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The Economist vs Italy's "Clowns"

Tyler Durden's picture


A few days ago Bloomberg mag did all it could to aliante virtually all racial minorities residing in the US (which in three decades will be the majority) by insinuating that Bernanke's second housing bubble is the sole source of riches for those not of the Caucasian persuasion. Now it is The Economist's turn to provoke well over half of Italy, by alleging that in not voting for technocratic, Goldman-appointed oligarchs who promote solely the banker backer interests, Italy has made a horrible mistake and has ushered in the circus...

And while it is clear what The Economist's agenda is - the fact that the magazine is owned by the FT, Cadbury, Rothschild, Schroder, and Agnelli is becoming more transparent with every passing day - a far better take on the implications of the Italian election, and the opposite to that of the Economist, was presented here yesterday by Charles Gave.

We repost it in its entirety.

Italian electors’ rejection of Brussels-imposed economic diktat is an extraordinarily important moment in the history of modern Europe - perhaps the best political news since the fall of the Berlin Wall. Given the power of unelected technocrats, it is easy to forget that sovereignty in Europe still resides with the nation state as expressed through elections. The problem for those unelected officials who conspired to capture the political system - think Jacques Delors, Jean Claude Trichet or Mario Monti - is the obvious failure of their great project. For the first time a majority of electors has decisively voted against the euro and rejected policies imposed by technocrats.

As usual, the proponents of technocracy claim that the Italian vote changes nothing substantively and soon it will be business as usual. This is the standard response whenever European electors express disagreement (think of referendums in Ireland, France, and Holland..) and upset this freedom-killing project. Since more than half of Italian voters chose parties with an overt anti-euro stance, I would beg to differ.

The euro project is a financial Frankenstein which could not and has not worked; this Italian vote may mark the beginning of the system’s ultimate demise. Italy is different from other European problem economies since it runs a primary budget surplus, a current account surplus and finances most of its debt internally. Hence, Italy can leave the euro tomorrow and be much better off. Italians have led the way and soon the Spaniards, French and the Portuguese will reject this slavery in order to achieve "reforms" whose only purpose is to make a dysfunctional system work.

But let us stop and consider what these technocratic elites mean by “reform”—an end which is apparently worth so much suffering. To translate their bureaucratese into a commonly understood language let’s first define the different groups which compete for resources and influence in the modern European context:

  1. The fellows who want to take care of themselves and be left alone - i.e., the entrepreneurs and those working in the private sector. These guys and only these guys create economic growth.
  2. Those who want someone else to look after them. These fellows tend to work in the public sector or be retired and can be called the “new rentiers.” These guys want to lead a stable and uneventful life.
  3. The fellows who want to lead their inferiors to a better future because they are smarter and know what is best. Borrowing from Thomas Sowell, I will call them the "anointed" since they very often have a very special relationship with their God, a kind of idol which they call by a strange name: the State. These guys have one and only one objective: the growth of their own political power.

Europe’s anointed decided a long time ago that we had too many little gods in Europe (The French State, the Italian State, the German State, etc.) and we needed to move to monotheism, thereby creating a European State or an altar where everybody could properly worship. Previously, each little individual god had its own "money,” with the peseta, drachma, French franc, etc., used by the local citizens to pay their dues to the local god. But as the French free market economist Jacques Rueff said, "a currency is a sewer in which unearned income is collected." In other words, if compensation is awarded even when nothing of value is produced, such “unearned income” will in time drag down the value of the currency.

The stuff that gets distributed through the sewage system varies greatly from one country to the next. Take the example of Italy, a strange country (which I love dearly) if there ever was one. The north has a large community of entrepreneurs, and the south a majority of “new rentiers”. Up until 2000, Italy had a simple way of solving this problem. Massive transfers were made from the north to the south in the local currency, while the fellows in the north were effectively paid in deutschmarks. From time to time, the lira was devalued which guaranteed that the fellows in the north remained competitive against their German competitors. Similarly, the "new rentiers" received their retirement income in the local currency, which minimized transfers taking place between generations.

Balance was maintained since private sector salaries tended to be indexed (with a lag) to the DM, while retirement benefits and public sector salaries were paid in lira. The same thing happened in France, where an abnormally large part of the population (much higher than in Germany) wanted to be "rentiers” i.e. civil servants.

Because the French and Italian currency sewage systems had more waste to recycle than their German equivalent, the exchange rates adjusted accordingly and harmoniously downwards. As 19th century philosopher Ernest Renan noted a nation is defined by "a willingness to live together" - and every nation in Europe, for most of the post WW2 period, found a way to uphold its local social contract.

To cut a long story short, it is the constitutional right of every country to be badly managed if the survival of the social contract binding the population is at stake. Finding a way to live together is much more important than being well managed.

Unfortunately, this common sense formulation was never understood by the European zealots, who were intent on destroying the old gods to replace them with their new and unique god - a new Roman Empire. In this sense, the similarity with the USSR project is striking (see our discussion of a Christian Europe vs the new Roman Empire in Was The Demise Of The Soviet Union A Negative Event?).

The euro was created as a first step towards a new Roman Empire and the result was that Italians had to effectively transfer deutschmarks to the south. France was also forced to pay its innumerable civil servants in DM. Retirement benefits across the eurozone were effectively set in DM, which savaged the younger generations. The result was that local entrepreneurs lost competitiveness and peripheral eurozone economies started to go bankrupt. The euro has thus caused the probability of recurrent devaluations to be replaced by the certainty of national bankruptcy. This fate can only be avoided by a total surrender of national sovereignty to so called creditor nations, which is a remarkable achievement.

It is against this dreadful backdrop that the Italians have just voted.

However, the fact that the euro is a disaster has absolutely no impact on our "anointed." They are not interested in the well being of the local citizens, but are in fact missionaries for a faith. Since they are appointed from upon high, they are able to preach to the sinners and demand their repentance, i.e., that they should "reform". Monti, for example, was very big on preaching the "reform" sermon.

By “reform”, our proselytizing elite mean the dismantlement of "national contracts” which had managed to unify each European polity. In their place, we have been granted a new social contract whereby the Germans pay for the Sicilian and French civil servants (read a “Federal Europe”).

The Germans are not exactly keen on this idea, so in order to placate their own virtuous fellows, Berlin has offered to organize a world of ever falling salaries in southern Europe—to teach the sinners a lesson. For the lapsed southern Europeans, such collapses in their standard of living is the only way to stay competitive so long as the fixed exchange rate stricture remains. Compliance also implies dismantlement of all the social protections that the rentiers of southern Europe have over many years managed to secure.

As a Frenchman, as a European, I want a diverse Europe in which each nation is managed by its own elected people. If the nation chooses to be poorly managed—so be it, this is what democracy is all about. I am not interested in a Europe where the standard of living falls precipitously for a large part of the population, nor am I interested in humiliating what were once proud countries in the hope that they desert their old deities and accept a new god.

And neither do I want to be administered by unelected technocrats delegated by the northern Europeans on the flimsy pretext that my own politicians are useless; they may be hopeless, but I am entitled to have them that way.

What the eurocrats offer under the banner of "reform" is nothing of the sort but just an increase in their power and the destruction of the incredible diversity which made Europe an endlessly fascinating place.

