ITALY SINKING THAT DOES MORE 'OR NOT SO'

Italy sinking (as it should be) works more or less like this.
Let's say you have a small business that goes well, producing sales and profits. The company is entrusted with the banking system because the business is good and you have mortgaged your home to ensure the necessary line of credit to your company in order to work. 
You were also always diligent and accurate payment of suppliers, the ta iff and contributions of your employees. In short, everything in order. At a certain point in the story comes the crisis and your company should be in trouble. But since you've been diligent, maybe you put away some savings. So, you support the company (as it should be) because you think that the crisis is temporary and therefore destined to be resolved in a short time.

There is one problem, though. That is to say that the crisis, rather than only last a few quarters, went on for several years, however, worsened. But you do not mushy, why do you do with a matter of pride and good name. Maybe the good name of your grandfather's or your father who, with so much sacrifice, they had created that company thinking that one day would be you to manage and be the steersman.

For this reason, in these years of crisis, you'll bleed to death and the enterprise fund drying up all your savings. But not enough. Your customers increasingly delaying payments. Some of them fail and your credits become waste paper. They are loans that you had mentioned in your bank credit lines. So, to avoid signaling to the central banking risks, you have to cover them up.

Ask other loans, in other banks. But they also sailing in troubled waters and then, when they see that your business is no longer profitable as in past years, do not have the confidence to take on loans to other banks, which would be your debts. So legitimately refuse to finance your.

To fix the holes that are opening up, having exhausted his savings, you have no other way out but to finance your not paying taxes. So do not pay VAT, income tax from your employees and even contributions.

Try to plug the holes as you can. But the crisis is worsening and the holes become chasms. Your historic bank with which you have entrusted and lines of credit, is becoming increasingly intolerant towards your position. They feel at risk and are also asking for signatures to guarantee your wife or your family. The grant, also accompanied by a guarantee of a trust to which you, while not potendotelo permit, pay lavish fees.

Tax liabilities increase. You get bundles of good-natured warnings by the tax authorities. Li rateizzi, with associated penalties and interest. But you can not pay them and then decades by the benefits. The state accounts in shambles and needs to be collected. So send the cavalry to charge the tax claim.

Comes with Equitalia premiums, interest and penalties with 30%. Now you're with water in the throat and if you decide that you do not want to send home your employees and you want to keep your business paying suppliers, you care Equitalia. But these, after a few months, they attack your shed and you sign a mortgage. The bank realizes the mortgage registered by Equitalia and understand that you are more doomed than what emerges from your budgets. You ask for the return of exposures. Now you're bankrupt and your company is going to hell.

You no longer working, the suppliers do not deliver more goods and you can not do anything more than to drown in your own despair in a sea of ​​mud called glia. Have you finished your reserves, your family and squeaks instead of having unemployment benefits, you get folders Equitalia. End of story. It is not a happy ending.

Ps: this is a story common to millions of businesses and families in Italy. Subjects who have no future and that this state pretends not to see condemning them to certain death. 

from Winners and Losers of Paul Cardena

Katainen, COMMISSIONER FOR ECONOMIC AFFAIRS OF THE EU HAS scrubbed ITALY, BUT FINLAND AND THE 'WORST OF GREECE

This gentleman is Katainen, EU Commissioner for Economic Affairs claims Penalty
Italy and the USA is putting Finlandi like Greece.

Katainen, who is he? Don Abbondio probably would pose this question in the comments vitriolic launched unelected Italian Prime Minister Jyrki Katainen from this fresh European commissioner for economic affairs. The answer is soon given: former Prime Minister of Finland, who just settled into his new role as European oligarch, he promptly declared that Italy does not have the right to request flexibility on European standards and should in fact be more ready and above Prone to comply with the dictates of European austerity and poverty.

Nothing new under the sun, you say, but how much less irritating to say whether such claims is the former premier of a state that in recent years has achieved results which do end up straight behind the blackboard with a lot of donkey ears well stuck in my head.

You do not believe that a state like Finland could be worse than the country of puffins? Yet it is so.

