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Italian Collapse …


English language media, controlled by the Anglo-Saxon Bloc, routinely predicts the collapse of nations.

Europe has a choice. Controlled devaluation of the Euro or a disorderly retreat. |  Cartoon By Patrick Chappatte  |  Published: November 10, 2011 |  Source & courtesy - nytimes.com  |  Click for a larger image.

Europe has a choice. Controlled devaluation of the Euro or a disorderly retreat. | Cartoon By Patrick Chappatte | Published: November 10, 2011 | Source & courtesy - nytimes.com | Click for a larger image.

For 90 years, culminating in Mussolini’s fall, Italy’s leaders were determined to create a sense of nationhood by turning Italians into conquerors and colonialists. Vast sums of money were therefore spent on expeditions to Africa, often with disastrous results; at the Battle of Adowa in 1896, in which an army was wiped out by an Ethiopian force, more Italians were killed in a single day than in all the wars of the Risorgimento put together. Although the country had no enemies in Europe and no need to fight in either of the world wars, Italy joined the fighting in both global conflicts nine months after they had begun when the government thought it had identified the winner and extracted promises of territorial rewards.

Mussolini’s miscalculation and subsequent downfall destroyed Italian militarism and at the same time punctured the idea of Italian nationhood. For 50 years after World War II, the country was dominated by the Christian Democrats and the Communists. These parties — which took their cue from the Vatican and the Kremlin, respectively — were not interested in instilling a new sense of national identity to replace the old one.

Postwar Italy was in many ways a great success. With one of the highest growth rates in the world, it became an innovator in such peaceful and productive fields as film, fashion, and industrial design. Yet the economic triumphs were uneven, and no administration was able to reduce the disparities between north and south. (via The End of Italy – By David Gilmour | Foreign Policy).

The overvaluation of the Euro is the one big reason why EU economies are suffering such a deep recession. |  Cartoon by Patrick Chappatte  spoofing Gloria Gaynor's pop-song, titled 'I will survive'.|  Published: October 31, 2011  |  Source and courtesy - nytimes.com.  |  Click for larger image.

The overvaluation of the Euro is the one big reason why EU economies are suffering such a deep recession. | Cartoon by Patrick Chappatte spoofing Gloria Gaynor's pop-song, titled 'I will survive'.| Published: October 31, 2011 | Source and courtesy - nytimes.com. | Click for larger image.

Problem with English language

English language media, dominated by the Anglo-Saxon Bloc has been anti-EU for obvious reasons.

EU is a challenge to …

Anglo-Saxon Hegemony

A stable EU dominated by Germany and France would be a significant challenge to the Anglo-Saxon Bloc.

For instance, an EU-Japan-BRICS alliance could prise apart, the dominance of the Anglo-Saxon Bloc.

Italy which was melded together in a post-Napoleonic, ‘secularized’ Europe, became a major industrial power – without the ‘benefit’ of colonies (like Spain, Britain or France) or a large home market (like USA).

Similarly, post WWII Italy, was able to manage its re-construction, even with coalition governments collapsing at metronomic intervals.

Between a resilient Italy – and predictions by a biased Anglo-Saxon media, who would you chose …


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  1. November 16, 2011 at 7:02 pm

    Anurag,

    Are you saying, Italy is NOt that weak as the media projects?

  2. November 17, 2011 at 7:05 am

  3. November 17, 2011 at 8:07 am
    Italian Government debt is a lot less than (say) the UK. Like this graph shows.

    The big story is that how much of Italian debt needs to be refinanced in short term. In troubled markets, with shaky banks.

    If that is high, then Italy has a short term debt renewal problem.

    UK on the other hand has long term debt – which is far higher than Italy – but then it issues debt in its own currency.

    So, Britain can mandate its own Central Bank to renew that debt. Problem over.

    But Italy cannot do that. ECB is a EU central bank – and may not be authorized to issue debt beyond a certain level.

    The other issue is house-hold debt. UK is a champion in house-hold debt. Italy, by comparison is a pygmy.

    Similarly corporate debt of Italian companies is a lot less than British corporates.

    The Italian banking industry is a far smaller part of Italian GDP compared to Britain. British Banks are a large part of the British economy. And this where a large number of currency, financial frauds are happening.

    Italian banking fraud is petty – and illegal. British banking fraud is huge – and legalized.

    Italian economy has fewer mega-corporations – compared to Britain or France. This means a vibrant, small-company culture. Italian dominance in design, engineering, fashion, food makes Italian economy much more vibrant than other EU economies.

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