Mattress Banks

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A bank is useful for making money go round, lending to private individuals, to companies. If itís not lending thatís because it doesnít have it or because it doesnít trust them. Right now both hypotheses are true. Thereís little money and above all thereís no trust. Banks have become mattresses. They keep the money in-house and they donít lend to anyone anymore, and particularly not to the other banks. If they were to fail then they would lose the cash. The banks are doing what they tell us off for, as current account holders (putting savings under the mattress). They are not giving overdrafts to anyone. They donít trust anyone. Itís the politics of suspicion.
In turn the clients are becoming suspicious. And they are moving money from the banks to the State Bonds. This is why Tremonti can participate in the ownership of the banks with the ďSave the banksĒ decree: with the capital in flight from the banks thatís transformed into BOT and CCT. Basically itís a merry-go-round of accounts. More State and less market, more Berlusconi and Geronzi and less Profumo and Passera.
The companies are being economically throttled. The banks are no longer giving them credit and this, in Italy, means the end.
The businesses, especially the small ones, are obliged to support themselves on debt because of the State. Every time they issue an invoice they have to pay the sales tax up front. The invoices are paid, if all goes well, at 120 -160 days. If things donít go well, never. And the sales tax is reimbursed by the State in biblical time frames. The businesses have to pay presumed taxes and in advance. The mafia is a hundred times more correct. If a society has a certain profit in a year, it has to pay taxes on the profit, in advance, even for the following year. And if the following year it has a loss?
The businesses get into debt because of the State and they have to turn to the banks. If these donít give them credit, the businesses close down. Itís what is happening and that will happen in the next few months for hundreds of thousands of businesses. Large, medium small, and family-run. They will no longer pay taxes, they will have gone under.
The State canít ask for money in advance for the sales tax, nor for tax on profits.
Thereís tax when the citizen gets cash. They donít have to pay before that. With what money? If Tremonti has problems, let him get money from the banks. Alternatively let him buy a mattress with springs. Permaflex, like those that Gelli sold to his boss, Tar Head.

Posted by Beppe Grillo at 09:17 AM in | Comments (1)
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Last night Anno Zero, was somber and enlightning. We saw and heard the real victims of the tanking economy. I think Santoro gave his show a new twist by doing away with the politicians. It was a good move. In fact rarely, if at all, did the show degenerate into a shouting match, or have people talking over each other. Everybody spoke the same language, no half truths, no never-ending answers. What a difference when "they" aren't there! A breath of fresh air!

Posted by: lou pacella | October 10, 2008 11:34 PM


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