Do you think that in less than five years, the Finnish government debt has almost doubled, rising from 33.9% to 57% in 2014. Course, is less than half of what Italic, but the speed at which it is growing is alarming to say the least and , which is not insignificant, before the advent of "governments grandfather George", the Italian public debt was the one with the growth rate lower than all other nations in the euro area since the start of the 2008 crisis . After 2011, thanks to the efforts of governments Monti, Letta and Renzi has exploded and this thanks to having followed the recipes of the eu.

Some might think that with rising public debt, Finland has been able to maintain low unemployment and GDP in positive through appropriate measures to stimulate the economy.

Also in this case Finland is red and blue pencil: GDP remains below the pre-crisis levels of 2008 and is still in negative territory, while unemployment jumped to over 10% and will soon rise again, visa Microsoft announced 18,000 layoffs in Nokia. Sure, Katainen could always propose the Finns to work harder and, perhaps, to emigrate to Hanoi, where the "new" Nokia will produce its phones.

The cost of labor has increased, while productivity fell, making suddenly "virtuous" Greece in comparison with the Nordic country.

Finland has, in the last instance, all economic and social indicators typical of most of the Mediterranean countries of Scandinavia, with values ​​that would take the harsh reprimands of the oligarchs of Brussels and the finger raised to German Chancellor Merkel, perhaps with the roar background of speculation on the public debt made by banks Teutonic in case of resistance to "take medicine".

Yeah: Katainen sermon and scratching hurt even worse, but being part of the "Nordic bloc" so dear to Germany, can make the lecture Italy with impunity, without having to account for the disaster in his country.

The saddest thing, however, is that the former mayor of Florence, has not seriously banged his fists on the table, pretending to Katainen and Finland for the immediate implementation of reforms blood and tears, which are mostly demanded by us.

But, you know, Don Abbondio felt crock pot in the middle iron pots and our Prime Minister is not elected, despite some bombastic statements, it appears more and more like the character Manzoni. Which, for a country that is reeling in the worst economic and social crisis since the end of World War II, is not really good. So even a Katainen any, can afford to make us moral, without looking at the beam in his own eye.
Google translation
Source: sosimprese.info

Privatization Italy: Ridiculous and Dangerous Incompetence

Privatization Italy: Ridiculous and Dangerous Incompetence
I wonder if some subsidized media will notice the figure of shit made ​​by the new phenomenon that has Italy as Minister of Economy and Finance.

Moreover, it is something very dangerous and that puts a stone TOMBSTONE any other hypothesis privatization Italian. Ok many will say, thank goodness! Well, for a moment, before you breathe a sigh of relief it would be better to note that Italy has shown yet another business GUANO A view towards foreign capital.

And at the same time, or state has given yet another rip-off citizens, Italian investors who trusted him. And I agree, cabbage to trust them, but be careful, here we are talking about small investors who have made buggered by a series of television commercials and went to subscribe for shares on the basis of what is fortunately little confidence that the Italian State Thief still manages to convey.

I remind points to the sad and horrible story of the sale of shares on the Stock Exchange Fincantieri:

The story is well known: in the public offering and sale of shares Fincantieri, at the hands of its sole shareholder of the Deposits and Loans Fund, was planned sale of 104 million shares by CDP, and the issuance of 600 million new shares, to support the development plans of the company. Of this stock offer maximum, 141 million shares were allocated to the retail public (small investors), and the remaining 563 million shares to institutional investors. What happens at the end of the placement period? You find that foreign institutional investors have booked only a dozen million shares, while the Italian institutional thirty million. Out of a total of 563 million shares to institutional destined. So what? Meletti writes:

