DEBTOR NATION

VIDEOS

Wolf Richter On The Keiser Report
"Debtonomics and the NSA"

Wolf Richter on the Keiser Report
"Where Is The Fear"

Wolf Richter on Max Keiser's "On The Edge" 
"The Pauperization of America"

Wolf Richter on the Keiser Report
"Where the Money Goes to Die"

Clarke and Dawe: European Debt Crisis
Two favorite Australian Comedians

Clarke and Dawe: Quantitative Easing
Big industrial-strength printers, all facing the window

The Fastest Drive Ever Through San Francisco
Don't try to do this yourself
 

humanERROR - by "Frying Dutchman"
Powerful, lyrical appeal to the Japanese. Slams nuke industry, MSM, bureaucrats, and politicians.

Entries in Europe - Italy (30)

Monday
Mar242014

Which Country Is Europe’s Biggest Narco State?

By Don Quijones: Revelations of a dirty, big business in Europe, and of the role banks play to make it possible. In fact, during the financial crisis, European banks “were as good as saved by the global drug trade.”

Click to read more ...

Sunday
Feb162014

The Squiggly Mind-Game Of "Fixing" Europe's Big Zombie Banks

Danièle Nouy, chair of the ECB’s newfangled bank regulator that doesn’t exist yet, had a term for it: “do whatever has to be done” so that the banking sector “is seen as sound and safe and transparent.” Is seen as.... Smoke and mirrors.

Click to read more ...

Monday
Oct142013

ECB’s Draghi: Knowing Too Much About Our Big Banks Could Set Off A Panic

European regulators are desperate. The only thing known about the holes in bank balance sheets stuffed with decomposing assets is that they’re deep. No one knows how deep. No one is allowed to know – not until Eurocrats decide who will pay for bailing out these banks. How do we know? ECB President Mario Draghi said that.

Click to read more ...

Saturday
Jul062013

(Broke) Italy “Would Love To” But Can't Pay Its Bills This Year

In most countries, it would be an act of mind-bending chutzpah, or perhaps a display of political insanity, but in Italy it barely made ripples: for a government official, a minister no less, to declare that the country cannot pay its long overdue bills, and not for a month or two, but for the rest of this year! Due to "technical" problems.

Click to read more ...

Wednesday
Apr242013

Italy’s Corrupt Political Machinery Lurches Forward

“Those wanting to prevent change are willing to do anything,” firebrand Beppe Grillo griped. “They are desperate. Four people, Napolitano, Bersani, Berlusconi, and Monti, met in a living room and decided....” They’d ganged up on him and restarted the corrupt political machinery he’d brought to a stop. The one that is strangling Italy's economic core.

Click to read more ...

Friday
Apr192013

Italian Political Trouble Just Became EU Economic Trouble 

Contributed by Chriss Street: Italians are electing their 63rd government in 68 years. Normally, Europeans chuckle about this. But Italian political trouble just became EU economic trouble as its debt was downgraded to BBB+ and a bank run seems to have begun. The realization that it's too big to bail out is heating up the Eurozone debt crisis.

Click to read more ...

Wednesday
Mar272013

The Stunning Differences in European Costs of Labor: Or Why “Competitiveness” Is A Beggar-Thy-Neighbor Strategy

The ominous term “competiveness” is bandied about as the real issue, the one causing Eurozone countries to sink deeper into their fiasco. To address it, “structural reforms,” or austerity, have been invoked regardless of how much blood might stain the streets. And a core element of these structural reforms is bringing down the cost of labor.

Click to read more ...

Friday
Mar082013

A “Politically Explosive” Secret: Italians Are Over Twice As Wealthy As Germans

The ECB and the national central banks of the Eurozone set out to collect “micro-level information” on household wealth. A massive bureaucratic undertaking. Surveys went out in 2010. Results are now ready. No one in Europe had ever done a survey on that scale before. And no one might ever do it again. Because, in the era of bailouts, the results are so explosive that the Bundesbank is keeping its report secret—and word has leaked out why.

Click to read more ...

Wednesday
Mar062013

The Eurozone Rift: It Would Be Wrong “To Give In To Panic”

Euros entered circulation on January 1, 2002. For six years, they grew on trees in southern Europe. But the bubble got pricked. Since then, the monetary union has been in crisis. Almost half of its existence! Until suddenly, its problems were solved. But now confidence in the monetary union is weaker than ever. With a hue of resignation in Germany.

Click to read more ...

Monday
Mar042013

Fear of Nuremberg Trials For Corrupt Italian Politicians

Former Italian senator Sergio De Gregorio confirmed: “The Cavaliere paid me,” he said about the €3 million he’d received in 2006 from Silvio Berlusconi. “Of course I took the money.” Frustrated with this daily display of corruption, 8.7 million angry Italians voted for Beppe Grillo’s 5-Star movement. While it wasn’t enough to govern, it was enough to give the political establishment conniptions—and show that anger and frustration finally count.

