Posts Tagged ‘Quitaly’

Eurocrats 1, Italian Voters 0

Tuesday, May 29th, 2018

Remember the Eurozone crisis? It’s back!

Or, to be more accurate, it never went away.

Today’s locus of instability is Italy, where two Euroskeptic parties, one left (Five Star Movement) and one right (the League, AKA the Northern League), were prevented from forming a coalition government by the country’s Europhilic President Sergio Mattarella, who vetoed their pick of Paolo Savona for finance minister because he advocates leaving the Euro. Like Spain, Italy found out that if they went too strongly against the EU’s wishes, they’d simply be required to keep voting until they got it “right.”

The current reckoning has been a long time coming:

Accepting Italy as one of the eurozone’s founding members was a decision only made possible by ignoring common sense, by twisting statistics, and by making a mockery of the rules. But it was a Pyrrhic victory: Italy was allowed to trick its way onto a voyage that damned it. The euro simply did not fit the realities of Italy’s economy or its politics. By dramatically cutting the country’s financing costs (borrowing lire would have carried a significantly higher nominal cost) adopting the single currency allowed Rome to avoid tackling the country’s high debt load, a debt load that was made all the more dangerous now that it was all denominated in a ‘foreign’ currency. Italy could no longer print lire to pay off its creditors.

When the eurozone crisis hit, Italy was one of the victims, and so, in some respects was its democracy. In something that came uncomfortably close to a coup, the eurozone leadership essentially used Italy’s financial fragility as a lever to secure the replacement in 2011 of Prime Minister Berlusconi by a Brussels man, Mario Monti, a pliable, unelected proconsul. Next time you hear Brussels lecturing Eastern Europeans on democracy remember that.

Italy weathered the crisis in a ‘just a flesh wound’ sort of way. Its problems became chronic, rather than acute, if that’s the correct adjective to describe the consequences of staying stuck in the euro’s deflationary trap: High rates of unemployment and anemic economic growth.

The Independent:

Per capita GDP in Italy is still more than 8 per cent lower than it was when Lehman Brothers went bust in 2008. Quite incredibly, it is even lower than it was when the country joined the eurozone back at the turn of the millennium. Unemployment stands at 11 per cent, down from a peak of 13.1 per cent in 2014, but still double the 5.8 per cent low seen in 2007.

As the largest of the PIIGS and the third largest economy in the Eurozone, Italy’s participation in the Euro is a lot more vital than Greece’s, which is why the EU has actively been trying to crush any hint of (pick your neologism) Quitaly or Italeave.

Never mind the fact that, as in Spain, Italian voters want to have their cake and eat it too, advocating polices (in the form of “rolling back pension reforms and government subsidies to the unemployed”) that would only pile on further debt in a country that already has a national debt running at over 130% of GDP, secondly only to Greece in the Eurozone. That doesn’t change the fact that Italy has “ceded its sovereignty to the European Union and international financial markets.”

Naturally, traders have responded to the crisis by selling off Italian stocks and bonds.

Stay tuned…

LinkSwarm for February 10, 2017

Friday, February 10th, 2017

Welcome to another Friday LinkSwarm! Here in Texas it’s looking a lot like Spring.

This LinkSwarm is heavy on border control and jihad issues.

  • The 9th Circuit’s dangerous and unprecedented use of campaign statements to block presidential policy.”

    By accepting the use of preelection statements to impeach and limit executive policy, the 9th Circuit is taking a dangerous step. The states’ argument is in essence that Trump is a bigot, and thus his winning presidential campaign in fact impeaches him from exercising key constitutional and statutory powers, such as administering the immigration laws.

    This would mean that Trump is automatically disbarred, from the moment of his inauguration, of exercising certain presidential powers, not because of his actions as president, but because of who he is — that is, how he won the presidency.

    (Hat tip: Instapundit.)

  • When Judge James Robart stated that “no” terrorists had attacked America from the countries on President Trump’s travel ban, he was engaged in the rhetorical device known as lying his ass off. “At least 60 people born in the seven countries had been convicted — not just arrested, but convicted — of terror-related offenses in the United States since Sept. 11, 2001.” (Hat tip: Ace of Spades HQ.)
  • Trump’s sanctuary city and terrorist-supporting state travel bans are his most popular executive orders. To quote Mark Steyn yet again, “‘divisive’ appears to be elite-speak for ‘remarkably popular.'” (Hat tip: Ace of Spades HQ.)
  • Rotherham sex abuse gang shout ‘Allahu Akbar’ as they are jailed for total of 81 years for sexually abusing girls.”
  • Most Europeans oppose further Muslim immigration. Can’t imagine why…
  • Among them: this Swedish cop:

    Here we go; this is what I’ve handled from Monday-Friday this week: rape, rape, robbery, aggravated assault, rape-assault and rape, extortion, blackmail, assault, violence against police, threats to police, drug crime, drugs, crime, felony, attempted murder, rape again, extortion again and ill-treatment.

    Suspected perpetrators; Ali Mohammed, Mahmod, Mohammed, Mohammed Ali, again, again, again. Christopher… what, is it true? Yes, a Swedish name snuck in on the edges of a drug crime. Mohammed, Mahmod Ali, again and again.

    Countries representing all the crimes this week: Iraq, Iraq, Turkey, Syria, Afghanistan, Somalia, Somalia, Syria again, Somalia, unknown, unknown country, Sweden. Half of the suspects, we can’t be sure because they don’t have any valid papers. Which in itself usually means that they’re lying about their nationality and identity.