     What does this point to the number one Fincantieri, Giuseppe Bono? Do not lose heart and run for cover. Remove the offering of shares of the Deposit and Loans for sale, and it also reduces the capital increase, so that the placement is reduced from 704 million to 450 million shares. Then fixed the price at minimum fork, 0.78 euro. But the shot of the master is called claw-back. This is the clause that allows, at any time, move the weights of placement among institutional and retail investors. International funds have good reason to stay away from Fincantieri actions? Very well, without investigating further they give up the Italian retail investors. So go to the institutional 49 million shares (him had proposed 563 million), and the poor small private investors who still trust their bank come to 401 million shares (313 million euro on the nail) instead of the proposed 141 million. One might ask: but if depositors 400 million shares have asked the, what's wrong? There is no one warned them that the international funds of those actions were spitting on us. Anyone who has bank branches knows the refrain that the officials are trained to repeat in exchange for a premium for each share placed: "Look, it's a bargain garnde, the Fincantieri will be snapped up, the demand will be three times the offer, then she asks three lots least four thousand shares, so when you go to the allotment will have its package verbatim "

Well so many beautiful small shareholders to be mowed for good.

In fact, after the price of decency Fincantieri has magically kept on the prices of placement for a couple of sessions and via the parachute (bet that was placed by the placing banks
It was serene, this is just the beginning of shearing.

Now, with what face Padoan goes around talking about the stock market and sales of state companies?

What are the credentials that Padoan screams in Europe?

Pull Parcels to the citizens and the (few) institutions that have been?

Wow.

And look, I know, sprouts are those who have trusted the State, it is true. But I do not find anything nienete fun and even useful, just another demonstration of international jurisdiction.

Fonte:http://www.rischiocalcolato.it/2014/07/privatizzazioni-ditaglia-padona-dimostra-tutta-sua-ridicola-pericolosa-incompetenza.html
Translated by Google.

THE LEFT YOU THINK IT IS POSSIBLE TO END The AUSTERITY AND MAINTAIN THE EURO BUT 'A TRAGIC ERROR (PROF. NINO GALLONI)

Sunday, June 29, 2014

Professor Nino Galloni, economist, former lecturer at the Catholic University of Milan and the LUISS University of Modena, tells what developments await Europe after the election, but most importantly, what will happen in Italy, the crock pot is the Old Continent.

Extraordinary interview. Read.

A month before the European elections does not seem to have changed much, except for the fact that the EPP and PES have thrown the mask of fake opposition they have had in recent years and will begin to govern together also in Brussels. What are your predictions, economic and political, for the next few months?

The recent case of Libya proves, beyond any reasonable doubt that in recent months the European Union has made ​​giant steps back, at least for those who believed in the project, and tend to a geopolitical isolation and compared with the major strategies being carried out by the United States, Britain and Saudi Arabia on the one hand, both the new realities of the emerging countries (China, Russia, India, Brazil ...), on the other.

Europe has lost all trains potential and the release of Alfano as interior minister proves it: "you bombed Libya and now leave us alone." It 'a serious situation. From the storm in the glass of water to the European elections has emerged as the vast majority, over 80% l'', the electorate is against austerity. But, prevails, especially in the PES, the idea that we should go out dall'austerity, but remain in the euro, so in this Europe. This position presents irresolvable contradictions, without prejudice to the recent interventions of the ECB. In the short and medium term, in other words, I predict an increase in the social conflict that will not explode in uncontrollable levels only if the monetary measures of the ECB will have an effect on the real economy, as it hoped Dragons. If this does not happen, the crisis will go behind the current Italian government and the main party of the PES in Europe, in both cases, the PD Renzi.

What are the choices to be made immediately in the emergency current company?

Making a public bank in Italy to collateralize loans of public administration that would be, for what I read in the press of the ECB eligible. It may well manage in time about 600 billion Euros with which to make plans for hydrogeological, school construction, a real working plan, the income of citizenship, research and development. Without these resources, it is obvious that we can not really get out of the crisis. The euro has been done to the austerity and austerity for the euro: If you are unable to remedy this contradiction, reducing the conditioning of the Treaties, not if it comes alive.

The emergency I have studied at the national, rather than European. And in Italy you can immediately issue of paper money, the State may issue vouchers, vouchers, certificates of credit erariali to pay its debts denominated in Euros but they are not legal tender, after which this fiduciary money goes to circulate among individuals, restarting the economy and then the state accepts it in payment of taxes and duties. If this is done at the beginning of the accounting year and has an effect on GDP will not increase the deficit. If Italy could invest in this way, 50-100 billion a year of its claims processed in Euros to make investments, then certainly that would incorporate competitiveness and efficiency.

