The economy has disappeared from the front pages of the newspapers and from the television news headlines and has become yesterday’s news. Yet the Milan Stock Exchange continues to lose more of its already scant value. The Telecom Italia share price has dropped below the one Euro level and now stands at 0.972. The share price of Intesa San Paolo, the Country’s largest bank, have shed 33% of their value since the beginning of the year (*). In general, share prices have lost between 20 and 30% of their value. Ms. Merkel has stated repeatedly, on several occasions, that the Euro is at risk. The reason for its collapse is the level of National debt. The Government bonds that underpin the debt of the PIIGS could turn into scrap paper at any moment, as occurred in Greece. National debts converted into government bonds are the equivalent of the toxic derivatives that have caused banks to fail worldwide. After the banks fail, Countries themselves begin to fail. Now, in order to keep the Euro alive, Germany will have to step in and underpin the National debt of Countries like Italy by buying up Tremorti’s debt. But why should they have to do this? In Germany, the citizens pay their taxes while in Italy, tax evasion is estimated to amount to 130 billion Euro per year. In Germany, there is no fraud amounting to hundreds of millions of Euro against the EU, there are no Mafia groups turning over somewhere between 100 and 150 million Euro every year and corruption doesn’t drain 50 billion Euro like it does here in Italy, so why should the Germans help us? Why should the German citizens have to do without social services or have to delay going on pension because of criminal mismanagement of public funds over the past 25 years by the likes of Craxi and Berlusconi? Ms. Merkel insists that public debt and deficit limits be established for member States and that any Country that doesn’t comply with these limits be expelled. Tremorti has met with the individuals that we inexplicably insist on referring to as ministers but who, without Berlusconi, would be nothing more than mere trainee pen-pushers in some or other public body or perhaps station toilet cleaners. Tremorti has threatened to resign unless cost cuts amounting to 24 billion Euro are implemented. He of all people should know that we need to cut at least 100 billion and that no elected government can afford to impose that kind of budget cut on its Country’s citizens, not even spread out over time. In 2010 alone, while our public debt is increasing at the rate of 100 billion per year, Tremorti will have to sell a few hundred billion Euro worth of fixed term government bonds. But who on earth is going to buy them? Unless the EU buys them up, which it won’t, the holiday is over. We could perhaps ask the Mafia to buy them in Exchange for favourable laws. Now there’s an idea. Tremorti should think about doing that. Perhaps that’s his last hope before he hops on a helicopter. The best option nevertheless remains that of selling Italy off to Germany in exchange for a debt write-off. That way Italy would become Germany’s southernmost protectorate, a balcony overlooking the Mediterranean. Merkel for president. Now!

(*) data as at 20/5/2010.

Ps.: A "No smog parade" will be held in Florence on Saturday 22nd, a demonstration against the smog and traffic induced stress, against allergies and tumours and against the non-compliance of the public administrations. The appointment is for 14.30 in Piazza della Repubblica. Come by bicycle or use public transport to get to the demonstration!