It is time to return to market prices and democracy and to accept that technocracy cannot work. I love Italy more and more. Indeed, for the first time in years, I can envisage a situation in which I feel bullish on Europe.


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Sat, 03/02/2013 - 09:59 | 3293216 Sandmann
Sandmann's picture

The Economist is a rag catering to US prejudices. It is staffed with Old Etonians and a socially elitist group of Atlanticists who have a Patrician Template for Imperial Rule. It is not even a good Economics magazine more an elevated version of Time. It is 2 decades since the Economist was a worthy publication.

Sat, 03/02/2013 - 10:09 | 3293223 GetZeeGold
GetZeeGold's picture



Does Bob Woodward write for those guys?

Sat, 03/02/2013 - 10:20 | 3293254 AssFire
AssFire's picture

Whoever wrote this should be in comedy:

Indeed, for the first time in years,

I can envisage a situation in which I feel bullish on Europe.

Sat, 03/02/2013 - 10:30 | 3293267 GetZeeGold
GetZeeGold's picture



Hard to be bearish when you realize there's an unlimited supply of money.

Bloomberg: Don't Panic, USA Has 'Infinite Amount of Money'...

Sat, 03/02/2013 - 11:06 | 3293319 Pinto Currency
Pinto Currency's picture


The clowns are the elitist bankers who got us here - we need to get the facts straight.  The Economist is simply an advertizing rag for the elitist bankers and the pages are not even useful for lining a bird cage as they are too glossy.  Not sure there is a useful purpose for what is really the City of London's Pravda.

Sat, 03/02/2013 - 11:57 | 3293379 AlaricBalth
AlaricBalth's picture

Lately Pravda has been scathing of US fiscal and monetary policy. For example...

"He (Obama) spent four years benefitting bankers, war profiteers, other corporate favorites, and super-rich elites. He did so at the expense of middle America. Others most disadvantaged suffered more. His administration prioritizes austerity. He wants America's social contract destroyed. Straightaway in office he demanded it. He hasn't changed his mind. He plays hardball. He wants Republicans blamed for bad policies he supports. They caused enormous harm to millions. He's got much more in mind. He pretends otherwise. Read his policies, not his lips. His record reveals rogue leadership. He's mindless of human suffering. He wrecked America's economy. Poverty, unemployment, homelessness, and hunger increased on his watch. The worst is yet to come."

You won't find any US mainstream periodical writing such a biting piece.

Sat, 03/02/2013 - 12:03 | 3293397 Pinto Currency
Pinto Currency's picture


I am referring to the Pravda of the CCCP that we all knew and loved so well.

Sat, 03/02/2013 - 12:08 | 3293403 AlaricBalth
AlaricBalth's picture

That's what I thought and up arrowed you for the analogy. I too recall how Pravda was the centralized mouthpiece for the Soviet Communist regime. Similar to how the NYTimes fulfills the same mandate now.

Sat, 03/02/2013 - 12:53 | 3293500 Spirit Of Truth
Spirit Of Truth's picture

Don't worry.  "Pravda", which means "truth" in Russian, will soon be back in full force:

"Capitalism" is on its last legs IMHO.

Sat, 03/02/2013 - 14:47 | 3293719 bigkahuna
bigkahuna's picture

Everyone is a capitalist, wether they admit it or not.

Sat, 03/02/2013 - 14:51 | 3293730 AlaricBalth
AlaricBalth's picture

Everyone is a capitalist with their own money, though many become socialists when it comes to other people's money.

Sat, 03/02/2013 - 15:44 | 3293844 Pinto Currency
Pinto Currency's picture


Crony capitalism with paper money controlled by central planners from and for the elitist bankers is on its last legs.


Sat, 03/02/2013 - 15:51 | 3293858 redpill
redpill's picture

They should change the name to The Ponziest.

Sat, 03/02/2013 - 17:10 | 3294043 knukles
knukles's picture

I couldn't fucking take it anymore... cancelled my subscription, finally.

Sat, 03/02/2013 - 15:00 | 3293746 mjcOH1
mjcOH1's picture

There is no Truth in Pravda.   And there is no News in Izvestia.

Sat, 03/02/2013 - 14:03 | 3293631 Lost Word
Lost Word's picture

Princess Diana once said something similar about a London newspaper lining the Spencer family birdcage. Perhaps it was the London Times. Later, circa Autumn 1995, I wrote a letter to Diana that I read the London Sunday Times and The Economist at my local Alabama library, and then those two publications started publishing very short echoes of my many handwritten letters mailed to Diana, 1995 to 1997. I still do not know how they got copies of my handwritten letters, either from Diana herself, or from Government spies intercepting and copying my mail, before sending it on to Diana. Probably the latter.

Sat, 03/02/2013 - 17:08 | 3294038 Freddie
Freddie's picture

Yup.  Great post/article by the Tylers. Kudos to the Italians, Egyptians trying to fight agaiunst Obozo's Muslim Brotherhood goons and the Syrians fighting against the same scum.  Ditto the Serbs who fought against the same NWO/banksters/CFR islamist thugs that corrupt Un and Clinton backed. 

The Economist is a joke now. I used to like it 20+ years ago but it is trash.  Magazines like that are Operation Mockingbird trash from western intelligence agencies aka the european bankster families propaganda. 

These magazines are dying because of sites like Zero Hedge where many of the posters arew far smarter than hack propagandist journalists writing for these magazines.

Some of the smarter ones posting here are MDB, rfobot trade and Paul Kurgman (sarc).  Most of the posters here are probably more qualified than the hacks at these mags or newspapers. 

The Tylers also churn out unbelievable amounts of good content too.  Daily stuff which is pretty amazing.

Sun, 03/03/2013 - 03:04 | 3294930 Kirk2NCC1701
Kirk2NCC1701's picture

Yes, the Tylers put out so much stuff each day, that my compulsive reading and blogging is interfering with my normal life. My wife is pissed that I spend more time w Tyler and his friends, than with her. Curse you, Red Baron! ;-)

Sat, 03/02/2013 - 11:54 | 3293378 MarsInScorpio
MarsInScorpio's picture

The really important thing about the Bloomberg comment, which went ignored by the MSM and shills like CNBC because it blows the cover of the American technocrats (i.e. Big Ben, et. al), is that these elites truly bvelieve they can do this forever and it will never need to end.


In fact, they truly believe they are better and better off the deeper the debt because it forces other nations to fund the US because the alternative is a collapse of their debt holdings - "the bank has a problem" meme.


Bloomberg is not a very bright light - if he were, he'd be higher up the food chain than being the janitor of the elite's US financial center. His job is to keep the peace for the elites - not to be confused with relentless violence inflicted by, and upon, the non-elites. Mikee is tasked with keeping the sewers flowing, the roads cleared, the hoodlums in the ghetto, the lights turned on, the communications wired, and making sure the elites can come and go as they please without too much worry for their persoal safety.


If he wants to make an ass of himself over quirky things like the size of soft drinks, letting the plebs have a 2-liter soda with their delivered pizza, keeping pain killers out of the hands of people who can't afford to buy their doctors, and with it, their endless supply of pain killers and other drugs for themselves - so be it.


They even let him delude himself into believing they might even let him be dictator, er, president.