At European level, everything remains at the theoretical level: impose the fact that investments are outside of Maastricht would be a great step forward, but in theory, as it is theoretically also say leave the euro to return to currency devaluations, because the 'EUR was just done to prevent Italy devalued. A bill are the theoretical discourses of esteemed colleagues, I share the analysis and also the solutions, but only at the level of theory and academia. In practice, however, we must confront the fact that the single currency was created to prevent Italy from being too competitive.

In the present context, what is the country that could put a short ultimatum for participation in the euro zone?

If you do not thinks so it comes out: save us all if we accept the same rules and the same logic for the next. If Germany wants un'austerity Limited for themselves and for all the other Europeans (without selecting for the East) and France wants to protect itself, but not for the others it comes out. The real change of views, attitudes, mentality: selfishness leads only to destruction, wars, violent social conflict, barbarism.

Believes, however, that there is a country where the situation is most at risk?

Certainly in France, where social tensions are at breaking point and even Marine Le Pen could prove to be suitable for the leaders to get out, despite his statements altogether moderate and somewhat acceptable. The risk is that other forces take over. Even in Italy can be seen in both M5s on the bright side, ie you have moved a whole series of new energies, but as well the same Grillo said, the fact that he had appeased the degeneration of the protest still potentially out of control ready to ignite. If the 5 Star Movement talks with Nigel Farage, the scenario is post-European, vice versa, the paradox is that with Le Pen may come to a confederation of sovereign states invoked even by Putin. This presupposes, in my opinion, at least a dual circulation. Virtual currency, accounts and offsets and international money real, popular, nationwide.

Interview conducted by Alessandro Bianchi for Antidiplomatico. It - thank you.

Developments in the first 100 days of Renzi: a lot of smoke, a little roast!

Developments in the first 100 days of Renzi: a lot of smoke, a little roast!Scenarieconomici.itIt's been 106 days since the establishment of the Government Renzi. The former mayor Matteo Renzi has made promises.We see the major promises made synthetically and see how many he has manta rays.

    1 - INSTITUTIONAL REFORMS and by February ELECTORAL REFORM -> not implemented

    They are in parliament and did not see the conclusion
    2 - REFORM OF WORK by March -> not implemented

    It 'was launched only the DL Poletti, who deals in practice only the "simplification of the provisions relating to fixed-term employment contracts." The work to dl signature Poletti is only the ghost of dazzling Jobs Act promised by Renzi. It does not create even a job (not for nothing that the DEF expects rising unemployment) and increased job insecurity. There is no 'trace of promise "Reduction of various contractual forms, over 40, who have produced a stew unsustainable" and lacks the "integration contract indefinitely increasing protections."
     3 - PUBLIC ADMINISTRATION REFORM by April -> not implemented

    Nothing, nothing at all, despite endless promises, not even a DDL.
    4 - TOTAL PAYMENT DUE PUBLIC ADMINISTRATION by early March -> not implemented

    Renzi said in February that the Deposits and Loans Fund in 15 days would unlock 60 billion blocked for the debts of the PA "Then endless referrals. Renzi for the debts of the P.A. will be paid by September, for the DEF by October, for Delrio (latest version) by the end of 2014 (so even November or December). In summary, nothing more 'total.
    5-80 EURO PAY ENVELOPE -> Made (but the covers are dubious)

    The shell is decidedly dubious. It 'been a tip election, it' more 'it' less.
    6 - CUT THE COST OF ENERGY and IRAP for Companies within May -> not implemented

    The IRAP cut of 10% there will be 'only in 2015, while the cost of energy vacuum. In the meantime entered into force blows new corporate tax (increases in taxation on capital and on property and industrial buildings)


    In the meantime ... the economic data continue to be bad (negative GDP, Unemployment records, etc) ....

    In Europe ... and the line does not change ...
    and wonder of wonders to award the market rewards the bag salt.

