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While the western community has been broadly supportive of the overnight strikes launched against Syria by the US, UK and France, two prominent members have either refused to participate or outright oppose them.

As we first reported last week, Germany (along with Italy) refused to be an active member of the strikes. On Saturday morning, Germany’s Foreign Minister Heiko Maas said the country won’t participate in military actions against Syria, according to an interview in news magazine Spiegel.

“This is not the role that we – in coordination with our partners – want to play in this conflict.” Although, he added that he understands the view of French President Emmanuel Macron, who said use of chemical weapons “crosses a line” and added that “The use of chemical weapons must stop and can’t be without consequences.”

Angela Merkel was similarly supportive: “We support that our American, British and French allies, as permanent members of the UN Security Council, have taken responsibility in this way,” the Chancellor said in statement… just not enough to take part in the strikes that she knew would prompt a response from Putin.

Italy also rushed to made it clear to the Kremlin it was not an active participant: Italian Prime Minister Paolo Gentiloni said in a televised address that the reaction to alleged chemical weapons attacks in Syria was measured, and should not mark the beginning of escalation in the region. He then added that while Italy is an ally of the participants, the country didn’t participate; and while Italy usually gives logistical help, in this case Italy did not provide.

Perhaps the reason for this reticence is that the two nations most reliant on Russian nat gas imports, realized that they don’t want to be especially cold this coming winter.

…click on the above link to read the rest of the article…

Despite Years of ECB’s QE (Ending Soon), Italy’s “Doom Loop” Still Threatens Eurozone Financial System

March 16, 2018

Despite Years of ECB’s QE (Ending Soon), Italy’s “Doom Loop” Still Threatens Eurozone Financial System

Even banks outside Italy have an absurdly out-sized exposure to Italian sovereign debt.

The dreaded “Doom Loop” — when shaky banks hold too much shaky government debt, raising the fear of contagion across the financial system if one of them stumbles — is still very much alive in Italy despite Mario Draghi’s best efforts to transfer ownership of Italian debt from banks to the ECB, according to Eric Dor, the director of Economic Studies at IESEG School of Management, who has collated the full extent of individual bank exposures to Italian sovereign debt.

The doom loop is a particular problem in the Eurozone since a member state doesn’t control its own currency, and cannot print itself out of trouble, which leaves it exposed to credit risk.

The Bank of Italy, on behalf of the ECB, has bought up more than €350 billion of multiyear Treasury bonds (BTPs) in recent years. The scale of its holdings overtook those of Italian banks, which have been shedding BTPs since mid-2016, making the central bank the second-largest holder of Italian bonds after insurance companies, pension funds and other financials.

But Italian banks are still big owners of Italian debt. According to a study by the Bank for International Settlements, government debt represents nearly 20% of banks’ assets — one of the highest levels in the world. In total there are ten banks with Italian sovereign debt holdings that represent over 100% of their tier 1 capital (or CET1), according to Dor’s research. The list includes Italy’s two largest lenders, Unicredit and Intesa Sanpaolo, whose exposure to Italian government bonds represent the equivalent of 145% of their tier 1 capital. Also listed are Italy’s third largest bank, Banco BPM (327%), MPS (206%), BPER Banca (176%) and Banca Carige (151%).

…click on the above link to read the rest of the article…

Russia Blamed For Italian Election Outcome

March 6, 2018

Russia Blamed For Italian Election Outcome

If there is a European election, and the anti-establishment parties score a stunning victory (as just happened in Italy, and a few months prior, in Austria), who’re you gonna blame? Vladimir Putin (of course)!

That’s what Samantha Power, one of the top diplomats in the Obama administration, did when she shared an article by Spain’s El Pais newspaper about how Russia predetermined the outcome of Sunday’s election by spinning an immigration discourse in Italy: “Italy’s joins long list of elections influenced by Russia. Sputnik will do what Sputnik does. The question is: what are our democracies going to do about it? Will voters repudiate candidates who seek to benefit from Russian interference?”

