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Italy's New Government Approval Rating Plummets From 43% To 34% In Three Weeks, Protests Return

Tyler Durden's picture




 

It was less than a month ago that the new Italian government of the pseudo-technocrat Letta, of Bilderberg 2012 and Aspen Institute fame, was voted in by a majority of the PD and the PDL parties (the latter agreeing so Berlusconi would get an extension of his much needed political immunity from assorted prison sentences). It may not last too long. As Reuters reports, it took just 20 days for Letta's approval rating to plunge by 25%, dropping from 43% at the start of the month to 34%, according to an SWG institute poll. It would appear the Italian people (unlike their Japanese peers who at least according to government-controlled media data could not be happier with PM Abe, supposedly because of the bubblelicious 50% rise in the Nikkei225 year to date, even though under 20% are actually invested in the stock market making one wonder just how credible polling, and all other data in Japan actually is) don't have Mrs. Watanabe's childish fascination wth soaring stock bubbles, sexy bonds, mini skirts and 2% inflation bras, and instead demand real economic results. Which also means the protests are once again back.

Thousands of people protested in Rome on Saturday against austerity policies and high unemployment, urging new Prime Minister Enrico Letta to focus on creating jobs to help pull the country out of recession.

 

"We hope that this government will finally start listening to us because we are losing our patience," said Enzo Bernardis, who joined the sea of protesters waving red flags and calling for more workers' rights and better contracts.

 

Less than a month in power, Letta is trying to hold together an uneasy coalition between his center-left Democratic party and the center-right People of Freedom, led by former prime minister Silvio Berlusconi.

 

Confidence in the government, cobbled together after inconclusive elections, is already falling, with one poll on Friday by the SWG institute showing its approval rating had dropped to 34 percent from 43 percent at the start of the month.

 

"We can't wait anymore" and "We need money to live" were among slogans on banners held up by the crowds.

 

Letta promised to make jobs his top priority when he came to power in April after two months of political deadlock. But several protesters complained he was not sticking to his vow, focusing instead on a property tax reform outlined this week.

The people's chief demand: end that perpetual scapegoat for everything that is wrong in Europe, "austerity" (the same austerity that was never actually implemented but since it distracted from politicians' gross incompetence, it was a handy propaganda tool). The problem, as all those who are even remotely familiar with finance know is that in a Keynesian world, it is all about credit creation - the same credit creation which can no longer take place in Europe for the various reason explained before.

Union leaders said he needed to shift away from the austerity agenda pursued by former Prime Minister Mario Monti, who introduced a range of spending cuts, tax hikes and pension reform to shore up strained public finances.

 

"We need to start over with more investment. If we don't restart with public and private investments, there will no new jobs," said Maurizio Landini, secretary-general of the left-wing metalworkers union Fiom.

 

Italy is stuck in its longest recession since quarterly records began in 1970, and jobless rates are close to record highs, with youth unemployment at around 38 percent.

 

Other protesters were pessimistic that Letta's fragile government would be able to take effective action.

Of course to get "investments", one needs funding, and the problem is that virtually all sovereign bond issuance - for now driven by the BOJ's monetization-facilitated carry trade impulse - is going to indirectly prop up the local insolvent banking system, not to fund public spending. That too will become clear in due course, but for now there is hope.

However, even the hope is running out, leading to the people's, accurate, conclusion:

"This government will last a very short time," said demonstrator Marco Silvani. What we need is a new leftist party that fights for the rights of the people," he said.

Or, in other words, the same left party "solution" that France got and that has managed to crush the local economy to a double-dip recession in just one year.

 

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Sat, 05/18/2013 - 13:23 | 3575966 FreedomGuy
FreedomGuy's picture

What do you suppose Hitler, Stalin and Mao's approval ratings were? Not the official government ones of 100%, mind you. I mean the real ones. So, what do approval ratings really do? Is the centrally planned collectivist socialist welfare state going to end because of approval ratings?

Sat, 05/18/2013 - 13:36 | 3575989 Aurora Ex Machina
Aurora Ex Machina's picture

Hitler / NAZI party achieved 43.91% of the free Democratic vote in 1933. In 1936, they got 98.80%, but you can consider that one to be non-Democratic. However, during the wartime regime, there were certainly anti-NAZI plots both within the military and protest from the general populace, but not mass revolt.

Before the war? Popular.

 

Your lack of history will make you easy prey for predators out there, just as a warning.

Sat, 05/18/2013 - 13:38 | 3576006 lolmao500
lolmao500's picture

People LOVED Hitler in 36.

Just read the various books on the period, especially Shirer's.