Future Growth

Boom! And the growth is not there anymore.
No, not because there's a recession .
But because the growth is over :
the long boom that has accompanied
two centuries and a half
of the industrial revolution has run out
and returns zero or a little more development
of the previous story . Or , perhaps , it should be a
bit 'better, but not too much and you have to
settle for a " stagnation
secular " or that or bubbles , as the last
subprime . In either case ,
to make me shudder is that the alarm does not come
tired from Europe to the brink of
deflation, or from old Japan ,
in that spiral has fallen from twenty years old,
but the country that has always defines itself
"The land of unlimited opportunities ,"
animated by an unshakable faith in
robust economic growth that
continue forever . The Americans, in
Apparently , they begin to doubt
themselves. It does not help that the
the same conclusion as a destiny of stagnation ,
least developed countries , to come ,
with different paths , economists
depart from opposing theoretical positions .
Because this is not a provocation
of obscure scholars . To turn on the
fuse of the debate was one of the economists
most influential in the country, former minister
Treasury and the true candidate
Obama at the helm of the Fed : Larry Summers.
And, on the same train is immediately
jumped, with a hint of envy
(' A bit' I was saying the same things,
Larry but , damn him, he said
better, " he wrote on his blog) a character
as influential as the
Nobel laureate Paul Krugman . The point of
departure is that , four years after the end
of the subprime crisis , the economy
U.S. fails to take off . worse ,
Summers says , this was also true
before the crisis, despite the enormous
bubble of debt and liquidity of subprime
there was no sign of overheating
economy, a rear
inflation.
The reason ? According to Summers, this is
happened, because the rate of theoretical interest
you can put into savings balance
and investment, in the context of full
employment, has fallen on a permanent basis .
Indeed , it has become (adjusted for inflation )
negative . Outside the language
code : to convince a company
to take money on loan and invest ,
that we should not pay any
interest on that credit , in fact , that you regalassero
more money . And savers
should pay to keep their money
in the bank. An extreme situation , which
you can not hold for long. Exaggerates Summers ?
Not at all, says Krugman . of
In fact, the situation is that America lives
thirty years. The economy would have remained
stop if there had not been a bubble behind
the other , to sustain consumption . first
that savings banks with Reagan.
Then one of the dot.com , with Clinton.
Finally, the subprime , with the Bush administration.
All drugging the economy and consumption ,
but he left without inflation.
Behind, Martin Wolf points out , there is a
base imbalance : there are not enough
investments to absorb one mole
increasing savings. And the roots of this
imbalance are deep and lasting .
First, the rear of inequality
in American society. The Benefits
growth of recent decades are
were seized from 1% richer. from
post-war period to 1973 the typical income of
an American family has more than doubled .
In the next thirty years has grown
only 22%. In the last decade
is, in fact , decreased. But the rich save
and consume very little.
For the rest, only the bubbles and the debts have
possible for the average consumer to spend dicontinuare
and thus have enticed
companies to invest . but there is
a trend even more fundamental : demographics .
Europe is aging , but a bit ' , also
America over the next ten years,
workforce in the U.S., will only increase
0.2 % per year. It means fewer families
new , less houses, less appliances,
fewer cars . Thus, even when
invest , companies do not have the same
towing function once. Why
invest mainly in computer science and ,
since the prices of information technology
drop of 20 % per year,
also the same volume of investments
involves less money than before
in the economy.
Too much technology , in fact. Or, instead ,
too little ? Because if Keynesians as
Summers and Krugman interpret the
stagnation present and future as a shortage
structural demand , other economists
had already come to the same pessimistic
conclusion starting from defects
the offer. There is not enough innovation ,
Tyler Cowen says , to push
productivity and hence incomes . It is the
theme of an essay than a year ago by Robert
Gordon. The second industrial revolution
- The electricity , the car
and the tractor , even in the toilet
house - that means that revolutionized the
way we live and the way we
produce . Its benefits on the economy is
lasted for nearly a century. The third ,
that of the computer and the Internet, has
exhausted instead , its thrust on productivity
already in the 90s . innovations
continue , but not revolutionize
the economy. The car without a driver's
wonder, but once you're in,
it does not matter who drives . smartphones
or Google Goggles are a way to
fun , rather than to produce better and
more. If the margins of these innovations
add demographic trends ,
stagnation is inevitable. Gordon
provides that the rate of development in the long
American term is halved in this
century , from 2 to 1 % per year. considered
inequality of incomes, means that
99 % of Americans will have to settle
to improve their standard of living
0.5 % per year. We are not far
from 0.2% that marked the centuries until the
700 : the " new normal " is the world's first
of the steam engine . Then, perhaps ,
as Krugman points out , comes out tomorrow
an invention comparable to the light bulb
and all this pessimism goes up in smoke .
Until that time , however, when considered
Your iPhone the door to a
new world, you're the optimists .

