Socio-Economics History Blog

Socio-Economics & History Commentary

Italy ‘Will WIN’ Against EU: Economist Admits Budget Crisis Could UNRAVEL Eurozone

  • Italy ‘Will WIN’ Against EU: Economist Admits Budget Crisis Could UNRAVEL Eurozone
    by OLI SMITH, https://www.express.co.uk/ , 13 Nov 2018
    A LEADING economic analyst has predicted that Italy will triumph over the European Union, as the budget standoff between the two sides comes to a head tomorrow.

    There are mounting fears around the future of the EU, ahead of tomorrow’s Brussels-imposed deadline for Italy to submit a revised budget. The European Commission rejected Italy’s 2019 budget last month, claiming it violated a commitment to lower the country’s deficit. However, according to reports, Italy looks likely to submit a very similar budget, which could spark an unprecedented crisis for the EU.

    Leading economist Daniel Lacalle told CNBC’s Squawk Box that Italy will “win” in its battle with the EU – and this could doom the future of the bloc. Mr Lacalle said: “The Italian budget is a problem for the eurozone. It creates a contagion effect with other economies.

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November 14, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

‘Europe Was Built on a HUMILIATION’ Macron in Shock Warning EU is Being TORN APART

Daniel 7:7 – ” … behold, a fourth beast, dreadful and terrible, exceedingly strong. It had huge iron teeth; it was devouring, breaking in pieces, and trampling the residue with its feet. It was different from all the beasts that were before it, and it had ten horns.”

Macron election victory speech hands up under eye of pyramid, Satanic capstone.

  • Will the western Illuminati pull the plug on EU, Eurozone this year? And reveal their 10 Horn Beast, United States of Europe?
  • ‘Europe Was Built on a HUMILIATION’ Macron in Shock Warning EU is Being TORN APART
    by ROMINA MCGUINNESS, https://www.express.co.uk/
    EMMANUEL Macron has issued a warning that the world is in a “dangerous” place and said “hawkish” nationalism would bring down the European Union.

    In a bombshell interview he young centrist called for the bloc to create its own army, stressing that European states should stop relying on the US for their defence. French President Macron said on Tuesday that the European Union was being torn apart by nationalists, adding that he hoped the French far-right would be crushed in next May’s European Parliament elections. Mr Macron told France’s Europe 1 radio: “Nationalism is on the rise everywhere in Europe. It calls for the closure of borders and for the rejection of the Other. Europe is being broken apart. Authoritarian regimes are re-emerging and are rearming themselves on the fringes of Europe.”

    He said, in reference to The Treaty of Versailles, a peace settlement signed after the First World War that left Germany in ruins and is widely believed to have led to the rise of the Nazi party and fascism: “Europe was built on a humiliation. [The Second World War] has taught us a lot about the absurdity of conflicts, about belligerent nationalism.

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http://www.voxeurop.eu/en/content/news-brief/2211991-10-countries-united-states-europe

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http://www.b92.net/eng/news/world.php?yyyy=2012&mm=06&dd=20&nav_id=80854

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https://www.express.co.uk/news/world/907849/Angela-Merkel-Emmanuel-Macron-Germany-France-European-Union-United-States-Europe

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https://www.express.co.uk/news/world/968888/angela-merkel-emmanuel-macron-eu-united-states-of-europe

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https://sputniknews.com/analysis/201712091059858841-united-states-of-europe-disobedient-countries/

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https://sputniknews.com/europe/201712071059799253-united-states-europe-schulz-germany/

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https://www.rt.com/news/412392-schulz-united-states-of-europe/

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https://www.thesun.co.uk/news/5093010/german-eurocrat-demands-eu-members-sign-up-to-united-states-of-europe-or-quit-bloc/

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https://twitter.com/ConMEPs/status/907957748427624448

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November 7, 2018 Posted by | EndTimes, GeoPolitics | , , , , , | Leave a comment