(Quick aside - Speaking of the transformation over time that the presidency has become under a series of presidents begining with FDR and every one after him, did anyone miss the irony of "I am not a dictator" / "I am not a crook?" Sure Barack, sure . . . just like Tricky Dickie.)


(Back to NYC and the elites . . .) The rest of the citizens are just there to provide services to the elites, and are expendable - take a look at how Sandy's damage lingers, but the elite areas of NYC were up and running first and completely.


I noted his comment yesterday, and I'm glad to see someone else picked it up today. It is one of the most revealing comments uttered by a member of the elite-service provider corps.


Sat, 03/02/2013 - 19:44 | 3293649 Lost Word
Lost Word's picture

I doubt that Bloomberg will ever become President of the District of Criminals, despite his being a Roth-schild Shill.

Sat, 03/02/2013 - 10:31 | 3293266 NotApplicable
NotApplicable's picture

I see that Silvio is a fan of "The Leg" pose made famous by Angelina Jolie.

Sat, 03/02/2013 - 13:15 | 3293539 GMadScientist
GMadScientist's picture

There are times when I'm thankful the internet is not equipped with smell...the guy looks like old man stink personified.

Sat, 03/02/2013 - 14:47 | 3293720 Auntie Lo
Auntie Lo's picture

Maybe it's John Kerry... Europeans have the right to be "stupid" too?

Sat, 03/02/2013 - 10:05 | 3293226 Spider
Spider's picture

Beppe Grillo for US PREZ!

Sat, 03/02/2013 - 10:21 | 3293256 doomandbloom
doomandbloom's picture


Sat, 03/02/2013 - 14:19 | 3293658 Lost Word
Lost Word's picture

The current mayor of London is a similar iconoclast, and was born in the United States, perhaps could claim US citizenship, unlike the current Kenyan fraud President of the District of Criminals.

Sat, 03/02/2013 - 20:20 | 3294418 thisandthat
Sat, 03/02/2013 - 10:39 | 3293228 mjcOH1
mjcOH1's picture

Weren't the Italians told just a few short months ago to lose the bunga master or the good citizens of Germany would no longer be covering their bills?   This government should end quickly even by Italian standards.

Sat, 03/02/2013 - 10:11 | 3293235 Lost My Shorts
Lost My Shorts's picture

Well, maybe also City of London banker prejudices.  What do you expect from a magazine called the "Economist"?

They never made any secret of aspiring to be the standard bearer for what Europeans would call "neo-liberalism" and what non-ZH-reading Americans would call "centrist, responsible, grown-up".  To take such a slap at Italy tends to suggest a bit of pessimism and devil-may-care on their part, like they expect to be on the outside looking in soon, or retired to the Caymans and shaggitall.  That cover is probably the Euro's epitaph.

Sat, 03/02/2013 - 10:51 | 3293292 DUNTHAT
DUNTHAT's picture

Don't the Rothchilds own/control that magazine ??


Opps, cacete explains it all very well up a few posts from here....

Sat, 03/02/2013 - 10:52 | 3293297 AlaricBalth
AlaricBalth's picture

I got this off Wiki and it is very funny. Plus the actress in this one minute bit is quite beautiful.

"In 2006, Indian actor Abhishek Bachchan starred in a Motorola KRZR advertisement where one flight attendant asked if he wanted anything to read. He said "The Economist, please", which resulted in the young lady sitting next to him rolling her eyes and his mirror image called him a "fraud". He settles for Stardust instead. "

Sat, 03/02/2013 - 12:30 | 3293454 Kaiser Sousa
Kaiser Sousa's picture

"Beppe Grillo, the former comedian who holds the balance of power in Italy, has suggested the country may have to abandon the euro and return to the lire. In an interview with a German magazine published on Saturday, Mr Grillo said that “if conditions do not change” Italy “will want” to leave the euro and return to its former national currency."

Sun, 03/03/2013 - 03:18 | 3294940 Kirk2NCC1701
Kirk2NCC1701's picture

Get a Southern and a Northern Euro! Q.E.D.

Sat, 03/02/2013 - 10:11 | 3293220 francis_sawyer
francis_sawyer's picture

[Send in the Clowns]...don't bother, THEY'RE HERE...

Sat, 03/02/2013 - 10:30 | 3293268 AssFire
AssFire's picture

Thanks Francis,

I envisaged Barbra Streisand.

Now I must go back to bed to trick myself it was just a nightmare.

Sat, 03/02/2013 - 13:03 | 3293404 francis_sawyer
francis_sawyer's picture

Ouch ~ Didn't mean to fuck up your weekend... There's still time to recover with a comedy routine on bitcoins [whereby the "clown" metaphor would also apply]...


Edit (12:00): Wanna know what's hilarious?... Above ~ I could have stopped with the 'Didn't mean to fuck up your weekend' comment... But since it was innoculous as standalone, I decided to take advantage of the comment space & add the last part afterwards... Why?... Because I KNEW it would draw out the bitcoiners... A way of dredging the seabottom to see who happens to be lurking on a Saturday... The 'junks' didn't happen until I added the tag on edit...

In parlance ~ I just mined your ass... Funny how easily & quickly the 'secretive encryption society' drops its pants... Tuck that info into your bitcoin wallet...

Sat, 03/02/2013 - 13:45 | 3293593 ElvisDog
ElvisDog's picture

Oh, come on, we all know you secretly want to put the wood to Barbra, take her bra off, slide your hands up her flabby stomach to her wrinkly breasts. Just admit it.

Sat, 03/02/2013 - 14:51 | 3293729 Rogue Trooper
Rogue Trooper's picture

Dog.... STOP that, you just conjured up a world of WRONG.

Then again, how about a three-some. Ask Barb to bring Maxine Walters along?

Sat, 03/02/2013 - 15:04 | 3293748 piliage
piliage's picture

Hey. There is Babs now, and there is BABS in 1972

I'd have happily given her the wood, my wallet, checkbook, mortgage, and anything else I could have mustered...



Sat, 03/02/2013 - 15:19 | 3293782 francis_sawyer
francis_sawyer's picture



PURE HONESTY [from francis_sawyer]... There was a brief sliver of time that she could make me 'nut'... & that was while I was still in my 'PRE-TEEN' years...

Which goes to suggest:

- keep your politics to yourself

- keep your jewry to yourself

- & try not to age much

& you might make it to the finish line... [I'm not pretending to be the FINAL WORD on this ~ jus my 2 cents]...

Sat, 03/02/2013 - 17:35 | 3294083 mjcOH1
mjcOH1's picture

"Hey. There is Babs now, and there is BABS in 1972...I'd have happily given her the wood, my wallet, checkbook, mortgage, and anything else I could have mustered..."

Boobs 8" higher, but still bat-shit crazy.

Sat, 03/02/2013 - 10:03 | 3293222 Shvanztanz
Shvanztanz's picture

Sandmann, I think you proved two points at once, yours and ZH.

Sat, 03/02/2013 - 10:08 | 3293231 PUD
PUD's picture

People get the government they deserve.

Sat, 03/02/2013 - 10:19 | 3293238 francis_sawyer
francis_sawyer's picture

Californians elected Schwarzenegger [among other treats]... & California has the most electoral votes in national elections, which, by function, makes their VALUABLE input more important than yours...