Samantha Power
✔@SamanthaJPower

Italy’s joins long list of elections influenced by Russia. Sputnik will do what Sputnik does. The question is: what are our democracies going to do about it? Will voters repudiate candidates who seek to benefit from Russian interference? https://elpais.com/elpais/2018/03/01/inenglish/1519922107_909331.html …

10:53 AM – Mar 5, 2018

How Russian networks worked to boost the far right in Italy

An analysis of social networks reveals how Kremlin-backed media outlets boosted xenophobic discourse

elpais.com

You see, it had nothing to do with the 38% youth unemployment, the stagnant economy, the record debt load, the record number of young people living with their parents, the meager opportunities for career advancement and the sense that everything is rigged. It was… Russia!

In fact, it is safe to assume that without Russia, and its subversive trolls, operatives – and of course RT and Sputnik – western democracies would all be one endless utopia, with no economic, social or political disagreements, and without such central-bank created artifacts as record wealth and income divisions resulting in unprecedented ideological and political polarization.

…click on the above link to read the rest of the article…

Italian Elections: The Great Five-Star Surprise

March 6, 2018

Italian Elections: The Great Five-Star Surprise

Nearly definitive results of the Italian national elections of March 4, 2018. the “five-star movement” (M5s) got the most votes, although the center-right wing coalition (CDX) has the largest number of seats in the Italian parliament. For the center-left (CSX), it was total disaster.

In several senses, it is not difficult to understand the results of the recent Italian elections. Think of the center-right leader, Mr. Berlusconi, as an older version of Mr. Trump. At nearly 82, Mr. Berlusconi still tries to play the role of the alpha-male womanizer, while his acolytes built up a program based on building a barrier against immigrants (not exactly a wall, because there is a sea in between Italy and Africa, but the concept is the same.). The center-right is also pursuing policies akin to “making Italy great again” (or perhaps grate again, if they were referring to Parmesan cheese). In short, the Italian right and the American right are very similar, including such details as allowing citizens to bear firearms.

The left – what remains of it – is represented by Mr. Matteo Renzi, the perfect equivalent of Ms. Clinton, in terms of being both hateful and out of touch with reality. Just like Ms. Clinton, Mr. Renzi and his followers managed to conduct such an unbelievably obsolete and counterproductive campaign that one wonders whether he was actually paid by someone in order to finish off the remnants of what was once the Italian Communist party. It was a necessary outcome anyway, the only surprise was how well the Italian left played the role assigned by the Gods to those whom they want to destroy – that is, of becoming crazy. (at least, however, the Italian Dems didn’t blame Putin for their defeat!)

…click on the above link to read the rest of the article…

Italian Elections – Another Nail in the Coffin of Brussels?

March 6, 2018

Italian Elections – Another Nail in the Coffin of Brussels?

EU Crisis The Italian election results are in and once again it demonstrates that correlating economics with voting, you end up with a far more accurate forecast. Trying to predict based upon samples of calling people appears to be not merely questionable, but also prone to human bias. We have been warning that this trend toward nationalism is growing worldwide and especially within Europe. The Italian vote proves that the refugee issue is a major crisis and the people do not support it. Civil Unrest in Ital has been rising, but nobody listens to the people.

The politicians in Europe and even in the United States with respect to Trump, have assumed that this is merely a populist movement that would quickly fade into memory. Career politicians have had it their way for so long, they cannot fathom why after robbing the Treasury for decades and nobody said anything, why are the people suddenly mad now? The Italian vote should be a wake-up call to Brussels, but they will remain in a state of denial. Their attempt to PUNISH Britain they believed would prevent other states from leaving. They are sadly mistaken.

A majority of Italian voters have spoken and they supported the Eurosceptic candidates in the national election. Italy had been a steadfast championed the European project. However, the dreams have fallen to the ground as dusk in the winds of politics. Those in Brussels have been totally dishonest with the European people swearing that a single currency would solve all the ills and that they were not trying to take over Europe making it the United States of Europe with one government. The promise that a single currency would also produce a single interest rate for all proved also a complete lie.