Click to read more ...

Wednesday
Feb272013

The Utter Fragility Of The Eurozone: Even Democracy Is A Threat

“I’m appalled that two clowns have won,” said the man who'd try to knock German Chancellor Merkel off her perch this year. He was referring to former comedian Beppe Grillo and former Prime Minister Silvio Berlusconi. One of them is “a professional clown who doesn’t mind being called that,” he explained; the other is “a clown with special testosterone boost.”

Click to read more ...

Monday
Feb182013

What Ferrari’s Glorious Results Tell Us About The World

The announcement couldn’t have been more glorious in crisis-struck Italy: Ferrari booked records sales and profits in 2012. Dazzling in every aspect. Not a single cloud darkened the horizon. Except in Italy where sales collapsed. And in the rest of the world, where central-bank printer ink stained the records.

Click to read more ...

Friday
Feb012013

The Putrid Smell Suddenly Emanating From European Banks

By now we should have gotten used to the odor emanating from banks—bailouts, money laundering, Libor rate-rigging, the other misdeeds. But in Europe over the last few days, it was particularly dense. “In this uncertain world, I cannot exclude anything,” said Deutsche Bank co-CEO reassuringly.

Click to read more ...

Wednesday
Aug292012

The “Pauperization of Europe”

It started on Monday. “Poverty is returning to Europe,” said Jan Zijderveld, head of Unilever’s European operations. The third largest consumer products company in the world was adjusting its commercial strategy to this new reality, he said, by redeploying to Europe what worked in poor countries of the developing world. Other stars of the industry affirmed it. “The logic of pauperization,” L’Oréal CEO Jean-Paul Agon called it.

Click to read more ...

Sunday
Aug052012

Escalation of the Extortion Racket: Now It’s ‘The Dissolution Of Europe’ Not Just the Eurozone

It has been an onslaught. Eurozone heads of state, top politicians, unelected kingpins, and bureaucratic honchos threatened everyone in sight with the demise of the euro, or promised to do “everything” or “whatever it takes” to save it even if it violated treaties or the foundation of democracy. In between the lines, the mammoth costs of continuing the bailouts or of breaking everything up oozed to the surface. But it got even worse.

Click to read more ...

Thursday
Jul262012

Italian Euro Exit: why it might come in 2-3 years and why it will help the Eurozone and Italy 

Contributed by George Dorgan. Silvio Berlusconi is back. In a June poll, his party “Polo della libertà” would obtain 17.3% of the vote in the 2013 elections. The anti-euro movement “5 stelle” would obtain 20.6%. The pro-Euro left-wing Partito Democratic would get 25.7%. This would result in an anti-euro majority, given that Berlusconi’s PDL is tempted by an Italian euro exit. Among Eurozone countries, Italy is the most opposed to the euro.

Click to read more ...

Tuesday
Jul242012

But Who The Heck Is Going To Do All The Bailing Out?

Spain’s banks are getting bailed out with €100 billion. It won’t be enough, but it’ll buy time—a Eurozone mantra. Three of Spain’s seventeen heavily indebted regions asked for a bailout from the central government, and more are coming, but the central government can’t bail out anything because it’s broke. It needs a bailout for itself and for its regions. A bailout far larger than any of the prior bailouts. And then there's Italy.

Click to read more ...

Monday
Jul232012

Smashing The Can Instead Of Kicking It Down The Road

“The euro is irreversible,” said ECB President Mario Draghi as a whiff of panic began sweeping over the Eurozone. Everybody was supposed to enjoy their long vacation, and nothing important was supposed to happen. But, like a group of disruptive homeless guys, the ECB, the International Monetary Fund, and politicians have apparently gotten tired of kicking the Greek bailout can down the road, and they stomped on it instead.

Click to read more ...

Friday
Jun222012

The Extortion Racket Shifts To Italy

One thing Greek politicians have taught other European leaders: fear mongering for the purpose of extortion is the way to go. It might not work, and it might be counterproductive, and it might destroy confidence in the economy and give investors goose bumps and blow up markets, and it might cause spooked consumers to hold back on purchases and worried businesses to freeze hiring plans, thus exacerbating the situation, but it’s nevertheless the way to go.

Click to read more ...

Wednesday
Jun132012

Italy Trembling on the Brink

“I believe, no,” is how Italian Prime Minister Mario Monti answered the question if Italy would seek a bailout—lacking the bravado and vehemence with which Spanish Prime Minister Mariano Rajoy had claimed for the longest time that Spain wouldn’t need one. Until it needed one. The question was hot. It followed the kerfuffle that ensued when Austrian Finance Minister had let it slip that Italy might also need “support.” But Italy is too big to get bailed out.

Click to read more ...