Written and reported by Marco Milioni
The reasons why the President of the Republic Sergio Mattarella he de facto said no to an executive made up of Lega and M5S with Paolo Savona at the Economy and Giuseppe Conte as Prime Minister they are the subject of a very harsh clash. And they will be for a long time. And as happens in such cases, the reasons for such drastic choices trigger reactions of all kinds: there are insults on the web. There is the harsh and thoughtful criticism of a high-ranking constitutionalist like Massimo Villone, until reaching the j'accuse by Massimo Fini and Ugo Mattei. All this suggests that the stakes are very high.
Now it would be important to be able to understand whether the head of state's niet really only has generic correlations with the need to protect savers or if there is something else underneath. First of all, who are the savers that Mattarella is referring to?? It is Mr. Bianchi and Mrs. Rossi who have put away some BTP? They are the large stakeholders who professionally make profit from the public debt of nations? To try to shed some light on this cave, it is necessary to account for an indiscretion that has been circulating for several hours among the Venetian parliamentarians recently elected between Palazzo Madama and Montecitorio.. An indiscretion according to which people very close to Mattarella would have advised the head of state against allowing a minister considered disinclined to the wishes of large investors in government bonds to set his sights on the chest which at the Ministry of Economy contains one of the best kept and most controversial secrets of recent years: that of derivatives subscribed by the State to guarantee public debt.
FIRST CLUE: THE DERIVATIVES SCANDAL
Put in really crude terms, Derivatives are a sort of complex financial-insurance instrument with which another financial instrument or even an asset is optioned, usually anything that is more or less legally exchangeable. Sergio Romano on the Corsera, with simple and effective words explained the involvement of derivatives in the crashes that rocked world finance in 2008. In legal terms, derivatives they are nothing more than contracts which require the parties who sign them to exchange, when specific market conditions arise, previously determined financial flows. When we talk about derivatives, however, we are also talking about one of the biggest scandals that have hit the Italian public administration. The smelly piñata L'Espresso discovered it last year with a series of scoops by Luca Piana and Paolo Biondani: these instruments would also have heavily touched high-speed covers. Thus giving yet another blow to those who criticize the infrastructure because they see it more as a speculative business than as a necessary work. In those articles, however, not only were the responsibilities of the government and of very high-ranking economic leaders brought into play, but also the banking giants with whom the State has signed agreements over the years so wicked as to push the Court of Auditors to ask for billions in compensation to those directly interested. Who actually believe they acted correctly. For them the most exemplary position is perhaps that of the general manager of the Treasury for public debt Maria Cannata who in a statement collected by Il Sole 24 ore he states: «I do not agree at all with the thesis of the Court of Auditors' prosecutor's office... I contest the fact that we have remained passive, that they did not intervene or that they signed in an inferior condition".
THE «GIFTS» OF THE TREASURE
However, it is on the banking relations front that the events of recent days must be correlated with the accounts, more or less transparent, of our country. The articles of l'Espresso (e the comments which followed these) in fact they put two institutions that weigh on the world scene under the magnifying glass. These are «Morgan Stanley» and the «Deutsche Bank». As regards the latter, the title chosen by l'Espresso is eloquent: «So Italy gave three billion to the German Deutsche Bank... Derivatives made by the Italian Treasury with the credit institution appear. All at a loss. With lots of mockery: a contract of 2004 it has been renovated several times with new halter clauses". The service bears the date of 26 January 2018.
In any case, L'Espresso still talks about another fifteen institutes that would be involved: "that J.P. Morgan a Ubs… a Goldman Sachs». And in this context a couple of considerations must be made. At first, if on the one hand also thanks to the press more than something has become known about the contracts stipulated with the Germans and with Morgan Stanley, However, a wall of secrecy was erected by the Treasury for the rest of the papers. The second, however, is that the sum that the community would suffer precisely because of the transactions on derivatives in the period examined "from 2011 al 2021». So he explains Piana himself in his book «The chasm». A figure almost identical to that described by Alessandro Gilioli of l'Espresso on your online rubric «It's raining frogs».
DANGEROUS LINKS
What would have happened if a minister had taken office in the Economy within the Five Star League alliance ready to open every single drawer? The question is not trivial. It will be sufficient to recall in this sense the prominent relationships that in the past would have been established between Morgan Stanley and the entourage of the former democratic prime minister Matteo Renzi. And again, if you believe it to the old adage of Anglo-Saxon journalism «follow the money» and if you try to curl up the Ariadne's thread of the ownership structures of the two banks you discover something. That among the shareholders of Deutsche Bank the first is precisely the US fund BlackRock.
