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Italians rage as bankers take over

 
 
 
 
 
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Italian students march in Milan during a demonstration to protest against the austerity measures in Europe, November 17, 2011.

Italian protesters clashed with police Thursday as thousands took to the streets around the country in anger at budget cuts and the Brussels-backed “bankers’ government.”

­The student-led demos came just hours before new Prime Minister Mario Monti, whose government was sworn in on Wednesday, revealed his anti-crisis measures in his first address to parliament. He is expected to face a confidence vote before the upper house on Thursday night.

As protesters in Rome hoped to march on the Senate while Monti delivered his speech, students in Italy’s financial capital Milan battled with baton-wielding police as they headed for Bocconi University, which is chaired by the prime minister.

Demonstrators in Palermo and Sicily were reported to have thrown stones at police, while others hurled eggs and smoke bombs at a local bank.

Violence was also reported in Turin, when protesters met police head on as they came up on the city headquarters of the Bank of Italy.

Coinciding with the demonstrations were a series of walkouts and strikes across the country by transport unions demanding better contracts.

James Waltson, professor of international relations at the American University of Rome, told RT that further protests are almost inevitable, as Monti’s success depends on economic revival.

“He cannot succeed unless he manages to get the Italian economy going again, he can’t just cut,” he said.

Perhaps recognizing this, the premier, who said the country is facing an emergency, called for a three-pillar program of economic growth, social fairness, and fiscal responsibility.

Monti also said the scope of the crisis facing Italy threatens the future of the euro.

As the third largest economy in the eurozone, an Italian default could lead to the disintegration of the monetary union.

However, as Monti’s cabinet of technocrats was not elected, it will be harder than ever to win popular support for more austerity measures which would include pension reforms and job cuts.

Recognizing fears among protesters who say they have become victims of an undemocratic transfer of power, Waltson said:

“Brussels is still dictating, is still calling the shots. The eurocrats, the bankers who have taken over here, are most of them pro-euro and friends with Brussels, so they will be willing helpers to try and get Italy growing again and cutting the huge public spending.”

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  • JanB

    It’s not just that bankers are taking over govts, it is Goldman Sachs aka the vampire squid that is taking over the EU. Just like in the USA where the vampire squid enters and leaves govt through the revolving door in the interest of maximizing its profit (= plundering the 99% while destroying the environment), the EU has been opened up for “assistance” from one of the corporations that helped create the financial crash of 2008. It is like asking an assassin to resurrect the dead.

    • jon

      Americans have guns but they are cowards. They should (instead of protests and demonstrations) grab those bankers and put them underground or simply destroy banks. Americans are stupid because instead of taking action against low wages, they have been living on credit cards! More over they believe for decades to be the best in the world, which is stupid! Living on loans is slavery, nothing else. And now they are not only slaves, but prisoners! Americans take an action before Obama takes all the guns from you which is going to happen in 2013.

      • Jack Longchamp

        I have to tell you that in Europe, people are using their credit cards (almost) as unthinkingly as the Yanks do it, especially in the “Club Med”.

        We probably only have half the guns (per person) they have – but most people I know have a shotgun or a 9er, the latter hidden away somewhere.

        Ironically, the modern bank concept was developed
        in Italy, quite some time ago…
        though I think they are trying to take over the world rather than just the one peninsula.

        It is also ironic that our hope for relative freedom (freedom is always as relative as everything else) lies in China and Russia.

        If I were younger I would rather live in Russia
        as an expat than in Southern Europe,
        it clearly has a better future lying ahead.

    • JanB

      Specifically, LEAP/E2020 anticipates the loss of 30,000 billion ghost assets by early 2013 (2), with an acceleration in 2012 of the partitioning process of the global financial market (3) into three increasingly disconnected currency areas: Dollar, Euro, and Yuan. These two phenomena feed into each other. They will also be the cause of a sharp decline of 30% on the part of US currency in 2012 (4), as we announced last April (GEAB N°54 ), which will occur amidst a sharp reduction in demand for the US dollar and the worsening of the US governmental debt crisis. The end of 2011 will therefore see, as anticipated, the trigger of the European debt crisis detonating a US bomb.
      -//-
      Let’s keep in mind that the state of US private debt is far worse than in Greece! In this context, we are not far from a panic-inducing situation abount the United States’s capacity to repay its debt other than with a devalued currency. The end of 2011, then, will see many US debt-holders seriously considering this ability and of the precise moment when it might suddenly be called into question by all financial players (32).

      What could the United States offer after the failure of its “Supercommittee”? Not much, particularly in an election year! On the one hand it was created because other actions were not working, and on the other the issue is not so much one of amount but of the very ability to undertake a significant and sustained reduction. The failure of the “Supercommittee” will rightly be seen as evidence of this inability of the US in tacking the deficit problem.

      In terms of the amounts at stake, a quick calculation by a USreader of GEAB gives some sense of how much the “efforts” undertaken to reduce the budget deficit are ridiculous in relation to the needs : Treating the US federal budget as that of a household, things become abundantly clear. Simply remove 8 zeros for budget that comes to mean something for the average citizen:

      Annual household income (income tax): + 21,700
      Family expenses (federal budget): + 38,200
      New credit card debt (new debt): + 16,500
      Past credit card debt (federal debt): + 142,710
      Budget cuts already made: – 385
      Budget reduction targets of the Supercommittee (for one year): – 1,500

      More: http://www.leap2020.eu/GEAB-N-59-is-available-Global-systemic-crisis-30000-billion-US-dollars-in-ghost-assets-will-disappear-by-early-2013_a8148.html

      Good luck!

      • clem

        You are right on the mark JanB. Currency debasement has always failed and will fail this time, in the U.S. or in Europe. What will come next? SDR’s…a gold backed currency?

        Jim Rickards recently published his book “Currency Wars” where he recounts history and the possible directions that the world economies are headed.

        It appears that it is so politically incorrect to steer ones nation on a path of recovery, that no one wants to take the measures. It will end badly.

        • JanB

          There are many articles suggesting that Dominique Strauss-Kahn was removed from the IMF precisely because he suggested SDR as alternative to the US $.

          As no other he could have in-depth knowledge of its real value in the US economy(production minus costs like illness, damage due to weather extremes etc.). Such a bookkeeping also exists on this site: http://www.shadowstats.com/

          The extreme measures against the Occupy Wall Street movement (major demand, get money out of politics) is another sign that Wall Street wants to pursue global (dollar) domination. Only when that has been accomplished, Wall Street’s debt no longer matters whereas due to global monetary collapse, everything can be bought for pennies on the dollar, subsequently “privatized” (changing public roads to toll roads etc.) IOW absolute usury in a very broad sense by a part of the 1%, the 0.1%.

          Recovery like happened with previous recessions no longer is possible: Western society is built on cheap oil and that era has ended. Other resources are on the path of rapid depletion as well, one is phosphate rock. It is in the interest of Wall Street to hide or even deny that because investing in a dying business isn’t appreciated, and sustainable solutions are out of the question because then, profit no longer is the primary objective.

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