…click on the above link to read the rest of the article…

Italy’s Results are Truly Forza Italia!

March 6, 2018

Europe is headed for a breakup. But, after a year of watching the EU establishment work the polls just enough to maintain the status quo in the Netherlands, France and Germany I wasn’t expecting much from yesterday’s Italian elections.

But with turnout over 73% we got just that. Voters were clearly motivated to change the course Italy is on. Now, we knew that Silvio Berlusconi’s center-right coalition would do well alongside upstart Five Star Movement.

The question was always going to be, however, how well would they do?

It looks like it was much better than the polls wanted us to believe. Last week I told you the markets were getting nervous about this election. This weekend the news was all about how subdued the reaction was to the polling.

As if a major technical breakout to the upside on Italian bond yields in the face of furious ECB buying wasn’t a strong enough market response?

But, that’s doesn’t fit the plan to gaslight voters and traders to worry about the potential outcome here.

The League of 5-Star Gentlemen

It looks like Five Start Movement will take more than 30% of the final tally, which is a couple of points above where polling had it tracking when the blackout went into effect two weeks ago.

The bigger result is that of The League (formerly The Northern League) who came off their secessionist mountain and ran hard on a platform of euroskepticism and anti-immigration.

The most important person in Italian politics right now is The League’s leader, Matteo “The EU can go F&%k itself” Salvini.

When the final votes are revealed, if The League out-polled Silvio “Establishment Stalking Horse” Berlusconi’s Forza Italia! then he has the hammer in coalition negotiations.

…click on the above link to read the rest of the article…

Will Italy’s Banking Crisis Spawn a New Frankenbank?

March 1, 2018

Will Italy’s Banking Crisis Spawn a New Frankenbank?

“Operation Overlord.”

There are rumors currently doing the rounds that Italy’s banking problems have finally been put to rest. The FTSE Italia All-Share Banks Index has soared about 40% over the last 12 months, about double the advance by the Euro Stoxx Banks Index. Six of the top seven gainers in the latter index this year are Italian.

The story of Italy’s non-performing loans, which just a year ago terrified global investors and posed a systemic threat to the entire Eurozone economy, “is over,” according to Fabrizio Pagani, the chief of staff at Italy’s Ministry of Economy and Finance. Pagani believes that now that the banking sector is well and truly on the mend, work should begin to take consolidation of the sector to a new level.

“There are too many banks,” Pagani told Bloomberg. “And in this sense, Monte dei Paschi could play a role. I think this could start this year.”

There’s clearly lots of room for consolidation in Italy, home to roughly 500 banks, many of which are small local or regional savings banks with tens or hundreds of millions of euros in assets. At the top end of the scale, Italy’s ten biggest banks control roughly 50% of the industry. The goal is to increase thatto 70-75% to bring it more in line with the levels of banking concentration in other EU countries. In Spain, for example, the five biggest banks — Santander, BBVA, CaixaBank, Bankia and Sabadell — control 72% of the market.

The problem is that, while last year’s bail out of Monte dei Paschi di Siena may have restored a certain amount of investor confidence to Italy’s banking sector, many of the largest banking groups are still extremely fragile, with stubbornly high non-performing loan (NPL) ratios. .

…click on the above link to read the rest of the article…

Riots Breakout Across Italy Ahead Of General Election (And Markets Are Getting Anxious)

February 24, 2018

Riots Breakout Across Italy Ahead Of General Election (And Markets Are Getting Anxious)

According to CNBC, here are the three leading candidates dominating the race:

Silvio Berlusconi, former prime minister and head of Forza Italia.
Matteo Renzi, the embattled leader of the center-left Democratic Party (PD) and former prime minister who quit the post in 2016 after a referendum on constitutional reform failed.
Luigi Di Maio, the anti-establishment 5 Star Movement’s (M5S) leader.

Last night in Pisa, Italy, anti-fascist protestors formed a counter-demonstration against Lega leader Matteo Salvini, who was speaking at the center of town. Anti-fascist groups threw glass bottles and rocks and attacked police officers as they tried to silence Salvini, a leading anti-EU political figure, before next week’s elections.