On a national stage, you get Barbara Boxer, Dianne Feinstein, Nancy Pelosi, & Maxine Waters bundled in to that collective wisdom...

Sat, 03/02/2013 - 12:31 | 3293456 DaveyJones
DaveyJones's picture


Sat, 03/02/2013 - 12:40 | 3293479 francis_sawyer
francis_sawyer's picture

emphasis on the 2nd syllable

Sat, 03/02/2013 - 14:12 | 3293480 francis_sawyer
francis_sawyer's picture

emphasis on the 1st 'SEND' click ~ double post there... [bitcoiners must be 'at it' again, gummin up the internet springwerks in the never-ending quest to mine digital Bazooka Joe wrappers so they can save up enough to buy the 'X-Ray Specs' & finally get a look at some titty]...

Sat, 03/02/2013 - 13:10 | 3293527 GMadScientist
GMadScientist's picture

Conversely, Alaska and Wyoming stlll get representation in the House and Senate for reasons beyond comprehension.

On a national stage, you get Lisa Murkowski, James Inhofe, Michelle Bachmann, and Louie Gohmert bundled into that collective wisdom.

Sat, 03/02/2013 - 14:08 | 3293639 jwoop66
jwoop66's picture

LOl!  I know, right!?    If we could only get more higher intellects like Boxer, maxine waters, Henry Waxman, Nancy Pelosi, Harry Reid, Bernie Sanders.  Smart folks.  Don't forget intellects like Hank JOhnson-   

Yeah, I can't believe those dumb, stupid people you mentioned...

Sat, 03/02/2013 - 14:19 | 3293656 francis_sawyer
francis_sawyer's picture

I'm not a NASCAR fan... But politicians, in this way, remind me of NASCAR drivers [sans corporate logos]... Which is why I also get a kick out of the lefty elites when they try to depict the 'voting IQ" of NASCAR fans as all being equivalent to trailer trash...


It doesn't matter on which degree of arc or tangent the fly hits the web... The spider is still gonna have his meal...

Sun, 03/03/2013 - 04:34 | 3294969 IrritableBowels
IrritableBowels's picture

Flipping channels a few days ago (I was sick, okay?), found a NASCAR commentary with the major talking point being, "how do we increase racial diversity into the "sport"."

I almost puked out of every orifice in my body.  I hate nascar, too, by the way.

Sat, 03/02/2013 - 15:00 | 3293745 Rogue Trooper
Rogue Trooper's picture

So we can all agree that they are all fuckin 'tards?

Sun, 03/03/2013 - 04:32 | 3294968 IrritableBowels
IrritableBowels's picture

Don't forget Simpson

Sat, 03/02/2013 - 10:10 | 3293232 DaveyJones
DaveyJones's picture the writers own the tent?

Sat, 03/02/2013 - 10:11 | 3293234 Getting Old Sucks
Getting Old Sucks's picture

Good read, Thanks.

Sat, 03/02/2013 - 17:42 | 3294097 Bárðarbunga
Bárðarbunga's picture

Seems like everytime I try to "read" an article, I'm looking up words that don't exist.

Well, I did look up the word -aliante- which I found to be a Casino in Nevada. Has absolutely no fucking reason to be in this article. I'm sure the Tylers are way too busy to proofread their own headlines as the output of articles here has certainly reached critical mass.

It's something when posts contain references to something that leaves the mind wandering, but I think it would be great not having to stumble on words that get the idea tangled up before I can figure out just what the hell is being said.

For the record, I think substituting the word -alienate- might just work in the above headline description.

And before I get them: thanks to everyone who downvotes me...

Sat, 03/02/2013 - 23:23 | 3294724 mkhs
mkhs's picture

ZH is free.  Why are you so worked up about a double typo that you figured out? 

Sat, 03/02/2013 - 23:25 | 3294727 Orly
Orly's picture

Watch it, mister!  He's a grammar cop.  He'll nail you to the blackboard.


Sun, 03/03/2013 - 00:48 | 3294816 mkhs
mkhs's picture

Yeah.  Beggars are now choosers.

Sat, 03/02/2013 - 10:12 | 3293236 Cacete de Ouro
Cacete de Ouro's picture

The share capital of The Economist (Newspapers Ltd) comprises ordinary shares, special A shares, special B shares and trust shares.

The special A shares essentially control The Economist. The special A shareholders are the Schroder, Rothschild and Cadbury families, various ex chairmens' families and the desendents of one particular ex-chairman called Henry Strakosch (unless the Rothschilds regained Strakosch's shares). Details on the full A shareholder list do not appear to be easily attainable.

This link provdes a good summary of the ownerhsip structure.

The Financial Times holds 50% of the shares (excluding the Trust shares) through holding the special B shares, but the A shares and the Trustee shares ultimately control the company due to the way the A and B shares' board positions were set up, and the Trustee shares' special role.

There are 13 seats allowable on the Board, seven of which may be appointed by holders of the "A" special shares and six by the holders of the "B" special shares.

The Board currently has 11 board members. So you got it, 6 vs 5. See if you can guess who was appointed by who. Hint: They are all on the same side!

Sat, 03/02/2013 - 12:01 | 3293395 JR
JR's picture

Many of today’s old financial publications began with widely varied beginnings as did most of western civilization’s corporations but end up in the hands of today’s financial oligarchs.  The Economist was founded by the Scottish businessman and banker James Wilson in 1843 “to advance the repeal of the Corn Laws, a system of import tariffs.”

Here's more on today's ownership according to Wikipedia : “The publication belongs to The Economist Group, half of which is owned by Pearson PLC via Financial Times. A group of independent shareholders, including many members of the staff and the Rothschild banking family of England, owns the rest. A board of trustees formally appoints the editor, who cannot be removed without its permission.

“The Economist claims that it ‘is not a chronicle of economics.  Rather, it aims ‘to take part in a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.’ It takes an editorial stance which is supportive of free trade, globalisation, free immigration and some socially liberal causes. It targets highly educated readers and claims an audience containing many influential executives and policy-makers.

“About two thirds of the 75 staff journalists are based in London, despite the global emphasis.”

In December of 2012, the NY Times reported that multi-billionaire Michael Bloomberg was weighing making a run for the Financial Times, and thus, the Economist; thus further concentration.

By the way, here’s an interesting note on the business practices of The Economist : Lynn Forester, Lady de Rothschild “is the chief executive officer of E.L. Rothschild, a holding company she owns with her third husband, Sir Evelyn Robert de Rothschild, a member of the Rothschild family. The company manages investments in the British business magazine The Economist and various enterprises in India…” –Wikipedia (2010) thus more concentration.

Sat, 03/02/2013 - 12:39 | 3293476 Cacete de Ouro
Cacete de Ouro's picture

What Economist and FT writers really get up to....

Whereas Ecomonist and Financial Times journalists go out of their way to be gold disinformation specialists when writing for the FT and the Economist, some very senior former journalist staff from these publications a) have a more informed and positive view about gold than one would think, and b) are in regular direct consulations with senior Central Bankers who undoubtably talk gold when off the record, observations both primarily drawn through looking at the OMFIF, i.e. the Official Monetary and Financial Institutions Forum.