Sat, 05/18/2013 - 13:44 | 3576023 Accounting101
Accounting101's picture

They may have not had a choice.

Sat, 05/18/2013 - 14:45 | 3576174 Rubicon
Rubicon's picture

Of course they had a bloody choice! They just liked smoke being blown up their butts!

Sat, 05/18/2013 - 13:55 | 3576046 Rustysilver
Rustysilver's picture

Aurora Ex Machina,

It took hitler two tries before he had any governing majority,

Sat, 05/18/2013 - 14:08 | 3576072 Aurora Ex Machina
Aurora Ex Machina's picture

I'm well aware of the history; I also know he got his big break kicking the shit out of the Communists with the SA in tow, and a large part of his funding was tied to Big Business dislike/fear of said Communists. Might want to look to USA corporations for their investment portfolios at the time.

 

Your point?

Sat, 05/18/2013 - 14:24 | 3576124 trader1
trader1's picture

https://www.youtube.com/watch?v=z7feldyduyg

 

hitler was able to hypnotize the masses...

Sat, 05/18/2013 - 16:46 | 3576370 FreedomGuy
FreedomGuy's picture

I actually know my history very well including the myth that Hitler was popularly elected. That is one to watch out for. My point that perhaps you miss is that while popularity polls are nice, they really don't mean much.

Sun, 05/19/2013 - 03:52 | 3577411 Ghordius
Ghordius's picture

myth? what myth? -1

Sun, 05/19/2013 - 06:21 | 3577469 Bearwagon
Bearwagon's picture

Maybe he refers to the fact that it was a coalition of several parties which made him chancellor. The votes of the NSDAP alone would not have been sufficient. He needed "Stahlhelm", "DNVP" and "Zentrum" to get a majority.

Sat, 05/18/2013 - 16:46 | 3576371 FreedomGuy
FreedomGuy's picture

I actually know my history very well including the myth that Hitler was popularly elected. That is one to watch out for. My point that perhaps you miss is that while popularity polls are nice, they really don't mean much.

Sat, 05/18/2013 - 13:34 | 3575993 AlaricBalth
AlaricBalth's picture

The US Congress approval rating is 14% and we keep electing these fools with a 90% retention rate.

Sat, 05/18/2013 - 14:25 | 3576125 Telemakhos
Telemakhos's picture

I logged in just to vote you up.

The 2012 US House reelection rate was 91% (358/393). The 2012 Senate reelection rate was also 91% (21/23). That's a bit lower than things have been trending since the Reagan administration, but since 1951, the average rate of US Congressional reelection has been high: averaging above 80%.

Since 1974, public approval of Congress only briefly surged above 50% for a six year span from 1998 to 2004. Usually it hovers between 20% and 40%.  Yes, Congress now has between 14% and 16%, but even going back to the higher, historical data, Congressional approval ratings seem not to be correlated to reelection ratings in the least.

On the other hand, Gallup reports that voters show much higher (46%-66%) approval ratings for their district's representative.  There's a disconnect between "blame Congress for failure" and "blame my Congressman for failure," and that reluctance to blame an individual (or blame the hometown player?) keeps Congress stagnant.

Sat, 05/18/2013 - 14:53 | 3576185 bank guy in Brussels
bank guy in Brussels's picture

Yes, that is hilarious about the USA 'representative government' or 'democracy'.

The sheeple so perfectly well managed

Quite seriously, the Communist Party Congresses in China turn over their members and leadership, more than does the United States Congress ...

There is something more honest about the Chinese oligarchy and their 'Standing Committee of the Politburo' ... the people you see actually do run China, and not a 'shadow government' behind the scenes like in America

Sat, 05/18/2013 - 22:47 | 3577089 FreedomGuy
FreedomGuy's picture

You bring up a good point indirectly. How many people voting in Italy and disapproving the current situation actually want more of the stuff that got them there? I'd bet on a majority.

Sun, 05/19/2013 - 00:54 | 3577287 Non Passaran
Non Passaran's picture

I agree.
Today's voter doesn't deserve nothing but misery, and their "representatives" deliver.

Sun, 05/19/2013 - 01:46 | 3577338 All Risk No Reward
All Risk No Reward's picture

86% of the people hate their CongressCritter...  But 90% hate the other potential CongressCritter more.

Stop being a chumptocracy full of establishment gobemouches, think for yourselves and DO NOT vote for any establishment promoted candidate.

They are all financed by banksters - and the hand that gives is GREATER than the hand that takes.