Professor Cuz@ProfessorCuz

Italy, #Pisa #antifa protest against the visit of Lega far-right leader Salving LIVE

STREAM https://www.pscp.tv/w/bV7fKDFQbUtxT0JCbk1PRW98MVprS3pWYWthZ3JLdub6NqaKdFaTMWhweNYmW0EGBDTJDLhxPzTBECyRsI28 …

11:02 AM – Feb 23, 2018

Local Team @localteamtv

DIRETTA VIDEO Salvini a Pisa, contro-corteo dei centri sociali in corso

pscp.tv

Insane video of Anti-fascist activists fighting with police last night in Pisa

‏ @V_of_Europe

Soros puppets meet Italian police..

130K views

2:29 PM – 23 Feb 2018

In the early hours of Saturday morning, riots have erupted on the streets as police and protesters have clashed in Pisa and Milan with massive marches expected in Rome later in the day, said the Daily Express.

…click on the above link to read the rest of the article…

Turkish Warships Threaten To Sink Italian Drillship In Cypriot Waters

February 23, 2018

Turkish Warships Threaten To Sink Italian Drillship In Cypriot Waters

Amid escalating tensions between Cyprus and Turkey in the Mediterranean Sea, the two countries appear headed towards an inevitable resource war.

Just two weeks since we first reported on Turkey’s aggression in Cypriot waters, KeepTalkingGreece.com reports that a serious incident took place at 10 a.m. on Friday morning, when five Turkish warships threatened to sink the drillship SAIPEM 12000 commissioned by the Italian energy company ENI.

The drillship had set out to reach block 3 of Cyprus’ Exclusive Economic Zone (EEZ) in a new effort to reach Soupia target. SAIPEM could not reach its target due to Turkish threats.

According to Cypriot and Turkish media, the captain of one of the Turkish warships contacted the SAIPEM and threatened to sink the drill ship if it should not change its route. The drill ship changed the route and making maneuvers through the Turkish warships turned to the West and left the area.

screenshots form marinetraffic.com via newsit.cyprus

Deputy Government Spokesman Victoras Papadopoulos told the Cyprus News Agency, that after consultations between Italian company ENI and SAIPEM 12000, the captain of the drillship tried once again to drive the ship towards the Soupia (Cuttlefish) target to conduct its drilling operations.

“During its course towards block 3 and the Soupia target the drillship was halted by five Turkish warships and after threats of violence launched (by the Turks) and the threat of a collision with the drillship, despite the courageous and commendable efforts made by the captain,” CNA notes.

The SAIPEM sailed to the port of Lemessos, is expected to sail to Morocco over the weekend.

Nikos Christodoulidis told media that the drilling is postponed but the energy program continues.

During the informal EU Summit in Brussels, Cyprus, Italy and Greece hope to find a solution to the problem with the aid of top European Union officials.

…click on the above link to read the rest of the article…

Meet the Italian government’s Orwellian new automated tax snitch

February 21, 2018

Meet the Italian government’s Orwellian new automated tax snitch

By the end of the 3rd century AD, the finances of ancient Rome were in terminal crisis.

Years and years of debasing the currency had resulted in severe hyperinflation– a period of Roman history known as the Crisis of the Third Century (from AD 235 through AD 284).

During the time of Julius Caesar, for example, the Roman silver denarius coin was nearly 98% pure silver.

Two centuries later in the mid-100s AD, the silver content had fallen to 83.5%.

And by the late 200s AD, the silver content in the denarius was just 5%.

As the money continued to be devalued, prices across the Empire skyrocketed.

Wheat, for example, rose in price by over 4,000% during the first three decades of the third century.

Rome was on the brink of collapse. And when Emperor Diocletian came to power at the end of the third century, he tried to stabilize the economy with his ill-fated Edict on Wages and Prices.

Diocletian’s infamous decree fixed the price of everything in the Empire. Food. Lumber. Salaries. Everything.

And anyone caught violating the prices set forth in his edict would be put to death.

