Of Maurizio Blondet

Source: Maurizio Blondet
A Finn, a Latvian and a Greek ordered us to obey Europe. Katainen told us that Europe does not change the Stability Pact. Dombrovsky, that the new government continues to reduce the debt and also the deficit (which we reduce from 20 years). Avramopoulos wants us not to change policy on migrants.
In short, they continue to expect us to obey the measures, based on a wrong theory of public debt, which brought us to ruin.
They had to show this table: the poverty curve to which the EU has reduced us, with the complicity of our politicians.
The divergence of poverty. The breaking point is near.
Since they are profoundly foreign, and ignorant of European history, even more so than the Italian one, they don't know what they cause by forcing us to keep faith, whatever the cost, to arbitrary European diktats. They don't know we have a horrible secret weapon, self-destructive but destructive of “allies”, when you force yourself to face the wall. The 8th of September. Or turn around, Caporetto. The breaking of the front, of the line, the yield in millions, all at home or in captivity.
The mechanism is simple and recurring: our politicians and governments (improvident, careless and incompetent) they commit the Italian people to arduous and demanding obligations, ironclad alliances, unrealistic international cages, without giving us the means to hold on, and ignoring our moral fiber every time, our culture, our own fake and fragile national unity is not able to hold up. The people, passive, it holds and holds, until he makes it, and then it breaks; wriggles, runs away, he embraces the enemy who takes him prisoner (Rommel told it, when as captain he broke at Caporetto). It's shameful, but it is the animal and vital instinct, of a rabble without intelligence, but with the common sense of not getting killed down to the last man. For Badoglio, Then….
When politicians let us join the euro, they had to warn us: from today you must become German. Or: the unions must come to an agreement with Confindustria not to advance salary increases, indeed accept reductions: discipline, it's about becoming competitive with allies. The public caste must become honest, asparagus, patriotic, in short, efficient. Because money is the portrait of the people, of his psychology and his vices and virtues – the lyre expressed them and let them flourish; the euro, German coin, it simply causes us to asphyxiate and die.
The moment of the new September 8th is near, as the table shows. The Balts in charge in Brussels should see what is coming, and offer us ways out. Listening to the creaks of the Italian front, listen to our proposals – in their own interest, the interest of monetary Europe.
Instead: hold on! Reduce your debt! Stability Pact! Immigrants by the millions! You voted wrong, put back the government that we put over your head before!
The result will be September 8th. That, since we are a big country - not big but big - it will collapse us, but together, the other eurozone states. Because if Italy has to leave the euro "at Caporetto" instead of in a reflex and agreed way, Germany and France are fried.
Because the euro is not the only thing harmful to us. An abyss in the debt-to-GDP ratio is also opening up for France compared to Germany.
France: debt/GDP ratio compared to Germany. And Macron dreams of "convergence".
Macron's dream - of Attali and the international banks that elected him - of pushing Berlin to accept "convergences and transfers", it's a pure dream: no chancellor will ever be able to convince the Germans to fill that chasm with their own surpluses. Here too, the problem is not political; like ours 8 September, it's "cultural", deeply inherent in the meat.
That German export surplus, of the rest, it will soon reduce (as long as Trump puts tariffs on BMWs): Berlin will have the excuse of having fewer means than before for convergences and transfers.
After all, my friend Mazzalai thinks that Caporetto, the real crack, can start from Germany. From Deutsche Bank from which the Germans try to distract by pointing the finger at the Italian public debt. But Deutsche shares lost their share 34% in the last year. “New CEO Christian Sewing is implementing a radical overhaul of the struggling investment bank to focus more on European clients, moving away from ambitions of being a top global company. Germany's largest lender will reduce its presence in the United States, it will scale back its corporate finance business in the U.S. and Asia and review its global equities business. The measures will lead to a “significant reduction” in the workforce this year..
An epochal crisis is pending, which our rulers (not elected, but also those voted and rejected) they respond with a lie: there is global growth, Italy is the only one that doesn't hook it, because he doesn't carry out reforms.
“Growth” is back thanks to absolutely exceptional stimulants, the pump of the central banks first and foremost, of a measure perhaps never seen before in history, which have achieved very mediocre growth. “In the current state of the system, the performance of the tools available to drug the activity is very weak. In other words, the costs are colossal for minimal results” (Bruno Bertez).

Buy your own shares by getting into debt

The famous financial "markets"., those who we should let judge our solvency as a state, American billion-dollar companies, they are doing what zero interest central bank loans? They buy their own shares from us. In short, they have no idea how to invest them productively, given the stagnation in demand that capitalism itself has caused (deflating wages); by buying own shares, they increase its "value" on the stock market. Furthermore, millionaire dividends are paid, the capitalists: with money borrowed from the central bank.
“Buybacks are going up, strengthening the market". Once, it was forbidden.

Attention: this is perfectly functional, in the logic of capitalism, which is not a charitable institution. Buying own shares (buyback), capital - which is faced with the rarity of business profits and an excess of capital seeking a profit - the capitalist buys its own shares, thus euthanizes capital, it decreases its mass, therefore the profitability rate increases. It acts according to the financial theory that makes capitalism "rational"..
Obviously this resembles the experimental case of worker bees which, kept artificially without the possibility of feeding the larvae in the hive, they detach the back part of the larva and offer it to the front part. The bee acts “correctly”, like the capitalist (among other things it explains why capitalists gorge themselves on low-rate Italian Treasury bonds, much to the amazement of the media who want our punishment: they are so hungry for yield!). It is the system that has now become pathological – Who is to blame??
It will be enough to remember that in the USA there were laws that prohibited the buyback, the purchase of own shares. So it was the politicians, governments, che si sono fati comprare e non hanno più esercitato il contropotere, la sorveglianza democratica sul capitale. Sono stati i sindacati ad esser venuti meno alla loro funzione, che è di opporsi al capitale per migliorare i redditi e la sicurezza dei lavoratori. Banche centrali e media, corpi intermedi e magistrati, tutti gli organi di contropotere hanno smesso di funzionare e lavorano per il capitale. Fino a questo estremo patologico e letale per gli esseri umani.
E adesso che emergono “populisti” critici del sistema patologico e che vogliono cambiarlo, tutti a gridare: sono arrivati i barbari! Riducete il debito pubblico! Patto di Stabilità! Non sforate! Siete insolventi! i mercati vi puniranno! Non si cancella il debito!
Insomma avvicinano, ci spingono all’Otto settembre. Forgetting that later, Piazzale Loreto comes.