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BC: Italy: Artificial Financial Crisis: All About Protecting the US!

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18.10.2019

BC stands for NEO’s Banned Classic. This article was originally published by our journal on 22.06.18 For some reason, this article is missing from Google search results. Since this article remains pretty relevant to those geopolitical events that are taking place on the geopolitical stage today, we deem it possible to present it to our readers once again. Should it go missing again, you may be confident that you will see it republished by NEO once more, should it still remain relevant by that time.

Yet again, we have a financial crisis in Europe. After the bailouts in Greece and Portugal we are told that Italy, once described as “too big to fail”, is once again on the verge of bankruptcy and the rest of the EU will be forced to ride in to rescue it.

Apparently the financial press has it in for the Italians. We have been seeing similar prophecies of pending doom since 2016. The argument being that Italy is being slowly destroyed by the Euro, as its essential lack of competitiveness cannot be offset by manipulation of the lire, as previously. There is now a revival of talk about inventing a parallel currency to keep the country afloat, even though this idea has been dismissed by the European Commission

Yet that same financial press seems less able, or at least less willing, to explain the positive indicators of the Italian economy: falls in bankruptcies, seemingly low inflation, a widening trade surplus and the best unemployment figures for five years

So maybe it isn’t all doom and gloom after all: the national airline Alitalia may be going bankrupt, but plenty of big carriers want to buy it, which they wouldn’t if it had no commercial potential within Italy.

Ups and Downs

So what is going on here? Time and again economies have fallen and then risen again. We have also been told again and again that the Eurozone will be toppled by one country, and that the Euro will destroy newly entering countries, even as far back as Spain’s entry in 1986. But if you mention the name “Italy” everyone automatically assumes the worst, whilst at the same time enjoying their Italian wine, driving their Italian cars, eating their Italian food washing their clothes in Italian made washing machines.

Is there some inherent trait in the Italians which makes them financially incompetent, in stark contrast to their forebears in decadent and sleazy Ancient Rome? It is not so much a moral issue but apparently one which we can beg the question as if there is something structurally weak in the Eurozone which affects Italy alone?

This latest “financial crisis which could destroy Europe” is just like the others: a political stunt designed to protect vested interests which no one would actually vote for if they raised their ugly heads. Italy’s many migrants aren’t going to go back to their home countries fleeing the crisis, and the Eurozone won’t be affected.

The only loser if Italy survives is the US – and that is why its mainstream media friends are once again quite happy to bring down a whole country, if need be, to protect the myth of intrinsic American superiority, i.e., American exceptionalism.

Power to the non-people

As anyone taking a course in Economics 101 knows, financial markets and consumer spending are driven by confidence. That confidence usually varies depending on which political party is in power. Some parties are regarded as fiscally competent by definition, others not, and this is the prism through which their deeds are........

© New Eastern Outlook