Another one of Diocletian’s major policies was reforming the Roman tax system.

He mandated widespread census reports to determine precisely how much wealth and property each citizen had.

They counted every parcel of land, every piece of livestock, every bushel of wheat, and demanded from the population increasing amounts of tribute.

And anyone found violating this debilitating tax policy was punished with– you guessed it– the death penalty.

Needless to say, Diocletian’s reforms didn’t work.

Every high school economics student knows that wage and price controls don’t work… and that excessive taxation bankrupts the population.

…click on the above link to read the rest of the article…

Musical Tribute to Bribes in the US, Israel, Nigeria, Everywhere

February 15, 2018

Musical Tribute to Bribes in the US, Israel, Nigeria, Everywhere

Israeli PM Netanyahu and Shell executives face bribery charges. US politicians are second to none when selling votes.

Bribes Israeli Style

NPR reports Israeli Police Push For Prime Minister Netanyahu’s Indictment On Corruption Charges.

Israeli police are urging the attorney general to indict Prime Minister Benjamin Netanyahu in two corruption cases involving bribery, fraud and breach of trust.

The recommendation is the result of more than a year of investigations into allegations that Netanyahu improperly accepted expensive gifts including pink champagne and cigars from Israeli Hollywood producer Arnon Milchan and Australian billionaire James Packer in exchange for favors.

Netanyahu appeared on TV denying the charges. It came across as follows: I took bribes and smoked cigars for the good of the nation.

Bribes Nigerian and Italian Style

The Wall Street Journal takes a peek Inside the Bribery Scandal Sweeping Through the Oil Industry.

A top oil executive walked into the marble lobby of an exclusive Milan hotel on a chilly winter night. His dinner date was a former Nigerian oil minister offering to sell one of Africa’s biggest untapped oil discoveries.

Eight years later, the question of whether the $1.3 billion paid for the license to that prized oil field was mostly a bribe is at the heart of one of the biggest bribery scandals the oil industry has ever seen.

Part of a broader crackdown, the case has reached into the highest levels of the executive ranks of Royal Dutch Shell, the second-largest Western oil company—including wiretaps on its chief executive—and into Eni, Italy’s state-backed oil company.

…click on the above link to read the rest of the article…

ECB Forced to postpone New Stricter Credit Rules Indefinitely

January 27, 2018

ECB Forced to postpone New Stricter Credit Rules Indefinitely

The ECB’s was forced to suspend its new stricter credit rules indefinitely concerning bad loans. The banks were screaming “you idiot” for it would have pushed way too many banks over the edge, particularly in Italy. With the Italian elections coming in March, the new rules would have been a major issue why Italy should also exit the EU.

The ECB originally sought to introduce new rules for dealing with new bad loans previously. As of January, banks were expected to cover all loans, which are now classified as default risk. There was no possible way that could be accomplished.

In Italy, their domestic banks would be oppressed and that fewer new loans would ever be issued. This was finally seen as a major negative consequence for the economy. Only with an extreme rebellion by the banks was the ECB forced to back off.

This illustrates the banking crisis that is still brewing in Europe even after nearly 10 years of quantitative easing. There is little prospect for this crisis to be fixed. All that can happen is to postpone the inevitable.

Trump and Berlusconi: harbinger of the coming Seneca Cliff

January 20, 2018

Trump and Berlusconi: harbinger of the coming Seneca Cliff

Donald Trump and Silvio Berlusconi have many similarities as country leaders. I argue here that they are the symptom of a giant political transition which is reversing the trends that started more than two centuries ago with the French revolution. Human rights have a cost and this cost has been paid, so far, by fossil fuels (our “energy slaves“). Now that our dark slaves are leaving us, who will pay? Not a small problem and the result seems to be an ongoing “Seneca Transition” catapulting us to a new and different world.

After one year of Trump presidency, America looks more and more the same as Italy was when Berlusconi ruled it. I am not going to list the similarities between Berlusconi and Trump: it has already been done and everyone knows about the sex scandals, the outrageous behavior, the offensive way of speaking, all that.