Sat, 05/18/2013 - 13:32 | 3575969 lolmao500
lolmao500's picture

Now if only people in Germany would be so wise...as to not support their own government... not for having free stuff but to be a bunch of corrupt traitors...

Sat, 05/18/2013 - 13:28 | 3575978 AssFire
AssFire's picture

"We can't wait anymore" and "We need money to live" were among slogans on banners held up by the "free shit" army.

 

Sat, 05/18/2013 - 13:30 | 3575982 FreedomGuy
FreedomGuy's picture

I love that term, the "free shit army". Who recruited that army? I suspect it will be the Frankenstein monster that turns on it's maker.

Sat, 05/18/2013 - 16:46 | 3576369 gorillaonyourback
gorillaonyourback's picture

Hey tweedle dumb and dumber, when the "Free Shit Army" gets large enough they start coming after ur SHIT. You fuckerz r to stupid to get it and you think u gotta enough guns and ammo. But how long lolololo

Sat, 05/18/2013 - 16:49 | 3576376 gorillaonyourback
gorillaonyourback's picture

It is a funny term

Sat, 05/18/2013 - 16:49 | 3576377 FreedomGuy
FreedomGuy's picture

Gorilla, don't be so damned stupid. I am not supporting the "free shit army". Do you think a guy with the name "FreedomGuy" would support any form of collectivism or statism? I understand very well the danger and I write and speak about it in other places. I am also fairly well prepared. Rub the sleep out of your eyes and read a bit better. Maybe don't lead with an insult when you don't even understand the point.

Sun, 05/19/2013 - 08:04 | 3577547 SimMaker
SimMaker's picture

No dude. When the Free Shit Army gets angry, they do what they always do. Burn down their own houses, neigbourhoods and local businesses and then sit in the ashes and blame everyone else.

 

T'was ever thus. They need free shit becasue they are stupid and usless. So stupid in fact, they vote for the very politicans that enslave them on "welfare".

 

They are so pathetic they can't even feed themselves or their families, yet you think they will turn in to super soldiers? hahahaha. wake the fuck up.

 

 

Sat, 05/18/2013 - 13:29 | 3575981 DeliciousSteak
DeliciousSteak's picture

Yes, protest austerity and joblessness, the government will certainly help you in your quest of "from rags to riches". Come on, you are human beings, start wrecking shit and threatening people, whining doesn't do any good. I blame TV and antidepressants, people are too mellow to accomplish anything.

Sat, 05/18/2013 - 13:32 | 3575983 pashley1411
pashley1411's picture

Rioting for prosperity.    Yup, that will work.  

Are there, actually, any adults at all over there?

Sat, 05/18/2013 - 14:26 | 3576128 Sabibaby
Sabibaby's picture

This is a ME world, not WE... Learning from our leaders.

Sat, 05/18/2013 - 13:34 | 3575994 CrashisOptimistic
CrashisOptimistic's picture

Per Pew, 93% of households in the US have lost net worth since 2009.  The other 7% made up for it.

The US has guns, but those 93% just don't use them.

Nothing will change until the 7% start stopping bullets.  That's just the way it is.

Sat, 05/18/2013 - 13:39 | 3576009 lolmao500
lolmao500's picture

Nothing will change until the 7% start stopping bullets.

With their bodies right?

Sat, 05/18/2013 - 13:43 | 3576021 Gandalf6900
Gandalf6900's picture

Italy...

It is incredible that a raving yet brilliant lunatic as Beppe Grillo managed to be the most voted party in italy, yet the new coalition does not have one of his members within it.

Italians by nature are unfurtunately vary uninvolev in the well being of their community, they only care about their own small garden, and if they can screw someone over to better their garden they pride themselfes about it.

Once the book value of saving and houses of the italians are brough to zero the revolution will start, not one minute before not one minute after.

Luckly it is a beautiful country, if not it would be the asswhole of the galaxy.

Sat, 05/18/2013 - 17:01 | 3576402 Gandalf6900
Gandalf6900's picture

I suppose I can thank two italians for the arrows

Sun, 05/19/2013 - 03:56 | 3577412 Ghordius
Ghordius's picture

you missed a couple of details - Grillo does not want to partecipate to coalitions, for example

Sat, 05/18/2013 - 13:47 | 3576030 Wile-E-Coyote
Wile-E-Coyote's picture

I love Italian people, they hated fighting in WW11, but I think they will now fight hard for their families and friends. I watch in anticipation.

Sat, 05/18/2013 - 14:02 | 3576050 Rustysilver
Rustysilver's picture

Italy on average had a new government every year or so since WW II.