Italy Vows to DEFY EU Threats Over Its Budget and Says It ‘Will Never Kneel Again’ as ‘Worried’ Euro Officials Prepare to Hit New Populist Government with Huge Fines for Defying Rules

  • Italy Vows to DEFY EU Threats Over Its Budget and Says It ‘Will Never Kneel Again’ as ‘Worried’ Euro Officials Prepare to Hit New Populist Government with Huge Fines for Defying Rules
    by CHRIS DYER FOR MAILONLINE and AFP and AP, https://www.dailymail.co.uk/
    * Deputy Prime Minister Matteo Salvini said Italy ‘will not kneel’ to EU over budget
    * Proposing tax cuts and a minimum income for the unemployed to treble deficit
    * Italy warned by EU it faces unprecedented fines if radical budget is still passed
    * Country already owes 2.3 trillion euros which is around 131 per cent of its GDP
    * Italy’s jobless rate is more than ten per cent – way above the eurozone average

    Italy has threatened to defy the EU and press ahead with its anti-austerity budget which could lead to unprecedented fines. Deputy Prime Minister Matteo Salvini said Italy ‘will never kneel again’ over plans to increase the country’s deficit to three times what it was under the previous government. The draft budget agreed last month, called for tax cuts and a minimum income for the unemployed. Both of these measures would increase Italy’s deficit at a time when Brussels is pressuring Rome to reduce its debt.

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November 6, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

Ten EU Countries Call for Clear Debt-Restructuring Option in EU Rules

  • Ten EU Countries Call for Clear Debt-Restructuring Option in EU Rules
    by Jan Strupczewski, https://www.cnbc.com/world/
    BRUSSELS, Nov 2 (Reuters) – Ten European Union finance ministers want any unsustainable public debt in the euro zone to undergo restructuring, with losses imposed on the private sector, before a public bailout is organised, a joint position paper by the 10 ministers said.

    It comes amid growing concern that spending by Italy, the euro zone’s third-largest economy, could trigger another debt crisis. Italy’s proposed budget includes greater borrowing and spending despite its public debt, which amounts to 133 percent of gross domestic product.

    The paper was drafted for a meeting on Monday of all EU finance ministers except Britain’s, which will be devoted to changes to the euro zone bailout fund. It was signed by the Czech Republic, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands, Sweden and Slovakia.

    Although it did not sign, Germany, the euro zone’s biggest economy, is of the same opinion and Austria is also sympathetic.

    The 19 countries that share the euro have a bailout fund, the European Stability Mechanism (ESM), which is a lender of last resort to governments that have lost market access. Talks are under way among the 27 countries that will remain in the EU after Britain leaves next year to give the ESM more powers to monitor economies so it can provide a bailout at short notice when a crisis hits.

    But the 10 ministers also called for the ESM’s role in debt restructuring to be spelled out more clearly. The topic has been shunned by Italy in discussions at deputy minister level. “The current ESM treaty already recognises the possibility of private sector involvement in exceptional circumstances and an amendment of the treaty should be used to reaffirm this principle,” the paper of the ministers said. The ESM should verify the repayment capacity of the country before lending and restructure the debt if needed, it said.

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November 5, 2018 Posted by | Economics | , , , , | Leave a comment

‘We’ll KNEEL No Longer!’ Italy-EU Clash BOILS Over as Salvini Dismisses ‘THREAT’ Letter

  • ‘We’ll KNEEL No Longer!’ Italy-EU Clash BOILS Over as Salvini Dismisses ‘THREAT’ Letter
    by AURORA BOSOTTI, https://www.express.co.uk/
    ITALY Interior Minister Matteo Salvini hit back at the European Union for “threatening” the country to change its 2019 budget proposal, urging Italians to take to the streets to signal Rome “will kneel no longer.”

