ambrose Evans-Pitchard

Of Roberto Pecchioli

Source: Heretically
Ambrose Evans-Pritchard is probably the best economic journalist in Europe. From the columns of the conservative Daily Telegraph, his gaze sweeps over the business international without blinders and, above all, without becoming a megaphone for the interests of the upper levels. His recent speech should prick up the ears of observers and decision-makers in our country. Evans claims that a creeping flight of capital from Italy is underway. The proof is our liabilities in the Target2 system of the European Central Bank. In a month, increased by 39 billion up to 465 billions of euros. One of the causes would be the possibility that the issue becomes operational (which Evans sarcastically calls subversive) day Minibot, the parallel currency intended for Public Administration payments, but usable in general, since every means of payment works on a fiduciary basis, that is, if people are willing to accept it.
The worry (or the secret hope) of the markets is that Italian private savers, holders of very significant sums,join the exodus. The first consideration is that capital flight comes from large investors, by funds and investment banks, supported by the ECB itself. It therefore has an eminently political character, exactly like the manipulation of spread, not in the hands of metaphysical markets, but the Central Bank's blackmail weapon. Read More