Saturday, December 3, 2016

"Anti-elite sentiment is rising on both sides of the Atlantic"

"If Italians buck the establishment—and it looks like they will—it will clear a path for a populist party to take power and for Italy to exit the euro.

Nations are not ruined by one act of violence
but quite often, gradually, and almost imperceptibly
by the depreciation of their currency through excessive quantity

Nicolas Copernicus
Discovered Earth was not the center of the Universe

If that happens, the fallout will be catastrophic for global markets. The Financial Times recently put it this way:

An Italian exit from the single currency [c]ould trigger the total collapse of the eurozone within a very short period.

It would probably lead to the most violent economic shock in history, dwarfing the Lehman Brothers bankruptcy in 2008 and the 1929 Wall Street crash.

...A “Yes” vote is effectively a vote of confidence in the current pro-EU Italian establishment. This is what the global elite wants.

A “No” vote is how the average Italian can give the finger to the faceless EU bureaucrats in Brussels, whom many blame—quite correctly—for their problems.

Trump’s win has been a double whammy for Italy’s pro-EU establishment.

...it humiliates and politically castrates Matteo Renzi, the current Italian prime minister. Renzi took a rare step when he openly endorsed Hillary Clinton. He was the only European leader to do so.

As one of Renzi’s rivals said after Trump’s victory, “Matteo Renzi is politically finished from today, he’s a dead man walking.”

Other Italian politicians are furious that he weakened Italy’s standing with the new Trump administration.

It’s hard to see how Renzi could get himself out of the hole he’s dug.

...In 2007, Beppe Grillo, an Italian actor and comedian, launched Vaffanculo Day. “Vaffanculo” is Italian for “f*** off.”

Grillo and his followers used V-Day to bluntly express their displeasure with Italian establishment politicians, using imagery from the movie V for Vendetta.

Now, what started out as a joke has become Italy’s most popular political party…

V-Day helped organize Italians frustrated with their political system. It gave birth to the Five Star Movement, Italy’s new populist political party.

Grillo’s Five Star Movement—or M5S, its Italian acronym—is anti-globalist, anti-euro, and anti-establishment. It doesn’t neatly fall into the left–right political paradigm.

According to the latest polls, M5S is now the most popular party in Italy. It won mayoral elections in Rome and Turin earlier this year.

M5S is riding a wave of populist anger at entrenched political elites over economic stagnation. Italy has had virtually no productive growth since joining the eurozone in 1999.

There is no means of avoiding the final collapse of a boom
 brought on by credit expansion

The question is only whether the crisis should come sooner
 as a result of  abandonment of credit expansion
 or later as a final and total catastrophe of the currency system involved

Ludwig von Mises

M5S blames Italy’s chronic lack of growth on the euro. A large plurality of Italians agrees.

M5S has promised to hold a vote to leave the euro and return to Italy’s old currency, the lira, as soon as it’s in power. Under the current circumstances, it would probably pass.

After the Brexit vote and Trump’s win, M5S has joyfully predicted that Renzi will be the next casualty in the global populist revolution.

Grillo recently wrote:

It's crazy. This is the explosion of an era. It's the apocalypse of the media, TV, the big newspapers, the intellectuals, the journalists… This is a wide-ranging F*** off.

...A populist tsunami is about to wash through Europe. It will drastically change the Continent’s political landscape in a way not seen since before World War II.

Every great advance in natural knowledge 
has involved the absolute rejection of authority. 

Thomas Huxley

This wave will flush away traditional “mainstream” parties and usher in anti-establishment populists who want to leave the European Union.

It’s already hit the UK in the form of Brexit, killing David Cameron’s pro-EU government in the process.

Croatia, Hungary, Poland, Slovenia, and Greece already have populist, Eurosceptic—or “non-mainstream”—parties in power.

Italy is the next flashpoint.

A “No” vote in Italy is virtually assured at this point.

But it won’t be the end of the anti-elite surge. Voters in Europe’s biggest countries could soon throw out their “mainstream” parties in favor of populist and Eurosceptic alternatives."

http://www.internationalman.com/articles/after-trump-brexit-december-4-is-the-next-flashpoint-in-the-global-populist
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Russell Clark; "A darker less safe world"

http://greensboroperformingarts.blogspot.com/2016/11/russell-clark-darker-less-safe-world.html

Justin King; "We are now in the fourth stage of the cycle of insurgency"

http://greensboroperformingarts.blogspot.com/2016/07/justin-king-we-are-now-in-fourth-stage.html

"The Rise of the Unprotected"

http://greensboroperformingarts.blogspot.com/2016/03/the-rise-of-unprotected.html

"Economic Underpinnings of the U.S. Revolutionary War"

http://hartzman.blogspot.com/2014/07/economic-underpinnings-of-us.html

Heard Spice Cantina went under...along with a couple hundred thousand Greensboro taxpayer dollars

http://greensboroperformingarts.blogspot.com/2015/12/heard-spice-cantina-went-underalong.html

"1969 Greensboro uprising"

http://greensboroperformingarts.blogspot.com/2015/01/1969-greensboro-uprising.html

KKK, Nazi Communist Shootout; "City Response"

http://greensboroperformingarts.blogspot.com/2015/01/kkk-nazi-communist-shootout-city.html

John Locke Foundation's Sam Hieb, and the N&R's Joe Killian and Susan Ladd; "Ask Mike Barber about the Klan-Nazi shootout"

http://greensboroperformingarts.blogspot.com/2015/01/john-locke-foundations-sam-hieb-and-n.html

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