THE UNIVERSAL SHAREHOLDER
This is the giant of giants: the investment corporation that dominates the Old Continent with operations in Great Britain, Francia e Germania, home of Deutsche Bank itself, they punctually overtake i 100 billion dollars per state. Moreover, con 6000 billions of dollars invested across the globe and another 20 thousand which would be controlled thanks to the very powerful financial risk management software, a sort of algorithm that alone constitutes one of the best-guarded centers of hegemony in the world, BlackRock in addition to being number one in the world, he has become a real moloch in his own right. A moloch "that no state can control anymore" and which would have transformed its nature as an investment fund "into a political power" in its own right.
This is what Maria Maggiore says in an interesting investigation published in yesterday's Il Fatto a page 10. The in-depth analysis should be studied by heart to understand how pervasive such an entity can be. Just think of the ease with which Laurence “Larry” Fink, the Californian trader who founded BlackRock, he would go from a meeting with a captain of industry to one with a head of state, from a private breakfast with a prime minister to a sip of tea with a central banker. The German journalist Heike Butcher, in describing this sort of universal partner, points out that «... from when you get up in the morning, take cereal with milk, ti news, you put on your shoes, take the car and go to work where you will turn on the PC and use your iPhone: at all times of the day BlackRock it is always present»: an equity god with whom the small citizens must coexist, but also the exponents of the ruling class of any nation. And Italy is no exception.
WHO CONTROLS ITALIA SPA?
It will be enough to remember BlackRock's shareholdings in the Bel Paese to discover how much power this corporation has towards the Italian economic world and consequently towards its society: Enel 8,12%; Atlantia Autostrade-Benetton 7,38%; Snam 8,18%; Stmicroelectronics 6,66%; Tenaris 2,5%. If you then go up up up towards the pyramid of the strategic weight of investments we see that BlackRock has a foot in four heavyweights such as Banca Fineco 9,38%; General 2,59%; Telecom Italia 4,76%; Unicredit 2,92%. And to end on a high note the New York company owns the 2,67% of a strategic company like Eni and the 6,17% of Banca Intesa, the first Italian credit institution, one of the first in Europe, of which BlackRock itself is the second largest shareholder. But above all, the US fund is the owner of a conspicuous part of the Italian public debt whose size, he still supports Maggiore on Il Fatto newspaper, it would be top secret: so much so that the exact sum is jealously guarded by Bank of Italy.
THE DOUBTS
Leaving aside any discussion for a moment, more than legitimate, on monetary policy and the intrinsic structure of public debt, in these conditions it is easy for the averagely informed citizen to have a doubt. As in any business, when the State negotiates a loan to cover its debts it can do it well or badly. But if by chance there was a drawer in via XX Settembre in which the evidence is archived that over the years the public administration, either through incapacity or collusion, she made bad deals with those who lent her money, what should public opinion take away from it?? It would be time to quantify the damage and recover what was stolen? How much Mattarella's niet has to do with all this? And when you criticize the diktat that on the Quirinale would have dropped from Berlin, let's talk di un diktat of the German government or of a diktat for which the German executive itself is only an intermediary with respect to one or more final senders whose names cannot or do not want to be mentioned? If it first in the chest Carlo Cottarelli will have the confidence or if his executive, without the approval of parliament, will remain in office only for current affairs and will uncover, in the name of much-emphasized transparency, the false bottom of many suitcases kept in the rooms of the ministries?
FROM NEW YORK TO THE VENETO
No later than 20 March who writes, right on Alganews.it, he had remembered the importance of «classified documents regarding derivatives, of motorway concessions". Coincidentally two hot topics in which BlackRock, and perhaps not just BlackRock, could have a direct interest. Now it will be a coincidence, but in these hours the entire business establishment, banking and publishing of the country appears to be aligned with President Mattarella. It remains to be understood whether this closeness can be explained on the level of vision and political sharing. Or whether it is an act of great reverence towards a power recognized as overwhelming. And seeing that, albeit superficially, we're talking about Veneto, it will always be a coincidence... but in the meantime BlackRock, as Intesa's second shareholder, he is in fact the second partner of the two former popular companies in the Northeast (BpVi and Veneto Banca) which were acquired after the disruptions of the Consoli-Zonin era, by virtue of a competition about which little or nothing is known, at the price of one euro... right from Intesa San Paolo.
Source: https://www.alganews.it/2018/05/30/il-no-di-mattarella-tra-scelte-politiche-e-poteri-forti/