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antifragile

21 Posts.

04/07/16

21:58

Post #: 18191783
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Originally posted by 23skidoo ↑

Here's the thing.
Italy uses the Euro. It has no hope of exiting the EU or the Eurodollar. It is just as powerless (stuffed!) as Greece, because it has already surrendered its foreign policy to Brussels.
Any additional money Italy borrows to prop up its ailing banks will have to be paid back. Borrowing money from external banks to bail out ailing zombie Italian banks to avoid bail-in ( EU policy) just means all Italian taxpayers pay instead of just the depositors and shareholders.
Choose your poison.
Italy is on exactly the same road as Greece. The private banks will end up seizing Italian national assets in payment for loans Italy won't be able to service. It's down the track a bit, but inevitable.

This is what makes Brexit so historic. Britain still has a chance to control its destiny. But it hangs in the balance.
An ignorant population who voted Bremain have no idea that the British Pound is incompatible with EU membership. The EU endgame is FULL POLITICAL AND ECONOMIC UNION.
It means that if Britain allows itself to be fully integrated into the EU, the Pound must be eventually legislated out of existence by Brussels, and London's place as a major financial centre must disappear.
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