The OMFIF, who recently published a report, commissioned by the World Gold Council, titled "Gold, the renminbi, and the multi-currency reserve system",%20the%20renminbi%20and%20the%20mult... has a management board and an advisory board choke full of former FT and Economist senior journalists.

Of the seven member of the Board of Contributing Editors of the OMFIF

William Keegan: Former economics correspondent of the Financial Times
Joel Kibazo: Former journalist on the Financial Times
Stewart Fleming: Former US editor, New York corresponent and Frankfurt correspondent for the Financial Times
John Plender: Senior editorial writer at the Financial Times, and former financial editor of The Economist
Jonathan Fenby: Former senior position at The Economist

Of the four members of the Management Board of the OMFIF

David Marsh: Chairman and co-founder of the OMFIF.....and Former European Editor of the Financial Times
Michael Lafferty: Deputy chairman and co-founder of the OMFIF.....and formerly covered Banking and LEX at the Financial Times
John above

Some of the benefits that the OMFIF provide their members with is private access to the world's most senior central bankers, people who are intimately aware of gold's real role. So it can be assumed that the management and advisory board (i.e. the former FT and Economist journalists) in hosting these meetings, might learn a thing or two about the real roles of gold. The membership benefits are an eye opener. See below

Membership of OMFIF is on a bespoke basis and can include the following features

OMFIF MAIN MEETINGS: Main Meetings are off-the-record roundtable meetings that take place in major central banks around the world. These meetings convene between 40 - 60 central bankers and representatives of other official institutions with a select number of private sector specialists for a moderated, confidential dialogue.
OMFIF ECONOMISTS CLUB MEETINGS: Economists Club Meetings are focused roundtable discussions for around 10 private sector individuals and their official sector counterparts held in key central banks hosted by governors. This follows meetings with Deutsche Bundesbank (Nov 2011, May 2012), Banca d’Italia (Feb 2012), De Nederlandsche Bank (July 2012), Banque de France (Nov 2012) and Banco de Portugal (Nov 2012).
OMFIF EXPERT SEMINARS: The Golden Series is a programme of lectures and panel discussions followed by private, off-the-record working lunches for around 15 people and one-to-one meetings, typically held at Armourers’ Hall, in the City of London. Previous speakers include members of the European Central Bank Executive Board, Paul Volcker, former chairman of New York Federal Reserve Bank, Julia Leung, Under Secretary for Financial Services and the Treasury of the Government of Hong Kong and Lord Denis Healey, House of Lords.

Sat, 03/02/2013 - 14:32 | 3293684 Lost Word
Lost Word's picture

Sounds like Roth-schild. Sounds like the Bilderbergers.

Sun, 03/03/2013 - 11:01 | 3295252 Freddie
Freddie's picture

The people who invest in and start wars where millions get killed including U.S. Civil War.  Sadly - no one ever gets to them to stop them.

Sat, 03/02/2013 - 13:16 | 3293543 GMadScientist
GMadScientist's picture

Now do the same exercise on the WSJ.

Sat, 03/02/2013 - 15:03 | 3293749 Rogue Trooper
Rogue Trooper's picture

Two questions Gmad.  First, do you still believe in the 'Red' vs. 'Blue' meme? Second, did you actually vote for Obozo the Clown?


Sat, 03/02/2013 - 19:52 | 3294333 GMadScientist
GMadScientist's picture

No and no.

Sat, 03/02/2013 - 10:17 | 3293248 blabam
blabam's picture

Calling elected officials "clowns" will surely improve European relations. I can't wait to see their hubris blow up in their faces. 

Sat, 03/02/2013 - 16:16 | 3293917 Ghordius
Ghordius's picture

don't worry, continental europeans are very much used to British press tongue lashing - "clown" is practically endearing

Sat, 03/02/2013 - 10:19 | 3293250 q99x2
q99x2's picture

The smaller the government the more potential for being efficient and effective. Technology (open source software solutions) can replace the large interstate issues and a potential for a peaceful prosperous world exists. The enemies of humankind and prosperity are the annointed, the executioners of the state. They are the finincial terrorists and owners of such publications as the Economist. If only one small country will make the changes necessary the rest will be forced to follow or succumb to violent revolution.

Sat, 03/02/2013 - 10:21 | 3293255 Oldwood
Oldwood's picture

The elites must rule, lest they be eaten!

Sat, 03/02/2013 - 10:26 | 3293262 DaveyJones
DaveyJones's picture

taste like chicken

Sat, 03/02/2013 - 10:45 | 3293289 Oldwood
Oldwood's picture

But more chewy with a bitter after taste.

Sat, 03/02/2013 - 10:57 | 3293307 francis_sawyer
francis_sawyer's picture

tastes like calimari

Sat, 03/02/2013 - 23:32 | 3294735 mkhs
mkhs's picture

So why do they call it long pork?

Sat, 03/02/2013 - 12:13 | 3293308 francis_sawyer
francis_sawyer's picture


Sat, 03/02/2013 - 15:05 | 3293752 Rogue Trooper
Rogue Trooper's picture


Sat, 03/02/2013 - 10:26 | 3293261 booboo
booboo's picture

It is becoming clearer that once the idea is planted that the state, with it's  monopoly on virtually every aspect of human life backed by it's monopoly on the use of force is un-natural, wrong and just plain fucking evil then a not so new idea takes it's place and it will not so easily go away and that is that idea that man can life in peace with one another, trade with one another, make their own contracts and arbitrate their own conflicts with private law. 

Government (the state) on the other hand makes law not to avoid conflict but to institutionalize conflict. Government does not create goods and services, it creates bads and is by it's very nature a disservice to man. Free yourself from the shackles of believing that there can not be a country without the state, when everyday men shake hands across fences and make deals without the state, resolve conflict without the state, but realize this, more often then not by doing so these same men are most likely breaking a state imposed law by doing so and that should send shivers down the spine of every free man.

Sat, 03/02/2013 - 10:33 | 3293271 TimmyM
TimmyM's picture

Everytime I try to read the Economist I want that part of my life back. If they were even good at spreading their obvious elitist agenda, it might be interesting. It is too easy to see through.
As for Gave- bravo!
The only perspective missing is the role of banks and the credit bubble. The banks are the transnational overlords driving this failed project. We cannot fail to clearly identify the battle lines.

Sat, 03/02/2013 - 10:33 | 3293272 FLHRS
FLHRS's picture

Give me your whiskey, bullets and Italian women.

Sat, 03/02/2013 - 10:46 | 3293290 GetZeeGold
GetZeeGold's picture



Fella could have himself a pretty good weekend in Vegas with all that stuff.

Sat, 03/02/2013 - 12:42 | 3293487 ebworthen
ebworthen's picture

"Send Lawyers, Guns, and Money!"

Sat, 03/02/2013 - 15:06 | 3293758 Rogue Trooper
Rogue Trooper's picture

... and a Benneli M4

Sat, 03/02/2013 - 10:33 | 3293275 Pseudo Anonym
Pseudo Anonym's picture

good one. bunga, age 76, excluding the hair

Sat, 03/02/2013 - 15:10 | 3293767 Rogue Trooper
Rogue Trooper's picture

Yes, you can sense their anger at the perversions of Bunga Bunga.  The Elite and their useful idiots in the Economist editorial team prefer underage boys.

