Cookie Notice

However, this blog is a US service and this site uses cookies from Google to deliver its services and analyze traffic. Your IP address and user-agent are shared with Google along with performance and security metrics to ensure quality of service, generate usage statistics, and to detect and address abuse.

Thursday, 25 October 2018

All eyes on Italy

Italy has learnt from Greece, and the Lega coalition has drawn a line in the sand as they move towards a showdown with the EU. The new Italian government has done all it can to prepare for savage retaliation from Brussels - bond market manipulation, threats to international banks, financial sabotage and all the rest. Don't be fooled - for the EU this is war, yes real war, just sans the tanks and artillery. The EU will now defend its remaining empire with the tenacity of the retreat from Russia after Stalingrad. 

But what the Italians may not have prepared for is the same hidden weapon that has destroyed Brexit - the enemy in our midst. We have the Euphile mandarins, Italy has the Euphile Dirigenti, a professional class of senior civil servants who run the ministries, regions, PM's office and education. There is no reason to believe that la dirigenza is any less committed to the international brotherhood of unelected bureaucrats - nor any less loyal to the capos in Brussels.  

France and Germany are at greatest risk of Italian independence - French banks own Italian debt that totals 11% of French GDP, and 46% of Germany's Target 2 trillion Euro credit balance is owed by Italy. The EU will fight like a trapped tiger to prevent Italy's freedom. 

Faceless bureaucrat


Stephen J said...

They are really evil these people aren't they?

They believe in their right to steal from the people, so strongly that they will enforce penury on those that make the money for them to live in the luxury that they have become accustomed to over the last 70 odd years... For it has all happened as a result of the last world war.

Either we all starve or you can starve and we will survive a bit longer, busily organising things, like the experts that we all are.

You populists should be looking up to us, not being filthy thick racists. Don't you realise that mass unskilled immigration is good for you... er us?

Virtually every policy from the ones you mention above Raedwald, to all the other sickening stuff, is down to them wanting to be in control of our common wealth.

John Brown said...

Although everyone in the Labour Patty will say and vote in Parliament whatever it takes to have a GE, Mr. Corbyn’s positon on Brexit will be influenced by whether or not Italy wins its battle with the EU.

If Italy loses then Mr. Corbyn will be very keen to ensure the UK leaves the EU as he will have the same battle to fight with the EU.

If Italy wins, he won’t be bothered whether we are in or out of the EU as long as he is in power and will take any stance on the EU which he believes will deliver him the maximum GE votes.

You are right that our exit has been made immensely more difficult by the enemy within and their actions and the running down of our country is unbelievable, but then it seems we have always had a group in the UK who have wanted us to be run by another country. In the last century it was the communists. Now it is the EU collaborators.

DiscoveredJoys said...

You could make an argument that the mandarins and dirigenti (and similar professional classes elsewhere) are just the latest whack-a-mole example of the effete gaining power by stealth.

"Merchant circles established the league to protect the guilds' economic interests and diplomatic privileges in their affiliated cities and countries, as well as along the trade routes which the merchants used. The Hanseatic cities had their own legal system and operated their own armies for mutual protection and aid."
~ Wikipedia

Cuffleyburgers said...

But at least Radders the Italians have a governing coalition that is committed to the fight.

The civil service in the UK wouldn't be able to run its sabotage half as effectively if it wasn't for Treason May and her cabinet of foul quislings.

Stephen J said...
This comment has been removed by the author.
Stephen J said...


Yes, I haven't got much in the way of internet here in Catalonia (just poolside), but I did manage to get a few snippets of Nigel last night, and it was absolutely sickening to hear them coming out of their 1922 meeting and drooling over how fucking great was the treacherous one.

I nearly threw up right there, but there was company nearby and it would have been rude.

Peter MacFarlane said...

The Italians have already had one democratically-elected government removed at the behest of the EU, surely they are not going to let it happen again?

Forza Italia! Vafunculo i Dirigenti!

Dave_G said...

How long will a dissatisfied public put up with being 'robbed' and 'controlled'? Not just the Italians but the British, Greeks, Hungarians(?) and who-knows who next? I don't mean a 100%-backed public uprising but the beginnings of an IRA-styled backlash against all-things European, Government and, dare I say it, 'foreign' (i.e. Immigrant/Muslim)?

Support for people like TR is apparent and, fortunately for the authorities (at the moment), they are peaceable and law-abiding.

But if nothing is done then the public themselves will have no recourse but to fix it themselves - anarchy, vigilantism and open rebellion.

Yes, all 'talk' from this self-confessed-pacifist-keyboard-warrior but something that I'd find difficult to object to and, once the Government loses the support of even keyboard-warriors like me to the prospects of those that really WOULD act and fight back then that's the end.

