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Tuesday, 03 July 2018

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Italy has not been great since the The Renaissance. No country can sustain a welfare state and unchecked immigration at the same time. First job of this new 'government' is to stop the migration across the Med and then return those new arrivals back to where they came from. Only then can this new 'government' be allowed to successfully fail and if lucky, pull the plug on the whole EU Soviet.

Italy has got fed up with 20 years without growth and appears ready to take risks (i.e. fight) to have something done about it. The classic solution is to default on part of the debt. (i.e. get honest and stop pretending that it will be repaid), devalue (the markets will do this given the opportunity), and then get to restructuring so that it doesn't happen again. The first two are impossible whilst in the EU and the Euro, the third, difficult at the best of times, is practically impossible without the first two. Setting up a parallel currency would seem a sensible step towards leaving the Euro.
It also needs to stop acting as lady bountiful to half a million foreigners- something it is already taking steps toward.
In short Italy appears to have given up on persistent decline and embarked on a course that offers a chance of reversing that decline albeit with some pain involved.
The fact that this could easily blow up the Eurozone and likely the EU I regard as an entirely acceptable bonus.

Italy has had a new government an average of every 13 months since WWII. You won't have to wait long to find out if you'll like the next one.

I feel really sorry for the blameless masses, but, as the saying goes, it's an ill wind that blows nobody any good. The report should be required reading for all remainer MPs who are currently plotting to cling to the train just before it hits the buffers. My son visited southern Italy recently. It's never been all that wealthy a region, but he said that it is now basically Africa with art treasures. May we be lucky enough to learn from others' mistakes, rather than our own.

As for Italy's multiple governments since the war, most contained the same people and pursued the same policies. In effect what we in Britain call a reshuffle is in Italy called a change of government.
But this time the change is significant.

Back when I was somebody (at least in my own mind), I used to tell my European colleagues that the EU was a French dream in which French politicians would get Spanish maids, German money, Italian villas, and British troops in order to fend off the evil Americans. I wasn't too far off . . .

Dip,
That's pretty good!

Happy Independence Day Cousins.

Thank you AussieD. It seems more special this year than ever. Diplomad wrote a good piece on it yesterday.

Thanks, AussieD. I went to a concert last night that included all types of American patriotic music and Revolutionary and Civil War reenactments. This is one piece I didn't know the name of until last night:

https://www.youtube.com/watch?v=CB8F8g1-4Uw

Another was an American military march by John Philip Sousa called "The Liberty Bell" that's probably better known as something else:

https://www.youtube.com/watch?v=OysEzsruFK4

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