It's an Eton thang...

Sat, 03/02/2013 - 10:48 | 3293291 Shvanztanz
Shvanztanz's picture

Reuters Thinks Julius Caesar Was a Pope:

"Vini, Vidi, Vici"

Front Page 

Sat, 03/02/2013 - 11:19 | 3293337 bank guy in Brussels
bank guy in Brussels's picture

Roman Emperors took the Roman job and title 'Pontifex Maximus' ... i.e., head of all religious rites ...

Roman Catholic popes use the same title, translated in the English word 'Pontiff' and the phrase 'Supreme Pontiff'

So yes, Giulio Caesare was a 'Pope' ... maximally pontificating


Sat, 03/02/2013 - 16:15 | 3293914 PontifexMaximus
PontifexMaximus's picture

He is still alive

Sat, 03/02/2013 - 16:19 | 3293923 Ghordius
Ghordius's picture

Bless us, oh infallible one

Sat, 03/02/2013 - 16:36 | 3293970 PontifexMaximus
PontifexMaximus's picture

Dein Wunsch sei mir Befehl!

Sat, 03/02/2013 - 13:11 | 3293530 GMadScientist
GMadScientist's picture

In their defense, so did Caesar.

Sat, 03/02/2013 - 11:12 | 3293325 Cacete de Ouro
Cacete de Ouro's picture

Sir Simon 'Goldman' Robertson, Economist Board member:

"A City grandee, having worked at merchant bank Kleinwort Benson for 34 years, leaving for Goldman Sachs shortly after Kleinwort was taken over by Dresdner Bank, Robertson was appointed to the Rolls-Royce board in 2004 and became chairman in January 2005."

"At Goldman, he was president of Goldman Sachs Europe and he has also served on the board of the London Stock Exchange, Invensys and Inchcape. An Old Etonian, he is said to ski with the royals at Klosters."

Coming in at number 12...

Sat, 03/02/2013 - 11:12 | 3293326 falak pema
falak pema's picture

The Economist has ONE constant line of editorial : elitist and Thatcherian. FOr style its very versatile! 

So from that Olympian posture, all annointed by sharp witted, silver tongued Bullingdon scions as editorialists, blue bloods of Eton and Oxbridge extract, they judge the gruesome world; to the left the canons of the socialist dogma, to the right of populist hyperbola, from the south of third world revanchard posturising, from the north of teutonic, hegelian, unbending logic divorced from pragmatism; so un-British, so typical of that ghastly sounding... Nein, Nein Nein!

What can an island state, splendidly isolated yet electronically dominant in financial wizardry achieve, lost in a sea of woes without Britannia's chariot to ENSURE its hegemony, now unattainable dream, having lost its relay stations in Gibraltar, Malta and Cyprus; as everywhere else from Singapore/Hong Kong to tiny Falklands.  Can the City resuscitate that past glory?

Oh, for once we can dream like true Spartans of pure Mycenae fame. That is what Eton is/was all about! 

Posturise and gamble like Beau Brummel in the City! By Jove, we can at least show the world how the game is played,

In relaxed, stoical mode;  stiff upper lipped and mod foggy bottom apparelled, all mixed up like the East End crowd : Bowlers and chai wallas. That's England today, but who cares, as long as they accept flexitime and flexi-wages without French inflexible, soggy  baguette with minimum wage butter on it! 

"We ain't offering you 1 $/hour rates Mate, not yet! As that Taylor, tinker, sailor, spy guy from Titan tyres proclaims, like an American lout with no subtlety! We're still civilised, spelt with an 's' !"

It has, as always, one bogey man this so british construct : the enemy within, and in this irresponsible, Italian dago case, deadly contagion for all of banksta Europe including wobbly City, its those two clowns who fit that ominous suit of treacherous clothing. Enuff said! Little knowledge is a dangerous thing! 

"Roll up yor sleeves like a good fellow and start to work you Dagos. And let us take care of democracy and finance..."

Chop, Chop... we are capable of looking after ourselves and sinking any Armada you may want to send us! We have Nigel Porridge for that! As we have Boris as doormat for well healed Oligarchs.

You can find everything in London Town, even the gallows of Tyburn. 

Sat, 03/02/2013 - 12:26 | 3293443 Jack Sheet
Jack Sheet's picture

D'accord,  the green subheading should read: "how Italy's disastrous election threatens  the future of Rothschild holdings of Italian government bonds"

Sat, 03/02/2013 - 12:56 | 3293505 falak pema
falak pema's picture

Frothy Rothy charge sheeted by Jack! 

Sat, 03/02/2013 - 23:42 | 3294749 Orly
Orly's picture

Bravo, falak!  A nice golf-clap for you...

It is Britain now, isn't it?

Cosmopolitan to the Cosmos, rankled and enveloped in its own entropic environment; the yobboes, the rag heads, the poofters, wankers and cunts.

But in the Midlands, the grandmother looks about and frowns, nearly cries every day for what was once England.

Granted, it was hard times all along.  She remembers the sirens on the Newsreel, angry and aiming, squealing like a homing beacon; so vivid in the shelter later that night.

Ship-building was lost, then the mines, money moved to The City and for a while, things weren't all that bad.  Because it was still British.  The pubs on a Saturday night; the one with the American license plates hanging on the wall, the jukebox full of dusty memories.

But then the government abdicated, took the side of the criminal and had you fill out a form after you'd been robbed.  And that's when the entropy set in; the yobboes, the rag heads, the poofters, wankers and cunts.

It is sad you're right: it's not Britain any more.


Sun, 03/03/2013 - 06:14 | 3294999 falak pema
falak pema's picture

one gets the feeling there is Londonistan of Oligarchy land and there is the rest...another country! 

Sun, 03/03/2013 - 08:13 | 3295058 Sandmann
Sandmann's picture

Bit like the Norman Overlords really

Sun, 03/03/2013 - 11:45 | 3295323 Orly
Orly's picture

It is exactly two countries, with government pandering to les nouveaux riches foreigners who own The City and then the rest of us, completely ignored until such time as to empty our pockets.

How can the most popular boys name in Britain be Mohammad and Paul kicked to the curb?  How does one get a council flat at eighteen with three kids?  How are there Arab quarters the cops daren't enter?

They don't care.  As long as there is an economic construct to London to pay the bills, then Yorkshire can go to the dogs.  Next, they'll build a wall around it and a giant moat and only those with permissions may enter the capital of formerly Great Britain.

In isolation, that would make it easier to torch.


Sat, 03/02/2013 - 14:24 | 3293666 Scalaris
Scalaris's picture

This luxuriantly mordant little prose covers my seething rage with a shroud of delightfulness.

Well done sir.

Sat, 03/02/2013 - 14:43 | 3293709 Lost Word
Lost Word's picture

London Templar pirate bankers wealth and some USA Skull and Bones bankers wealth built upon the old China Opium trade, just like current banksters drug trade money laundering.

Sat, 03/02/2013 - 15:21 | 3293785 Rogue Trooper
Rogue Trooper's picture

+1000 falak.

Reminds me of Tom Brown School Days. You can visualise 'Flashman' on the editorial board of The eCONomist eyeing up some fresh Etonian copy writer.  Winking to Baron Rothchilds 'man' on the board, inviting the young fella to the Club for drinkies, drugging the bastard and later they can tag team him for a savage rodgering.