    The Italian Deputy Prime Minister dismissed calls from the EU for “clarifications” on ‘s new budget proposal.  lashed out at Brussels, calling on Italians to march down the streets on December 8 to signal their unity and support for their ministers’ economic policy. Addressing citizens with a live video on his Facebook page, the Lega leader said: “Mothers, fathers and children telling those Brussels misters ‘let us work, let us live’.

    “We have a right to work, a right to health, a right to education, a right to a pension. In Brussels they have nothing else to do but send us disapproving letters, threatening letters, telling us to change our budget plan, not to change our pension law. Telling us not to reduce taxation but to actually add more.”

    Mr Salvini once again reiterated the government will not give in to pressure from Brussels to change its budget proposal despite Economic Affairs Commissioner  rejecting it and giving the  and its coalition partners in the 5 Star Movement (M5S) three weeks to make changes. He continued: “No, the budget proposal coming to Parliament is a policy which allows Italy to grow and helps Italians. “Nothing and nobody, no big or small letter will make us backtrack. Italy will no longer be a slave and will no longer kneel down.”

    Earlier this week, the European Union threatened to sanction Rome with a hefty fine unless the budget changes are made but Italian economists have belittled the warning as a “little thing” compared to the economic boost Italy is expected to benefit thanks to the new economic policy.

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November 2, 2018 Posted by | Economics, GeoPolitics | , , , , , , , | Leave a comment

Eurozone will Collapse – There is No Other Choice Economically

  • Eurozone will Collapse – There is No Other Choice Economically
    by Martin Armstrong, https://www.armstrongeconomics.com/
    QUESTION: Mr. Armstrong; I can see what you have been arguing about the faulty design of the euro. After the EU rejected Italy’s budget, is there any hope left for Italy?

    RS, Rome

    ANSWER:
     For those who do not follow Europe closely, the European Union took the unprecedented step Tuesday (23rd of Oct) of rejecting Italy’s draft budget as incompatible with the bloc’s rules on fiscal discipline. This has simply validated the position many take in Italy that they are an occupied country. The Commission Vice-President Valdis Dombrovskis publicly stated that the Italian government was “openly and consciously going against commitments made” to drive down the country’s debt and deficit levels. The decision is escalating a battle between Europe’s establishment and Italians and the sooner you exit the Euro, the better Italy will survive.


    From the outset, in designing the Euro they deliberately lied about just about everything. They told everyone that they would be paying the same interest rate because of the single currency. I explained that was absolutely false. They appear to have deliberately used the example of the dollar to pitch the euro but never mentioned that the single interest rate for the dollar was only the Federal level they were referencing. All 50 states issued their debt in the single currency of the dollar but they all paid rates according to their own credit rating.

    I warned them that they MUST consolidate all the debts making that a national debt where they would have a single interest rate and that would compete with the dollar. Thereafter, each state would then issue its own debt as needed and the free markets would price that accordingly. Under the system that I instructed them to adopt, this budget crisis would not exist. Because they FAILED to consolidate the debts from the outset, then the EU interferes with everyone’s budgets and dictates terms to them which in reality does make each state and occupied country. The budget of the 50 states in the USA is of no concern to the Feds because they consolidated the debts from the outset. Brussels is dictating to member states trying to pretend it is a federal debt for all which is absurd.

    This system cannot possibly survive. The Euro will collapse. There is no possible way for it to survive under this scheme. Italy should simply announce it is exiting the Eurozone. Those in Britain who want to remain are complete idiots. I cannot express it any more politely. Nobody will talk reality here! The remainers in Britain are being pushed by politicians who get pensions from the EU. They are selling out their own country to personal gain.

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October 27, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , , | Leave a comment

EU ON THE BRINK: How Brussels Row with Rome Can CONDEMN the Eurozone to History

  • EU ON THE BRINK: How Brussels Row with Rome can CONDEMN the Eurozone to History
    by JOE BARNES, BRUSSELS CORRESPONDENT, https://www.express.co.uk/
    UNPRECEDENTED European Union backlash to the Italian budget risks unsettling an already fragile Eurozone struggling to truly recover from past economic crisis.

