The future awaiting Italy - Eugenio Benetazzo

The future awaiting Italy
(08:00)
era-il-mio-paese.jpg
Interview with the economist, Eugenio Benetazzo:

Most of the emails that I’ve received in the last few weeks have been mentioning the risk of a patrimonial tax in Italy. Given that with a patrimony valued at 8 trillion euro subdivided into financial assets and real estate, Italy has a tax base that no other country in the world can claim to have and it would give credence to the presumptions that from now for the next few months, some government, especially if imposed from above, thus a “technical government”, puts into practice one of these strategies to sort out the public accounts. It’s not possible to know the dimensions of this intervention, but it can be hypothesised. There are those that estimate it to be a cumulative 3, 4 or 5% with a patrimonial tax on real estate and financial assets and that objectively, it would produce the amount of financial resources necessary to consistently reduce the stock of the Italian public debt.

On the road to underdevelopment
In the next few days my new economics book is coming out: “Il futuro che attende l'Italia, era il mio Paese”{The future awaiting Italy, it was my country}. It’s about the crisis of the Italian system and the potential default of the Italian public debt. Many people have written to me to ask what are the most likely scenarios for the evolution of the economic and macroeconomic situation in Italy. The recent episodes of financial newspaper stories that have highlighted the potential default or financial crash of the Belgian Bank, Dexia with repercussions across the whole of the European banking system

...

A country for the young people
Most of the emails that I’ve received in the last few weeks have been mentioning the risk of a patrimonial tax in Italy. Given that with a patrimony valued at 8 trillion euro subdivided into financial assets and real estate, Italy has a tax base that no other country in the world can claim to have and it would give credence to the presumptions that from now for the next few months, some government, especially if imposed from above, thus a “technical government”, puts into practice one of these strategies to sort out the public accounts. It’s not possible to know the dimensions of this intervention, but it can be hypothesised. There are those that estimate it to be a cumulative 3, 4 or 5% with a patrimonial tax on real estate and financial assets and that objectively, it would produce the amount of financial resources necessary to consistently reduce the stock of the Italian public debt.
My personal opinion is that they will go and attack, above all, the financial assets, thus most of the liquid assets in the form of the liquidity of deposit accounts, fixed term deposits, because most of the Italians, given the attention and the financial turbulence of the markets right now have taken a position with these types of accounts. Unfortunately, we have to remember that the patrimonial is a tax that is not democratic, but that it goes to weigh on those who up until now have always paid their taxes or those who have put aside resources in a fair and correct way and above all while fully respecting the Italian tax system.
My personal hope or thought is that if it were to be implemented, that if this tax (that will generate a massive quantity of resources for the country) is brought in, that these resources are used by a new executive, not the current one, otherwise it would be a lost battle from the start! An executive that is representative of the individuals and the motivations for renewal that are arriving right now especially from the young generations of Italian lads and lasses, those aged 30 to 35 years that for the most part are living with a future that is profoundly uncertain not only from a financial viewpoint, but also from the point of view of employment.

Era il mio paese

Era il mio paese {It was my country} - by Eugenio Benetazzo
Il futuro che attende l'Italia.{The future awaiting Italy}
Buy your copy today

Posted by Beppe Grillo at 04:48 PM in | Comments (6) | Comments in Italian (translated) Post a comment | Sign up | Send to a friend | | GrilloNews | listen_it_it.gifListen |
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Comments

As to my previous post, I must add that going to GNU-Linux may not be what you want. It allows to do anything that OS can do but at the cost of learning how. The benefit is not what you have not to pay but what you get. From the sole point of view of saving money, GNU-Linux would be no saving as it will take so much time to learn how. So, you may be happy with the commercial products I mentioned. probably they will also make better what you want on a local host. The point is, that you should be happy. Franz.

Posted by: Franz | October 21, 2011 11:39 AM


Economists should better disappear from the scene. Science has asked that already before the present "crisis". They have performed badly with their unproven models. Better avoiding what new models they may propose now. What science believes is that now "it is critical to recognize that rebuilding and modernizing infrastructure will be a key driver of economic growth". This applies particularly to Italy, where politicians were the driver for keeping railroads at eighteen century level, removing electrical vehicles from the cities and flooding the country with trucks. The Italian politicians had the chance of diverting the budget for the useless tunnel in Val di Susa to creating an efficient railroad system. And planning for energy from renewable sources. Geothermal resources of Lazio-Toscana would provide - at low cost and without any danger - more energy that it was planned with nuclear fission (a Nobel laureate in physics has clearly explained the plans). All that - and other similar interventions - would create jobs enough for the new generation. All that would require that all present Italian politicians are removed from their position, however, and that a new generation of politically unbound people takes the command. Hiring scientists with internationally documented expertise in a panel showing their names, relationships, and declared conflict of interests, if any. History will document that the tragedy for the Italian population could have been largely avoided by removing economists and politicians, give the command to some smart young people, while gathering that part of internationally recognized and unbound science that remains around here. For my part, I could make the names of a couple of former students of mine who could competently aid from the science side. Through away the ring from the nose, recognize that the Windows OS that you buy lacks journaling, with all the consequences, while MAC that you buy is simply a rebuilding of existing UNIX, that you can have with far better performance with GNU-Linux. Stop believing to advertisement: buying advertised items means paying for the advertisement cost. Removing that ring from the nose will also serve to prevent the surge of the new rich, of which recent Italy has an absolute record. Cheers. Franz.

Posted by: Franz | October 21, 2011 08:51 AM


A patrimonial tax tends to be unfair simply because the rich rich don't want to pay it and will not pay it. In France where it has existed for years the wealthy make sure they avoid it by lobbying the Government to exclude works of art, antiques and especially shareholdings of all bosses who hold stock in the corporations they manage. This naturally means the wealthiest segment of society.
At the other end of the scale are widows and retired people who may have savings - property or cash - but low incomes and who simply face hardship and the forced sale of their assets. Grossly unjust.
To raise taxes today in a global economy we need global agreement to bring an end to the use of tax havens and offshore banks and companies, the abolition of all tax avoidance schemes and tax breaks and the introduction of the Tobin Tax - Robin Hood tax - on financial transactions. We must even the tax playing field. In eschange taxes could be reduced for all giving more spending power to the middle class which is the only way to stimulate the economy

Posted by: peterfieldman | October 21, 2011 08:10 AM


Sposerò Silvio Berlusconi

www.sposerosilvioberlusconi.it

Posted by: andrea costantino | October 21, 2011 01:57 AM


M5S, il nuovo che avanza. PD-L e PDL, la casta corrotta e decadente al servizio del capitalismo allo sfascio.

Posted by: Syrious3 | October 20, 2011 11:13 PM


Beppe Berlusconi ti ringrazia che porti via voti alla sinistra. Tu cosa rispondi ?

Posted by: cesar sandino | October 20, 2011 07:24 PM


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