Italy: "An Orgy Worthy Of Bunga Bunga"

Tyler Durden's picture

Submitted by Mark Grant, author of Out of the Box,

OUT OF THE BOX: "THE DEVIL HAS HIS ELECT."

Politics: An occupation akin to numerology and astrology lacking the precision of the former and the success of the later.
 
Having just left Italy I am amused by the new Italian government. Somewhere between promises and outright gifts of money, I suspect, our old friend Berlusconi has managed to place himself in power once again. How very convenient, with two trials pending, that a member of the government cannot be prosecuted in Italy. The old fox has outwitted his antagonists once again and a nod must be given to his achievement. 
 
Politics:  The daughter of Hope and Fear who tosses out platitudes like rice at a wedding and assures everyone that they are Heavenly bliss.
 
No mention in the press of any of this of course. All of the EU “hails, welcomes and applauds” the new Italian government. Mr. Grillo thinks that the new government will last but a few scant months as Europe breathes a sigh of relief that the 5 Star Party is not in control. Far better to deal with the devils that you know rather than new ones that may be far worse.
 
When dancing with the Devil the old boy isn’t changed. It is you that is changed by the dance.


 
Beyond the politics of the moment Italy is besieged by a very serious crisis. As the various central banks dump money into the system the yields on Italian sovereign debt have gone down but this does not change the economic difficulties. The official debt to GDP ratio is 136% but the actual number is somewhere around 280% which is unsustainable by any measure. The banking system in Italy is in dire straits and while the country has private wealth and assets the public sector is quite close to going over the cliff.
 
“The Devil has his elect.”
 
                        -Thomas Carlyle
 
Italy’s difficult position was enumerated in a Bank of Italy report to parliament last week which said the economy was going through its most acute crisis since World War II. Economic output last year was nearly 7% below that of 2007, while disposable incomes had fallen 9.5%. Industrial production had collapsed by 25% over five years, while the building sector shrank 22%. Unemployment had nearly doubled to 11.7% the Italian central bank said.
 
Mr. Grillo’s response to the new government was amusing: “An orgy worthy of bunga bunga.”
 
Perhaps Caligula and his minions have returned to govern the Roman Empire.