For Silvio Berlusconi, this kind of behavior led him to be prime minister for a total of 9 years, over more than 20 years in which he strongly influenced Italian politics. Today, it looks perfectly possible that, at 81, he may become prime minister again with the coming national elections, in March, replacing the fading star of his heir, Matteo Renzi (aka “Berlusconi 2.0”).

Donald Trump uses the same methods developed by Berlusconi and he seems to be attaining a remarkable political staying power. Fighting him, the American Left is making the same mistakes that the Italian left made with Berlusconi: demonizing him while aping his political choices. Actually, the American Left is doing even worse: at least the Italian Left never accused voters to be so dumb that they could be easily swayed by the propaganda tricks of a foreign power. A surefire way to win the next elections: first you tell them they are idiots, nay, traitors, then you ask for their vote.
…click on the above link to read the rest of the article…

Stressful Year Ahead for Spanish Banks

December 13, 2017

Stressful Year Ahead for Spanish Banks

The “spillover effects.”

Just how much more stress Europe’s banking system can bear will be one of the big questions of 2018. This year was already a pretty stressful year, what with two major Italian banks being put out of their misery while, another, Monte dei Paschi di Siena, was brought back from the dead. In Spain, 300,000 shareholders and subordinate bondholders mourned the passing of the country’s sixth biggest bank, Banco Popular, which was acquired by Santander for the measly price of one euro.

Now, a whole new problem awaits. A report published by Spain’s second largest lender, BBVA, has warned about the potential impact on the sector’s profitability of new rules on provisions due to come into effect in early 2018.

Until now, banks only had to report losses when loans began deteriorating — i.e. when the defaults began. But the introduction in January of a new accounting rule, known as IFRS 9, will force banks in Europe to provision for souring loans much sooner than at present. One direct result will be that banks will have to hold more capital on their books, and that will have a detrimental impact on their profits.

If next year’s stress test by the ECB sets the same macroeconomic conditions and parameters as those used in 2014, banks holding just over one-fifth of the market share in Spain — measured in risk-weighted assets — would have to undertake provisions exceeding 200 basis points, the BBVA report predicts. That would leave some entities with a solvency rating lower than 9% — i.e., on the brink or even below the minimal level required by European regulation.

…click on the above link to read the rest of the article…

Cradles of Capitalism: The City-States of Greece and Italy

December 4, 2017

CRADLES OF CAPITALISM: THE CITY-STATES OF GREECE AND ITALY

There long has been a persistent academic debate as to whether an “ancient economy,” referring mainly to Greece, even existed at all. In a field dominated by Marx, Marxists, the 19th century sociologist Max Weber, and such scholars of renown as Sir Moses Finley, the lingering image of the economic world of the Greek polis is that of something very static. We imagine a leisure class lounging at the sandaled foot of an orator while slaves tended to the fields, flogging cows harnessed to ploughs stuck in the mud. It is the notion of a “primitive” economy: money made for status, not investment; credit extended for the purchase of slaves, war waged for the capture of booty, elites in control of craft guilds and tyrant-kings keeping the peace by randomly doling out the goods.

Then there is ancient epic itself, with the noble Odysseus disdaining seafaring for profit (though he did take all the pay-offs he could collect) and the great Achilles pondering a discovery of precious treasure only so far as it might estimate his aristocratic worth. From this rudimentary foundation, an entire field of Socialist-Keynesian views on the Greek economy has prevailed, with occasional libertarian scholars such as Murray Rothbard and Jesús Huerta de Soto getting a word in edgewise. In recent time, however, academia has found much more evidence of technological advances and market-driven considerations on the part of the classical polis than previously thought.

Keeping in mind that in both ancient Greece (and Renaissance Italy) that democracy was not incompatible with aristocracy, and that oligarchies and tyrants were not necessarily illiberal, several points may be made in defense of the economic model of the city-state: 1) that the stronger the city-state, the greater the industrial and economic expansion; 2) that private property was considered a fundamental economic principle; 3) that banking standards were relatively conservative;

…click on the above link to read the rest of the article…

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