Cipro: Nuova partita a scacchi Russia UE.

 I russi sono letteralmente furibondi: non sono stati consultati dagli europei, quando Bruxelles ha proposto a Nicosia il prelievo forzoso dai conti correnti bancari.

Eppure Mosca credeva di essersi guadagnata la fiducia internazionale, avendo già prestato a Cipro nel 2011 ben 2,5 miliardi di dollari, mentre i “partner” continentali continuavano ad osservare la situazione creatasi sull’isola del Mediterraneo senza alzare un dito.
La delusione è tanto più grande, poiché tutti i meccanismi di consultazione con l’Ue si sono dimostrati inadeguati. Il gruppo di Paesi, che continua a vedere nell’ex superpotenza comunista un pericolo, ha imposto la scelta del prelievo forzoso proprio per colpire Mosca.
In queste convulse ore le cifre sono state confermate anche dalla Banca centrale di Cipro: su 68 miliardi nei forzieri, una trentina appartengono a russi. Il che potrebbe significare una perdita spaventosa. Il buco da coprire in fretta a Nicosia si aggira sui 5,8.
Persino società, controllate dallo Stato federale, hanno i conti bloccati sull’isola mediterranea, ha ammesso il premier Dmitrij Medvedev, che ha ipotizzato la creazione in qualche regione periferica dell’immenso gigante slavo di speciali aree off-shore.
“Molliamogli Kaliningrad-Koenigsberg (con la Prussia orientale) e prendiamoci Cipro”, scriveva ironicamente in un editoriale il popolare Moskovskij Komsomolets.
Non c’è magnate famoso o compagnia importante che non abbia una sede in quella che un tempo veniva considerata l’isola del tesoro, dove i soldi venivano messi al sicuro lontani dalle grinfie di burocrati corrotti. Adesso toccherà trovare ospitalità da qualche altra parte. La favola è finita!
Cipro è da anni ai primi posti tra i Paesi investitori diretti in Russia. In realtà, questi sono capitali di ritorno che, in pratica, godono nella Patria ritrovata di una giurisdizione diversa da quella nazionale. Ecco un’altra ragione della creazione di una piazza finanziaria del genere.
Gli europei hanno sfruttato l’occasione per rimettere ordine nello spazio dell’euro. Si sono levati un bel sasso dalle scarpe, considerando alcune chiacchierate operazioni messe a segno nell’ultimo decennio dagli spericolati oligarchi moscoviti.
Il rischio è, però, che questa operazione sia un boomerang. All’apertura delle banche cipriote i soldi dei russi (quelli non tassati) prenderanno certamente il volo. Il buco cipriota potrebbe allora trasformarsi in una voragine quattro volte maggiore. Il governo federale ha minacciato anche di cambiare la composizione delle proprie riserve valutarie, riducendo le quote dell’euro. Il che significherebbe giorni difficili per la moneta unica.
Dal 26 marzo a Durban è previsto il summit annuale dei Paesi emergenti del Brics (Brasile, Russia, India, Cina e Sud Africa). I russi, che hanno il loro tallone d’Achille dalla dipendenza eccessiva dal prezzo del petrolio, probabilmente prepareranno qualche sorpresa. Allontanarsi in un sol colpo da euro e dollaro? Difficile. Spingeranno intanto per il rafforzamento del cinese yuan, come valuta di riferimento. Il summit al Cremlino con la nuova dirigenza di Pechino è giunto proprio a puntino.

Fonte: http://bit.ly/15QnXd2