star movement as a "non-party"

YOUTH AND RECESSION
Grillo's surge in the final weeks of the campaign was shown by hundreds of thousands of persons turning out for his rallies, to hear him laying into targets ranging from fat-cat corrupt politicians and Vampire Squid bankers to Germany's Angela Merkel. Analysts noted that young Italians are especially happy with Grillo, who gives major prominence to their concerns. As in nearly all European Union countries, the frustrated generation of young Italians who are shut out from permanent full-time jobs, eke a living from odd jobs, and live with their parents until they are 30 years or older because they have no prospect of buying property are a Lost Generation. And with Grillo, they have found politics.

Young Europeans know "the system" does not work, and is getting worse.

They heard the 1980s slogan of elite-favourite Mrs Thatcher stridently telling all young Britons "You have No Future". She told them they should be grateful to clean windows after sweating their way through college for 3 years. Like young Britons, other young Europeans are also not amused. No future for Thatcher and her Mob, is their answer. The election results in Italy are another expression of a country that does not work. Permanent recession is no longer acceptable.

Long recession and radical disillusionment with mainstream parties, in Europe, has already generated the minority Black Bloc movement of Anarchists in several countries. The bitter public mood in Italy that saw around 60 percent of votes going to parties which reject austerity policies and fake "reforms" is widespread in Europe and may accelerate with the Italian election.

Permanent recession politics is above all seen by average Europeans as a deadly mix of corrupt or ineffective politicians and corporate banksters such as Goldman Sachs, always pushing the so-called German model. Berlusconi's campaign mixed sweeping tax cut pledges with relentless attacks on Monti and Angela Merkel, and with these last two themes echoed two of Grillo's most powerful themes. The Monti windowdressing fantasy themes of "structural reforms" which would "restore growth" are known for what they are: empty speeches to fool voters that "technocratic" management of the economy is working. The talk about "competitiveness" and restoring industry in Europe has already produced the public spat between France's Minister of Industrial Recovery, Arnaud Montebourg and the CEO of Titan International over Titan's refusal to risk its funds buying out and relaunching production at a closed Goodyear tyre factor in northern France.

The Titan International CEO, Maurice Taylor said he can buy a tyre factory in China and India "and pay my workers less than 1 euro per hour". Fine. He should do that and pay himself 1 euro per hour also - "competitiveness" through starvation pay is not accepted by Europeans. Not importing the products of starvation pay, and relocating lost industries back into Europe, are two answers.

By Andrew McKillop

Contact: xtran9@gmail.com

Former chief policy analyst, Division A Policy, DG XVII Energy, European Commission. Andrew McKillop Biographic Highlights

Co-author 'The Doomsday Machine', Palgrave Macmillan USA, 2012

Andrew McKillop has more than 30 years experience in the energy, economic and finance domains. Trained at London UK’s University College, he has had specially long experience of energy policy, project administration and the development and financing of alternate energy. This included his role of in-house Expert on Policy and Programming at the DG XVII-Energy of the European Commission, Director of Information of the OAPEC technology transfer subsidiary, AREC and researcher for UN agencies including the ILO.

© 2013 Copyright Andrew McKillop - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisor.

Andrew McKillop Archive

© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife