{"id":46922,"date":"2019-06-26T07:15:49","date_gmt":"2019-06-26T12:15:49","guid":{"rendered":"https:\/\/olduvai.ca\/?p=46922"},"modified":"2019-06-26T07:15:53","modified_gmt":"2019-06-26T12:15:53","slug":"europe-wont-admit-the-mini-bots-are-coming","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=46922","title":{"rendered":"Europe Won\u2019t Admit the Mini-BOTs Are Coming"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.strategic-culture.org\/news\/2019\/06\/25\/europe-wont-admit-the-mini-bots-are-coming\/\">Europe Won\u2019t Admit the Mini-BOTs Are Coming<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Italy is in serious trouble financially. This is virtually common knowledge at this point. What isn\u2019t common knowledge is its Euroskeptic government led by Lega\u2019s Matteo Salvini and Five Star Movement\u2019s Luigi Di Maio are preparing an assault on the foundation of the European Union itself to save Italy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And that assault comes with the most innocuous name. Mini-BOT. Mini-BOTs were originally the idea of former Greek Finance Minister Yanis Varoufakis to assist Greece get out of the stranglehold placed on it by the euro.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What is a mini-BOT? It is a small denomination (mini) Bill of Treasury (BOT) that can be issued by, in this case, the Italian government to act as a domestic currency for settling government debts, paying taxes, etc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It would be a parallel currency which could circulate freely domestically at a discount to the euro which would work as a medium of exchange to reflect the reality of the Italian economy better than the euro does.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The euro\u2019s value is dominated by Germany\u2019s economy. And, in short, by being so the euro overvalues Italy\u2019s labor pool and undervalues Germany\u2019s. Gresham\u2019s Law states under-valued money is hoarded and over-valued spent. In Italy the euro is hoarded. In Germany it is spent. This is why Germany runs such a massive trade surplus against the other members of the euro-zone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Italy (and Greece, Portugal, Spain and others) need a currency that can circulate to properly support domestic trade.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By mispricing Italian labor via the euro it keeps the goods produced in Italy uncompetitive on the world market. Italy\u2019s central bank can only issue euro-denominated debt which trades at rates far lower than it should, enhancing Germany\u2019s position.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Europe Won\u2019t Admit the Mini-BOTs Are Coming Italy is in serious trouble financially. This is virtually common knowledge at this point. What isn\u2019t common knowledge is its Euroskeptic government led by Lega\u2019s Matteo Salvini and Five Star Movement\u2019s Luigi Di Maio are preparing an assault on the foundation of the European Union itself to save [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[279,1464,8203,16963],"class_list":["post-46922","post","type-post","status-publish","format-standard","hentry","category-economics","tag-eu","tag-italy","tag-strategic-culture-foundation","tag-tom-luongo"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46922"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46922\/revisions"}],"predecessor-version":[{"id":46923,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/46922\/revisions\/46923"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}