Sat, 03/02/2013 - 16:19 | 3293922 hooligan2009
hooligan2009's picture

sorry old bean, but the old school tie was kicked out of the city at the time of the "big bang" in 1987. the city of london is about as british as french fries.

it is home to american, french, german, dutch, belgian, scandi, canadian, australian, spanish, italian, japanese, brazilian, russian etc etc banks who punt around in foreign currency bond and derivative markets.

there are only 3 non-government owned british banks left out of the 300 that trade in london and no british stockbrokers; barclays (arms length owned by BofA) and HSBC/Standard Chartered Bank (who mostly operate in asian and latin american markets).

non-UK banks employ 90% non-British people on their front desks; the british are confined to providing accounting and back office functions, with the catering provided by east europeans and those from the sub-continent. admittedly, the back office employs as many as the front office, but the british are definitely second class citizens.

more brits are employed in fund managers (especially small ones) and insurance companies; even these "bastions" are largely staff by second or third generation immigrants these days.

the city of london has nothing to do with Eton, Windsor, Oxford, Cambridge or Sandhurst....just saying 


Sat, 03/02/2013 - 16:24 | 3293941 Ghordius
Ghordius's picture

well said and in line with my experience

Sat, 03/02/2013 - 17:50 | 3294054 falak pema
falak pema's picture

I am talking about the Economist creed, it goes back to the understandable frustration with old Labour and the Maggie revolution.

The Economist was young then and very Etonian; like the Conservative party. Admittedly the Big Bang was open house and old school was not the "new style" after big bang; but it stayed so faithful to its roots, in Media and politics, core incestuous relays; for which THe Economist carried the flag all thru the Thatcher and Blair years. 

Just look at the top young lions of Conservative party today : Cameron, Osborne, Haig and Boris, all of that old school Bullingdon breed...

Here : George Osborne: from the Bullingdon club to the heart of government | Politics | The Observer 

So, Boris, rioters make you angry. What about your Bullingdon pal? - UK Politics - UK - The Independent

Inside the Bullingdon Club, notorious Oxford University drinking club of George Osborne - Mirror Online

Sat, 03/02/2013 - 18:44 | 3294186 hooligan2009
hooligan2009's picture

my apologies..i stand corrected..thought you were talking about the City of London..the economist is a shit mag, even its cartoons are crap..

Sun, 03/03/2013 - 08:13 | 3295056 Sandmann
Sandmann's picture

Did deeper - Cameron with a Scottish grain-trader and Continental Jewish background tied into William IV. Osborne part of the Irish Ascendancy with Hungarian background. Boris Johnson with Turkish background. Don't dig too deep however or you might find Clegg has a non-British background, Miliband, Howard, Lawson...............but go Labour and find out how many Communists were in Blair's regime - and just how he was an androgenous front-man for the Marxist New Labour Project. Go google Common Purpose

Sun, 03/03/2013 - 09:42 | 3295143 falak pema
falak pema's picture

Tony Blair and marxist labour project : I'm sure Tony BEnn, the true old guard marxist, would spit out his coffee or tea if he heard that! 

Tony Benn - Wikipedia, the free encyclopedia

As would Maggie if she refound her head. 

Sun, 03/03/2013 - 13:59 | 3295562 Sandmann
Sandmann's picture

Anthony Wedgwood Benn was an idiot - rich  artistocrat from a Liberal publishing family related to Josiah Wedgwood playing Prole. Blair's Cabinet in contrast contained at least 5 Communists

Sun, 03/03/2013 - 15:11 | 3295700 Lost Word
Lost Word's picture

There is a long history of old British family lords going broke and marrying new money daughters, or new money marrying old British family daughters. If I remember correctly, Roth-schild was the first wealthy Jew to be made a British lord by the British monarch or Prime Minister, now still with its Roth-schild family hereditary place in the House of Lords, and who knows how they have now intermarried Jews and Gentiles banksters.

Sun, 03/03/2013 - 08:09 | 3295055 Sandmann
Sandmann's picture

There are quite a few Russians at Eton. It doesnt discriminate on anything but money and offers a golden path to lots of non-British.

Sat, 03/02/2013 - 11:15 | 3293333 Rip van Wrinkle
Rip van Wrinkle's picture

"Unelected technocrats" = "Dictators"

Sat, 03/02/2013 - 11:16 | 3293334 jeebus
jeebus's picture

I've never really read the Economist. I've done OK for myself. This validates that decision.

Sat, 03/02/2013 - 11:19 | 3293336 Fuh Querada
Fuh Querada's picture

Camoron could easily take his place on that cover.

Sat, 03/02/2013 - 14:46 | 3293717 Lost Word
Lost Word's picture

As a Clown, yes, but not as being anti-establishment.

Sat, 03/02/2013 - 11:21 | 3293341 Lumberjack
Lumberjack's picture

Obama/BIC international

Sat, 03/02/2013 - 11:45 | 3293368 slackrabbit
slackrabbit's picture

WARNING:The media says  is a comedian, he's not. He's a very smart and honest man, who through the entire election campaign refused to appear on the mainstream media and campaigned on getting rid of corruption and getting in independent audirors and shutting down bankrupt banks.

And the media labels him a 'comedian'.

Sat, 03/02/2013 - 12:05 | 3293398 ebworthen
ebworthen's picture

Which is precisely why the media labels him a clown - he isn't playing along with the crooks, thieves, charlatans, and propoganda ministers; he is not a part of their goupthink doubleplusgood club.

Sat, 03/02/2013 - 17:03 | 3294029 Bingfa
Bingfa's picture

Whatever/whoever the media is violently opposed to is a sure sign that would be the right path.

But who really trusts the media anymore?

Besides the cult of Obama.

Sun, 03/03/2013 - 09:59 | 3295163 TBT or not TBT
TBT or not TBT's picture

Hmm. He also carries on about the illuminati/joooos and has delusional and/corrupted ideas about Islam and islamism and Islamic banking. Italy is in pre fascist state again, and this guy is barking about the wrong enemies, as fascist regimes always end up doing.

Sat, 03/02/2013 - 12:21 | 3293426 Jack Sheet
Sat, 03/02/2013 - 16:27 | 3293948 Ghordius
Ghordius's picture

+1 slackrabbit has some points and Tarpley too. complex man

Sun, 03/03/2013 - 09:27 | 3295120 Escapedgoat
Escapedgoat's picture

There goes bang with a flash, my theory for Wedster T. as an independent comentator. And his theory about SIRIZA  of Greece (Sexy Alexi, A "Leftie" went to Wasington DC,twice, to get his Credentials checked and APPROVED,  to be the next Prime Minister. Another ESTABLISMENT  PAWN.

Sat, 03/02/2013 - 13:18 | 3293548 GMadScientist
GMadScientist's picture

Refused or couldn't afford?

You're right; that's not funny at all.

Sat, 03/02/2013 - 11:49 | 3293371 smacker
smacker's picture



Charles Gave should not hold his breath waiting for Italy to become leader of a revolution against the EU & EZ. The EU-cratocracy and EU political elites will already be hard at work behind the scenes using a mixture of bribes and threats to force the Italians back into line, aided and abetted by politics of fear articles published by the likes of The Economist, FT and MSM.

