Open letter to Mario Monti

mario_monti.jpg


”Citizen Monti,
You have a relative legitimacy to hold the position as President of the Council. You were appointed by the “spread”, not by the Italians. You have the great good fortune to be following on from the worst government of the last 150 years, made possible by an unconstitutional electoral law. It’s impossible to do worse than that. It would seem that you have a free hand. You can decide (almost) everything. The parties are at rock bottom, pure wallpaper. Elections cannot be held to avoid a default that is almost certain and because, with this electoral law, without preferences and a change of faces in Parliament after a maximum number of legislatures, it would change nothing. It is said that you have a great responsibility, that you are the final possibility to save the country. I don’t think that it is right to place this enormous burden on you. You, on your own, or even with a team of professors and of technical people, can do very little without the support of the general public. The honeymoon that you are experiencing, due to the “liberation from Berlusconi” rather than to yourself, could reveal itself to be very short. Your success will be determined by your actions and by the consensus that these actions have in the real country, the country of the movements and the associations, and certainly not that of the parties, that are by now a simulacrum of democracy. Thus, allow me, also for the people that are following me, that by now from a numerical viewpoint, are the fifth or the sixth electoral force, to give you a few suggestions. The first is to respect the will of the people that expresses the wish to abandon nuclear, for public water or to avoid the useless destruction of the Val di Susa. The second is straight away to give examples of cuts to useless costs before any tax on the first home, on the patrimony, or increase in sales tax. The Italian people have the highest taxes in Europe and at the same time, enormous tax evasion. It means that it’s always the same people that pay and it’s possible that only on their shoulders will fall the burden of the so-called "risanamento" {recovery}. You are lucky in two ways. The first, as I have written, is that you are following on from a wretch. The second is that you have wide margins for manoeuvring. Wherever you glance you could operate savings and cuts at zero cost. Cut the provinces, the electoral financing, the public financing of publishing. Put a stop to the great useless public works like the TAV, “la Gronda” in Genoa, the Expo in Milan. You know better than I do that they are of no use. The economy is not developed with cement. Bring back the motorway concessions under state management, it is right that if there is a gain of billions of euro, that it remains with the State and that it is not destined for Benetton and associates. You studied with the Jesuits, but, staying on the topic of religious orders, you should renew yourself along the lines of the Franciscans. Peel off your relations with the world that appointed you and turn directly to the Italian people. If you cannot do that, I advise you to leave the position. To repeat the same errors and the vileness of the politicians that preceded you would not do you honour. I’m asking for a meeting so that I can tell you about the M5S programme. I hope for a positive response. Greetings” Beppe Grillo

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Posted by Beppe Grillo at 05:06 PM in | Comments (3) | Comments in Italian (translated) Post a comment | Sign up | Send to a friend | | GrilloNews | listen_it_it.gifListen |
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I found some of the missing millions on http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayy1QKcwcGN0 ...

Here are some more.. http://www.dailyfinance.com/2010/06/09/risk-quadrillion-derivatives-market-gdp/

Posted by: paul | November 27, 2011 06:38 PM


Is Italy at ground zero of the crisis? According to many financial analysts, survival of the global economy hinges on survival of the Italian economy. Exaggerating? Perhaps.

But one thing is for sure. Should the third largest European economy go under, so will the economies of the EU. And making matters worse, time is running out. Whatever economic corrective measures are adopted, the new government can't dilly-dally on their implementation lest bond speculators are forced into dumping the weak Italian bonds, spiking interest rates thereby making Italy's debt impossible to serve.

As things stand, the interest rate on the debt is swinging between 5 and 8% - on the brink's edge. Should the interest rate balloon to 8 and 9%, payment on the debt becomes mission impossible sending EU's third largest economy into a tailspin.

Getting a crashed economy flying again isn't such an easy task: it could mean a return to liras, leaving French and German banks stuffed with worthless Italian bonds and possibly plunging banks into default.

Should a domino effect follow, each European country is on its own and, for all intents and purposes, the EU will frag, impacting negatively the global economy, especially the big American and Chinese economies. The frustrating thing is that it doesn't have to be like that. There are alternatives, if only we could reset our present mindset favouring our generosity instinct over greed.

The political, social and political consequences of this crisis are already being felt across the world. And if those consquences are a glimpse into the future, then it looks as though we're all going to hell in a handbasket. I hope Professor Monti knows his route and steers Italy away from the rocks.


Posted by: louis pacella | November 26, 2011 03:19 AM


Italy can never solve its debt problems until it does something to recover the billions hidden in offshore tax havens, even those close to home like Switzerland, Monaco, Leichtenstein, Luxembourg and the Channel Islands. But this is also a European problem. Recovering the unpaid tax and getting rid of all the tax breaks for the privileged elite is a start. Then the Tobin Tax - Robin Hood Tax- needs introducing and we can make some progress into repaying the debts and stimulating the economy.

Posted by: peter fieldman | November 24, 2011 06:27 PM


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