Another European Central Bank (ECB) Coup in Italy
Another European Central Bank (ECB) Coup in Italy by Harley Schlanger – Rogue Money
Even Krugman seems to have noticed that powers outside of Italy have overturned the will of a parlimentary majority planned government! https://t.co/Re2Rf9C4iH
— Helga Zepp-LaRouche (@ZeppLaRouche) May 29, 2018
Mattarella’s own speech is the smoking gun. It was a mixture of beer talk and fake news delivered as a terrorist message. Here are the relevant passages:
“I shared and accepted all proposals for the ministers, except the Economy Minister. The designation of the Economy Minister always constitutes an immediate message, either a confidence or a warning message for economic and financial operators.
“I asked for that ministry, the indication of a prominent political representative of the majority, coherent with the program agreement. A representative that—beyond personal esteem and consideration—is not seen as supporting an often-manifested line that could provoke, probably or even inevitably, Italy’s exit from the euro….
“The uncertainty on our position in the euro has alarmed Italian and foreign investors and savers who have invested in our sovereign bonds and in our companies. The daily increase of the spread increases our government debt and reduces the possibilities for the government to spend for new social interventions. Losses on the stock market, day after day, are destroying resources and savings of our companies and of those who have invested in them, and outline concrete risks for the savings of our citizens and of Italian families.
“We must also watch the threat of strong increases of mortgage interest and for corporate financing. Many of us remember when, before the European Monetary Union, bank interest rates were almost 20%.
“It is my duty, in performing the Constitutional task of appointing ministers, to care for protection of Italian savings.
“…Membership in the euro is a choice of fundamental importance for the future of our country and our youth: If one wants to discuss it, he must do it openly and in depth, also because it was not an issue in the election campaign.”
Mattarella blatantly ignored a statement previously released by economist Paolo Savona and published by scenarieconomici.it, in which Savona made it clear that he would stick to the coalition program, which does not challenge Italy’s membership in the euro or in the EU.
This shows how terrified the European elites are; and you can expect that they will do anything to keep their power.