  • Scott Adams abandons all support for UC Berkeley in the wake of the Milo riot:

    I’m ending my support of UC Berkeley, where I got my MBA years ago. I have been a big supporter lately, with both my time and money, but that ends today. I wish them well, but I wouldn’t feel safe or welcome on the campus. A Berkeley professor made that clear to me recently. He seems smart, so I’ll take his word for it.

    I’ve decided to side with the Jewish gay immigrant who has an African-American boyfriend, not the hypnotized zombie-boys in black masks who were clubbing people who hold different points of view. I feel that’s reasonable, but I know many will disagree, and possibly try to club me to death if I walk on campus.

    Yesterday I asked my most liberal, Trump-hating friend if he ever figured out why Republicans have most of the Governorships, a majority in Congress, the White House, and soon the Supreme Court. He said, “There are no easy answers.”

    I submit that there are easy answers. But for many Americans, cognitive dissonance and confirmation bias hide those easy answers behind Hitler hallucinations.

  • Just in case you were unclear: President Trump is not Hitler. (Hat tip: Scott Adams, IBID.)
  • #Winning.
  • House Democrats are going on a retreat in Baltimore where they’ll go over an autopsy of the election. Will they learn from their many mistakes? “The Baltimore retreat, which will take place at the scenic Inner Harbor, will focus on the party’s fight for all Americans and feature speeches from top Democrats and various celebrities, including Kareem Abdul Jabbar and Chelsea Handler, as the party looks to get back on track.” Signs point to “No”… (Hat tip: Director Blue.)
  • Both Steve Bannon and Reince Priebus want you to know that they are not bitter enemies fighting for influence in the Trump White House. The truth is that they are “rather chummy.” (Hat tip: Ann Althouse.)
  • President Trump’s chess game:

    In the end it would appear that Trump is playing the kind of game that I was taught to play by my coach. His opponents are never given time to mount an attack. Their queen – the MSM has been removed from the board and their favorite piece – the Celebrities are locked in a war of attrition while Trump gets the rest of his pieces on the board. Remember, these are all Tactics but Strategy flows from Tactics. Sooner or later the Left will find itself in some terrible position and the Strategy to drain the swamp will present itself.

    (Hat tip: Zero Hedge.)

  • “Leftists said if Trump won, that there’d be violent mobs of hate, and intolerant fascists would try to silence those with whom they disagree. And they were right. It just was by a group of people from which they didn’t expect it: themselves.” (Hat tip: Director Blue.)
  • NSA contractor allegedly stole over 500 million documents. The news came out October last year (I guess reporting yet another giant classified data breach was something the media wasn’t too wild about digging into in the election homestretch), but he was just indicted yesterday. (Hat tip: Ace of Spades HQ.)
  • Concision. (Hat tip: Director Blue.)
  • “Well, with Trump, Modi, Brexit, and now France, there are some similar problems in those countries. What you are hearing is people getting fed up with the ruling class. This is not fascism. It has nothing to do with fascism. It has to do with the faux-experts problem and a world with too many experts. If we had a different elite, we may not see the same problem.”
  • Nikki Haley’s first speech at the UN blasts Russia over their continued occupation of Ukraine. (Hat tip: Instapundit.)
  • Secretary of Defense Mattis was a big hit in both Japan and South Korea.
  • Quitaly seems increasingly likely.
  • Is Russia helping the Taliban?
  • “Meet Denmark’s new anti-Islam, anti-immigration, anti-tax party.”
  • Gun sales finally dip. Obviously gun owners don’t feel like NRA-endorsed President Trump is a threat to take their guns, unlike “World’s Greatest Gun Salesman Obama.” It also suggests that those of us in the Vast Right Wing aren’t even remotely worried about that mythical leftwing “resistance” launching an actual civil war. (Hat tip: Ace of Spades.)
  • Whistle-blower reveals that, yes, the NOAA lied about climate data.
  • Senator Tim Scott (R-SC) shares some of that vaunted liberal tolerance that’s been sent his way:

  • American feminists: Rich White Girl Problems. (Hat tip: Instapundit.)
  • Texas Senate passes sanctuary city bill.
  • Tennessee bill: Get off the road, you leftwing lunatic!
  • Can an average engineer earn more in a lifetime than an average NFL player? The study says yes, but I think the engineering pay average ($125,418) is probably a bit on the high side (I suspect California companies were oversampled).
  • Anonymous takes down a ton of child porn sites.
  • Pizza parties for abortion quotas.
  • Infosys sued for descriminating against Americans. (Hat tip: Director Blue.)
  • Twitter lost $457 million last year:

    Twitter had decided, in an election year, to surrender control of its platform to a crew of feminist social justice warriors (SJWs) designated the “Trust and Safety Council.” This secretive group of Soviet-style commissars included the notorious anti-male hatemonger Anita Sarkeesian, and soon Twitter began purging conservative accounts…. Jack Dorsey had made his company part of the Democrat Party’s campaign team and four months later, when Twitter banned popular commentator Milo Yiannopoulos, the partisan nature of “Trust and Safety” became transparent. Banning conservatives from Twitter was Dorsey’s contribution-in-kind to the Democrats.

  • And that’s the 10th consecutive quarter of declining revenue for Twitter.
  • Twitter suspends a cartoon, presumably for offending SJW types.

  • FYI: He He Silly Comics are still on Gab. I really should activate my account there…
  • Marvel to knock it off with the Social Justice Warrior bullshit that’s been costing them sales.
  • This lawsuit goes to 11.
  • So Blizzard is worried that the user experience on consoles isn’t shitty enough.
  • “I didn’t say I had mice in my cellar, I said I had moose.”