    Careful reforms to the EU’s single currency bloc remain a work in progress, which prompted influential MEP Guy Verhofstadt to demand more urgency from Brussels to conclude its work before the next crisis strikes. The EU’s top officials fear that next financial meltdown could be born out of Italy’s plan to run at a 2.4 percent of GDP, which has been returned to Rome with a demand for change by the European Commission.

    On Tuesday, the powerful Brussels executive rejected a national budget for the first time since introducing new post-crisis fiscal rules in 2014, which were designed to avoid another disaster like Greece.

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October 26, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

Italy Says No ‘Plan B’ as EU Demands Unprecedented Budget Revision

  • Italy Says No ‘Plan B’ as EU Demands Unprecedented Budget Revision
    by , , and , https://www.bloomberg.com/
    * Conte says Italy won’t accept substantial changes to budget
    * EU rejects budget of member state for first time ever

    Italian Prime Minister Giuseppe Conte insisted his government has no “Plan B” for its budget as the European Union demanded unprecedented changes to bring the country into line with spending rules.

    While EU commissioners were discussing Italy’s violations at a meeting in Strasbourg Tuesday, Conte said in a Bloomberg News interview that he was looking forward to explaining the 2019 budget to them. He suggested that Italy has some leeway to tweak aspects of the plan, but not actual spending. If he is asked to change the substance, “it will be difficult for me because I cannot accept that.”

    Hours later the European Commission, the bloc’s executive arm, officially rejected the budget and asked Italy to take back, revise and resubmit its plans — the first time such demands have been made of a member state.

    “There isn’t any B plan,” Conte said in the interview in English at his Rome office. “I said that the deficit at 2.4 percent of GDP is the cap. I can say this will be our cap,” he said.

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October 24, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

‘VIOLENT REACTION!’ Juncker Warns Italy of Eurozone MELTDOWN Over Budget Proposals

  • ‘VIOLENT REACTION!’ Juncker Warns Italy of Eurozone MELTDOWN Over Budget Proposals
    by LEVI WINCHESTER, https://www.express.co.uk/
    JEAN-CLAUDE Juncker has warned that if the EU were to back down on its stance against Italy’s rampant spending they would risk a “violent reaction” from other eurozone countries. The no-compromise warning from the European Commission President is the latest signal that European Union chiefs are set to reject spending plans proposed by the indebted nation.

    Rome sparked a furious reaction from EU chiefs after unveiling plans for a deficit goal of 2.4 percent of GDP for 2019 – a figure that is three times the previous administration’s target. Italy has a nominal GDP of €1.89 trillion in 2018, indicating a deficit goal of roughly €45 billion, plans to ignore EU rules aimed at keeping nations’ to tight budgets and overspend by

    The Italian Cabinet signed off a spend-spend-spend 2019 budget on Monday night, in which they set out goals to boost welfare spending and slash the retirement age.

    But the proposals have set the nation up for a showdown with authorities in Brussels, who now have the power to reject plans, over compliance with EU rules. Speaking in an interview with the Italian news agency ANSA, Mr Juncker said: “Warnings were given possibly prematurely, but nothing has been decided so far and everything will depend on what comes out of our conversations with the Italian government. “If we accepted what the Italian government proposes, we would have a violent reaction from the states of the eurozone.

    “What is the euro? First of all, it protects us. If Italy didn’t have the euro, the country would be in a bad situation.

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October 18, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

Italy Declares War on Merkel and the EU

  • Italy Declares War on Merkel and the EU
    by TOM LUONGO, https://www.strategic-culture.org/
    If there were ever any doubts that the leaders of the Euroskeptic coalition that now runs Italy has a plan to defy the European Union its proposed budget should quell them. Both Deputy Prime Ministers, Luigi Di Maio of Five Star Movement and Matteo Salvini of The League, were adamant about locking horns with European Union leadership over all issues of sovereignty between now and May’s European Parliamentary elections.