Government have already lost the support (faith) of many, many voters (of all parties) by their traitorous actions so far and if the public reaction to the way .gov are(n't) dealing with the grooming gangs/immigration/Brexit crisis is anything to go by then I think the public reaction to an attack on the 'traitors' would be one of '....kinda expected this to happen' and (probably) little condemnation from them.

Downhill all the way thereafter.

The whole of Europe is heading towards being a powder keg. And ALL because of the EU.

What does THAT tell you about them?

Tony Harrison said...

The EU's malign influence should certainly not be underestimated, but I believe the Lega's popularity started increasing as soon as he took action against the mass-migrant blaggers and the NGOs; and an IPSOS poll at the beginning of this month gave 33.8% support, with corresponding slight falls for Berlusconi and the Five Star lefties. It encourages one to think Italy might indeed face down the EU's demands. Not that I'm in favour of economic irresponsibility, but for me, anything which screws Brussels has got to be good - and likely to help us, even with the appalling May in charge.

Anonymous said...

The EU has much in common with the Medieval Roman Catholic Church. Collect taxes and control what people think and behave.

That particular global media organisation hung on for a very long time.

Don Cox

Budgie said...

The EU will not disintegrate.
The Euro will not collapse.
The Target2 balance that Italy owes is a hold that the EU/EZ has over Italy.
No ordinary Italian will accept the value of his savings being halved overnight.
The existence of Italian euphile mandarins is irrelevant.
Italy will stay in the Euro.
This is not war, this is negotiation, continental style; and hence why the UK always loses in the EU - our poncy civil servants with their "soft power" delusion are babies by comparison.

England last stopped being transfixed by the continent in the C16th. It did this country a power of good.

Poisonedchalice said...

I will be most interested in how this plays out. Go on Italy, stick it to Brussels and hold your nerve.

Cuffleyburgers said...

Budgie no, the target 2 imbalance is a massive hold Italy has over Germany.

For obvious reasons.

Cascadian said...

Agree with cuffley here, if the ECB wants to play chicken with the Italian banks they risk bringing down multiple other banks throughout the EU, but notably Deutsche Bank which is in severe trouble. In addition target2 will diminish German govt holdings, just when they have multiple problems funding gimmegrants, losing large Iranian contracts, buying russian gas and dealing with the bottom falling out of the automobile manufacturers.

I have often pointed out that Italian banks could be the downfall of the EU, increasingly I believe german banks are just as bad.

Italians are already sheltering their savings in Switzerland if bail-ins are required one can also predict massive cash outflows from Germany.

The bone-idle yUK civil service may yet catch a Brexit break if the banking crisis blows up.

Anonymous said...

There is no reason to believe that la dirigenza is any less committed to the international brotherhood of unelected bureaucrats - nor any less loyal to the capos in Brussels.

Where is the Mafia when you need them.


anon 2 said...

DP111/Anon ...

The international brotherhood of 'capos' IS the Mafiya!
The Med sympathiser we presently need went by the name of Guido .... as in Fawkes!!!! (Even if he was sort of RC).

Budgie said...

Cuffleyburgers, can you explain how (and why) the Target2 imbalance is a massive hold Italy has over Germany?

Anonymous said...

You are presumably familiar with the idea that if you owe the bank 10000 quid, you've got a problem, but if you owe them 500000000000 then the bank has a problem.

It is unlikely the target 2 imbalances will ever be settled, and german tax payers will take it where the sun don't shine. The economic all out will be unimaginable.

As long as italy remains in the euro system it can be kind of hidden under the carpet, I have no idea how widely understood it is in Germany that this situation exists, but if Italy were to crash out back onto a system of minibots and what have you, then all bets are off.

Germany therefore cannot possibly allow that to happen, and salvini/di Maio know that. That is therefore a huge hold they have.

Budgie said...

Anon 08:03, Yes I am familiar with the urban myth that if I owe the bank £10,000 then I have a problem, but if I owe £100bn then the bank has a problem. But that's all it is - a cynical urban myth. It may be clever but it won't happen like that. For a start it is highly unlikely that any other body than a nation would owe sums such as £100bn or £1tr to one institution (the ECB in this case).

If Italy left the Euro (actually EMU) then the ECB would quite rightly demand the €2tr Target2 amount back (or whatever the amount currently is). Italy would either have to pay up, negotiate a settlement, or be in default and bankrupt. The consequences of a default by Italy would be dire indeed for Italy, especially if it was just launching the New Lire. Who would trust such a defaulter?

So, no, the Target2 imbalance is a hold by the ECB (actually the EU) over Italy.