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Wednesday, February 27, 2013

Bild ups the ante: Will Italy's political clowns destroy the euro?

Yesterday Bild's online edition asked will the Italians destroy or euro? Today the same headline appears in the print edition, complete with a mock up of as Grillo and Berlusconi as clowns.

However, its not just the tabloid press that are using this analogy - Peer Steinbr├╝ck, the SPD's chancellor candidate, yesterday told a rally that "I am appalled that two clowns have won", going on to warn that the result would likely increase problems within the eurozone.

The North - South tensions in the eurozone are unlikely to easy anytime soon...


Ray said...

Despite the lack of red noses, the EU is already full of clowns, another 2 is not going to make a difference. The one very interesting fact that at least now we have a clown in office who knows absolutely that he is a clown.

Freedom Lover said...

It may, or perhaps not, be a good time for clowns in Italy. But it certainly isn't so now in Greece, with its 61.7% youth unemployment. The situation there is deteriorating daily, such that the private security firm formerly called Blackwater (when it operated in Iraq, though it's now known as Academi) is now guarding the Greek government & parliament. Worse, there are rumours there now of a possible near-future military coup. All produced by the euro-crisis, & the EU's failure to help Greece out of its problems by failing to encourage & assist it to leave the euro. See:

Jesper said...

Might be a bit off topic, then again this might be of relevance:

How the centralisation of power to the federal government came to be in the US:

About monetary financing in the US:
"Assuming the Fed continues buying at least its stated policy of $45 billion in Treasuries every month, and assuming the Treasury will be issuing roughly $100 billion per month (this is actually likely a low-ball estimate based on the annual increase in Federal debt over the past 4 years), the Fed will buying nearly 50% of all new Treasury debt issued. "

How well the theory of optimal currency area has worked in practice:

On topic:
Italy might possibly eventually maybe break some banks sometime in the unspecified future, however, breaking some banks aren't the same as breaking the currency-zone.

Edward Spalton said...

I do hope it does - bring the euro to an end, that is. It's been a bit like putting off a visit to the dentist up to now.

Freedom Lover - I would have little doubt that, in one way or another, the EU authorities will already have squared the Greek general staff pretty handsomely. So something akin to the overthrow of Ceaucescu might occur - with the replacement team not that different from the originals.

All they have to do is murmur about what a pity it would be for Greece to leave the European family just as Turkey is ready to join. A German source tells me that Merkel is cuddling up to the Turks who have a very forward diplomatic policy in the Balkans, holding themselves out as the "motherland of all Balkan Muslims".

christina speight said...

Edward - Could not Merkel cuddling up to the Turks be a deliberate smack in the eye for Greece, whose arch-foe is Turkey?

Most of those who 'post' here (if not the management) devoutly pray that the Euro will crash - TO EVERYONE'S BENEFIT - as soon as possible.

Equally the attitudes struck by the"euro-elite" are so immobile and frozen in time that it seems they are determined to take Europe down with them when the EU/euro crashes. For everybody;s sake may that day not be too long delayed

Rik said...

The funny thing is that Steinbruck is really a complete moron himself.
First of all he blames Merkel that her statements on this earlier have made things worse. While Merkel was about the only one that tried to stay away from this sensitive issue.
Second working as a future Finance Minister with a cabinet with possibly Berlusconi in it seen the alreasy 'tense' relations will with this statement not be made easier. Not even to mention that there might be a new election in a few months.

jon livesey said...

Someone should really remind Bild that there is a difference between a trigger and an underlying cause.

Beppe and Silvio may trigger the break-up of the euro, but its basic design is the underlying cause.

Anonymous said...

Reading Barosso's comments on a UK Referendum yesterday made me sick. We will be out at the first opportunity.

No commentary on the Italian election results make any mention of democracy. I can't wait for this HORRIFIC EXPERIMENT to end and for those responsible to go on trial for political subversion.

Bring it on. And well done Italy for such a magnificent protest vote!