    Their budget proposal which included both tax cuts and universal income blew past the EU budget limit of 2.0% of GDP, coming in at 2.4%. It has put their Finance Minister, Giovanni Tria, in a difficult position because Tria doesn’t want to negotiate this budget with Brussels, preferring a less confrontational, read more pro-EU, approach.

    Salvini and Di Maio, however, have other plans. And since I began covering this story last year on my blog, I’ve said that it was imperative that Salvini force the issue of the Troika’s demands – the EU, European Central Bank and the International Monetary Fund – back down their throats on debt restructuring/forgiveness.

    What I meant then, and I was focused on Salvini’s emergence as the leader of this fight, was that Salvini and Italy, because they are more than technically insolvent, have all the leverage in the negotiations. The size of their outstanding debt and the liabilities existent on the balance sheets of banks across Europe, most notably the nearly $1 trillion in TARGET 2 liabilities, are something Juncker, Draghi, Merkel and Christine LaGarde at the IMF simply cannot ignore.

    But, to do this Salvini and now Di Maio have to make a good faith effort to negotiate a good deal for Italy with Brussels, Berlin and the IMF. This is why the budget squeaked past the 2.0% limit and then they walked it back to 2.0% but with provisions they knew would anger the EU finance ministers.

    The point of this is to push Brussels and paint them as the bad guys to shift public sentiment back towards an Italeave position. Italy’s problems are not solvable with Germany holding the purse strings for all the EU countries.

    So, the first prong of their assault on the power structure of the EU is this, challenge them on their budget while making strong statements to the rest of Europe that they are not looking to exit the euro. If they do, it will be Germany forcing that situation.

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October 15, 2018 Posted by | Economics, GeoPolitics | , , , , , , , | Leave a comment

US Slams EU Aid for Iran

  • PressTV Published on Aug 24, 2018
    The US lashes out at the European Union for its decision to give 18 million euros in development aid to Iran. The head of the newly-formed Iran Action Group in the U-S State Department said the decision sends the wrong message at the wrong time. Brian Hook called on Europe to work with the US to help end what it called Iran’s threat to global security. The EU’s decision has also infuriated the Israeli premier.

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August 25, 2018 Posted by | GeoPolitics | , , , , | Comments Off on US Slams EU Aid for Iran

Italy Gives ECB An Ultimatum: “Guarantee” Bond Spreads Or “Euro Will Be Dismantled”

  • Italy Gives ECB An Ultimatum: “Guarantee” Bond Spreads Or “Euro Will Be Dismantled”
    by Tyler Durden, https://www.zerohedge.com/
    While the world remains focused on ground zero of the latest emerging markets crisis, Turkey, and whether contagion from its plunging currency will further pressure global assets, a new – well old – threat has emerged.

    In an unexpectedly sharp attack on the ECB, in two separate posts on Twitter, Claudio Borghi who is the euroskeptic head of the budget committee in Italy’s lower house, stressed that not only is Italy’s spread with German bonds widening, but also the ones of other nations like Spain are doing so. He added that “either the ECB will provide a guarantee or the Euro will be dismantled” as “there is no third option.”

    Commenting on the interview, several sellside desks have cautioned that this seems like something the ECB is unlikely to do as it represents a destabilizing stance and is thus bearish for the EUR.

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August 14, 2018 Posted by | Economics | , , , , | Comments Off on Italy Gives ECB An Ultimatum: “Guarantee” Bond Spreads Or “Euro Will Be Dismantled”

Turkey to Trigger EUROPEAN Financial Crisis as Lira Hits TERRIFYING LOW, ECB Gives Warning

  • Turkey to Trigger EUROPEAN Financial Crisis as Lira Hits TERRIFYING LOW, ECB Gives Warning
    by CARLY READ, https://www.express.co.uk/
    TURKEY has hit a fresh financial crisis which could cause a chaos across the eurozone after the lira plummeted to a record low.