Sat, 03/02/2013 - 12:34 | 3293465 Jack Sheet
Jack Sheet's picture

Correct, although very few observers realize this. The EUR is the trial run for the New World Order single currency (SDR) after the planned collapse of the USD, and cannot be allowed to fail.

Also, any of the local EU central banks can print money, as exemplified by Greece and Ireland.

Sat, 03/02/2013 - 16:38 | 3293973 Ghordius
Ghordius's picture

then why EUR first? if the eurozone succedes, why should we be willing to go through the ordeal of what we would perceive as an enlargement?

the 1971 USD is Uncle Sam's idea, the SDR is the BRIC's wish for an alternative and a regional continental sized currency confederation is our attempt - to prepare for storms

merging zones is painful for a while and we know it - lastly from when the German Federal Republic merged with the German Democratic Republic in the 90's

and as you write yourself, the member national banks of the ECB aren't slaves of the center

Sat, 03/02/2013 - 11:53 | 3293382 Bingfa
Bingfa's picture

Fake elections, fake Government, fake money, fake news, fake freedom, fake food...

There you have it, The brave new world

                  Be proud and run like Hell.....

Sun, 03/03/2013 - 00:27 | 3294792 monad
monad's picture

Where are you going to run to? Use your head.

Sat, 03/02/2013 - 11:57 | 3293386 ebworthen
ebworthen's picture

I almost caught a bad case of snobbery & arrogance being exposed to that Economist cover.

Sat, 03/02/2013 - 11:59 | 3293392 DblAjent
DblAjent's picture

F you, Economist.

Uh, mi dispiace...a va fan culo, Economista.

Sat, 03/02/2013 - 13:35 | 3293577 TNTARG
TNTARG's picture

If you allow me, it's "vaffanculo". Kisses.

Sat, 03/02/2013 - 12:02 | 3293396 Yen Cross
Yen Cross's picture

 Clowns are good for volatility. The algos hate non headline driven market moves. I wouldn't be surprised to see a flash crash next week. Some [MFG esk] dick weed will get his fat finger stuck in the till<

Sun, 03/03/2013 - 00:05 | 3294775 Orly
Orly's picture

Hey, YC!  Sporting the new Avatar.  Looks nice.  :D

EJ tanks hard next week.  How do you think?


Sat, 03/02/2013 - 12:07 | 3293402 tip e. canoe
tip e. canoe's picture

better clowns than schmucks

Sat, 03/02/2013 - 13:28 | 3293567 disabledvet
disabledvet's picture

and better schmucks than schmegeggies. there's nothing lower than a schmegeggie.

Sat, 03/02/2013 - 12:24 | 3293427 Downtoolong
Downtoolong's picture

India mastered peaceful resistance under Gandhi. Maybe Italy will master comic resistance under ????.

I just want those topless protestors to come back as cheerleaders for whoever gets into office.

Sat, 03/02/2013 - 13:19 | 3293550 GMadScientist
GMadScientist's picture

Much more peaceful with the Brits than each other at times.

Sat, 03/02/2013 - 12:23 | 3293432 rustymason
rustymason's picture

I think you misread the Economist. It is a liberal/lefty rag and loves the darkies and hates Euros very much. It simply went overboard with its negro worship and irritated the overly sensitive.

Sat, 03/02/2013 - 12:25 | 3293436 lolmao500
lolmao500's picture

In other news...

Iraqi forces attack FSA positions inside Syria

For the first time, Iraqi forces opened fire on Syria shelling the positions of the Free Syrian Army (FSA) days after Iraqi Prime Minister Nouri al-Maliki warned that a victory of the Syrian opposition would spread chaos in the region.

Al Arabiya correspondent near the Syrian-Iraqi border reported that Iraqi snipers took up positions on buildings near the Rebiya crossing while others forces shelled the positions of the Free Syrian Army.

The correspondent said that large reinforcements were being deployed by the Maliki government in Baghdad near the Syrian borders.


Sat, 03/02/2013 - 12:26 | 3293447 shovelhead
shovelhead's picture

The Economist?

A picture is worth a thousand words.


Sat, 03/02/2013 - 12:29 | 3293452 Richard Whitney
Richard Whitney's picture

Bloomberg Radio gives a microphone every day to some 'serious' official or academic who is, in reality, just another shill for the EU. It is those interviewees, and Bloomberg, who are the clowns. It is transparent that they are promoting that undemocratic EU, yet they are treated as objective observers and analysts. It degrades the regard the Bloomberg hosts have otherwise earned.

The Economist is simply engaging in the tactics they have seen exercized by Clinton and BHO, namely, personal attack in lieu of substance. Monti was thoroughly rejected in a free and fair election? Call in the Slander Guns!

Sat, 03/02/2013 - 12:30 | 3293455 aleph0
aleph0's picture

This is a MUST WATCH :


Beppe Grillo talking to thousands of Italians.
English subtitles start at aca. 1.5 minutes

Sat, 03/02/2013 - 17:03 | 3294031 Bob
Bob's picture


This guy is incredible. 


Sat, 03/02/2013 - 17:31 | 3294076 Bingfa
Bingfa's picture

That reminded me of seeing Ron Paul at a local University

That guy was a Rock star, It was like seeing U2 or something

                     People we're going nuts


Sat, 03/02/2013 - 19:53 | 3294337 aleph0
aleph0's picture






... If it's OUR MONEY , why do they lend it to us ? ...

Explains to the italian people what DEBT-MONEY really is !


Sun, 03/03/2013 - 00:21 | 3294786 Orly
Orly's picture

Definitely worth watching both of these videos, so that we can all see just exactly what kind of "clowns" we're dealing with.

I won't speak for Berlusconi but Beppe knows just what he is talking about and has a unique delivery style that keeps the audience rapt entirely.  Actually, that essence reminds me of how Richard Pryor could hold an audience...but that wasn't about monetary policy.

Do yourself a favour and see what this man is really about.


Sun, 03/03/2013 - 09:14 | 3295070 Escapedgoat
Escapedgoat's picture

The GREEKS do NOT owe anything, the Ultra Corrupt and Professional Crooks (Mascarading as Politicians) have borrowed and concealled most of the money buying useless war toys (that essentially is Trbute to their Masters) Their enemies, the Turks, are doing exactly that as well. Their Masters through the Bank of Greece, somebody can investigate who the Owner of that bank is and tell us (we would be gratefull to find out), which is NOT Greek, is the tool through which most of the Money FLOWS OUT  of the country. and Beppe Grillo has an equivelant in Greece in the Form of Economist called Dimitri Kazakis. Oh and I forgot, he has the same popularity with the TV channel owners as that of Bepe Grillo.


Sat, 03/02/2013 - 12:36 | 3293468 Lord Of Finance
Lord Of Finance's picture

I heard James Hetfield say in an interview that they tried to write a song about the financial elitists for their great and underated concept album, 'Master of Puppets', but they could not make it work. It is a tough concept. Roger Waters took on the issue perfectly on the song, 'Dogs'. Hammer meets nail on that one.


 But these banking elite are the ultimate masters of puppets. It does appear that the puppets are coming back to life, and this is a good sign, even if the puppet takes the form of a clown.

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