    One US dollar bought 5.57 lira during evening trading yesterday with the troubled currency plummeting five percent in one day. Investors questioned the ability of newly elected President Recep Tayyip Erdogan’s to prevent the nation’s deepening financial turmoil spiralling further out of control.

    The slump of the lira, which has lost a dangerous 30 percent of its value since the start of 2018, has triggered the presentation of a new economic plan by the country’s finance minister and son-in-law of President Erdogan, Berat Albayrak.

    Though the nation has failed to address issues behind the currency’s fall in the past with president Erdogan refusing austerity measures, resulting in volatility seeping out of the nation and into the wider economy.

    The slump comes after threats by the country to retaliate after US President Donald Trump slapped sanctions on Turkey for continuing to trade with Iran and for the detention of American pastor Andrew Brunson, who has been held on terror charges.

    The European Central Bank warned sanctions constituted a “serious risk to the outlook for global trade and activity” and has shared concerned over the impact of the weak lira on European banks. The euro also fell 0.5 percent to trade at $1.14 in the early hours of this morning. This followed a report that Spain’s BBVA, Italy’s UniCredit, and France’s BNP Paribas banks could be particularly impacted by the ongoing depreciation of the lira.

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August 11, 2018 Posted by | Economics | , , , , , , | Comments Off on Turkey to Trigger EUROPEAN Financial Crisis as Lira Hits TERRIFYING LOW, ECB Gives Warning

What If Italy Leaves The EU and DEFAULTS On Its Debt? Get Ready For Capital Controls!

July 14, 2018 Posted by | Economics | , , , , , , , | Comments Off on What If Italy Leaves The EU and DEFAULTS On Its Debt? Get Ready For Capital Controls!

DUTCH FURY: Macron and Merkel’s Eurozone Reforms Brutally Shot Down with ONE Question

  • DUTCH FURY: Macron and Merkel’s Eurozone Reforms Brutally Shot Down with ONE Question
    by CARLY READ, https://www.express.co.uk/
    EMMANUEL Macron and Angela Merkel’s Franco-German campaign for a €25BILLLION Eurozone kitty to help finance crumbling member states has been brutally shot down by the Dutch Minister of Finance with one simple question.

    Wopke Hoestra laughed off France and Germany’s joint crusade for a multi-billion euro debt relief that would be paid for by the EU’s 28 member states by asking the rhetorical question “What do we need it for?”. He added: “For me this is a solution without a problem.”

    Mr Hoestra went on to say the EU had other issues it should devote itself to before adding “but that’s not part of it”, referring to Mr Macron’s budget proposal which after much pleading was given the nod by bosom buddy Ms Merkel.

    Poland joined the Netherlands in slamming the proposal, which has raised many questions about exactly how it would be funded, with Krzysztof Szczerski, who heads Poland’s President Andrzej Duda’s cabinet, issuing a chilling warning to the bloc.

    He said should the countries of the monetary union finance the budget themselves, it would not be an issue. “But if it is created at the expense of its contributions to the general budget, then this would be the end of the EU,” he added.

    Mr Macron is spearheading the campaign which he launched after a catalogue of crises with member states over the past few months that have put the Eurozone on the brink of collapse.

    First, there was Spain, which has been torn apart following Catalonia’s shock referendum that saw residents vote by a landslide to become their own independent state.

    Italy then plagued Brussels with a number of catastrophes when after months of political deadlock, Prime Minister Giuseppe Conte was finally sworn in after elections dating as far back as early March were deemed inconclusive.

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June 23, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , | Comments Off on DUTCH FURY: Macron and Merkel’s Eurozone Reforms Brutally Shot Down with ONE Question