Sat, 05/18/2013 - 14:16 | 3576097 disabledvet
disabledvet's picture

Italy has a history of City-States going back a thousand years as well. Napoleon obliterated this concept in France...and Germany even today seems to have had "Berlin, surround by a series of military encampments." granted extraordinary military encampments...but certainly with "Greater Germanicus" at its core. Greater Britain, Sweden, Switzerland...none of them had the State in and of itself as its raison d 'ete. the USA sure feels like it wants the State as its "core value" going on well over a decade now"...clearly the popularity of that is at a record low...and going lower. Italy is the only "country" that i can readily recognize as a place there really isn't into all this fascist and communist bullshit. it might not look pretty on the big screen...but hey, when is "money first" a sight to behold?

Sat, 05/18/2013 - 14:16 | 3576100 Sabibaby
Sabibaby's picture

Tell me next time this asshole is in Aspen :)

Sat, 05/18/2013 - 14:18 | 3576107 Sabibaby
Sabibaby's picture

hmmm... not thinking they mean Aspen, CO.... Dumb and Dumber comes to mind....

Sat, 05/18/2013 - 14:23 | 3576123 Yen Cross
Yen Cross's picture

   Let the 'Obunga Zombies' eat each other first. Lot's of gold and silver in those  'Obunga Phones' to barter with.

Sat, 05/18/2013 - 14:45 | 3576173 TNTARG
TNTARG's picture

But, but, but... It was so yellow on the map!

Sat, 05/18/2013 - 14:58 | 3576199 Downtoolong
Downtoolong's picture

Those Italians must be buying that cheap Chinese Hopium which fades quickly. They should source the good stuff we manufacture here in the USA. It stays in your system for years.

Sat, 05/18/2013 - 15:17 | 3576226 q99x2
q99x2's picture

Gerald Celente for President of Rome.

Sat, 05/18/2013 - 15:18 | 3576228 ElvisDog
ElvisDog's picture

Here's the problem Italian protesters - there is no fucking money. They want jobs and benefits, presumably from the government, but there is no money to pay for any of that. As the article said, France is an excellent example. The leftist led by Hollande was swept into office but the policies of the left reduce employment rather than increase it.

Sat, 05/18/2013 - 19:55 | 3576687 WTFUD
WTFUD's picture

' there is no money to pay for jobs ' what's that all about? who wants benefits? ok maybe a few % of the 90% want the FREE €50/70 per week but a JOB, feeling worthwhile, is the desired objective/goal!
The banks and corps who own the cowardly greedy smug lazy asses of the politicians have colluded to ship the jobs to bangladesh/india etc ( we see first hand the crumbling buildings& conditions & loss of lives recently ).
Let us not listen to media/bankster sympathisers who divide Real People who would wish to earn a living the proper way.
If i hear shit like Communism, Socialism, Red Unions i will Scream. Wake Up it's the tired old rhetoric defending a minority who would sell their towns, cities for money/power. Not greatly articulate and i could do better but this simple shit is a start.

Sun, 05/19/2013 - 01:05 | 3577269 piliage
piliage's picture

Couple facts about Italy. 1) northern Italy is wealthy, like really wealthy. Germany/Bavaria Switzerland type wealthy. Old old money, great innovative SMEs based mainly family run industry that contract to Fiat, Ferrari, all of the design shops in Milan (flos, qlt). Highly innovative and technical region.
2) while Germany has has 3 defaults in the last 100 years, and the good ol' US of A defaulted most recently in 1972, Italy, since its founding in 1868 or so has never defaulted. So while the Europeans pile on Italy and joke about their government, the fact is they have been a much better soverign in their history. Part of this has been the understanding of the need to occasionally devalue the lira against the D-mark to both increase the relative competitiveness of their industry (Italy traditionally had sweetheart deals to natural resources in Africa/Libya and could get away with devaluation) while also making southern Italy with its lower productivity a cheaper tourist destination. With the euro, Italy screws up both. Grillo and yes, silvio maximus bunga bunga both get this, as do many Italians. Italy may be the first eu country to tell Brussels to go to hell and bring back their own currency. They loose way too much by being on it, and the common Italian, the majority of whom run small family businesses, gets it too.

Sat, 05/18/2013 - 15:18 | 3576229 MxBonanza
MxBonanza's picture

EU finds time to tell restaurants how to serve olive oil

From January 1, 2014, eateries will be banned from serving oil to diners in small glass jugs or dipping bowls, and forced instead to use pre-sealed, non-refillable bottles that must be disposed of when empty.

http://mobilebeta.reuters.com/eu-finds-time-to-tell-restaurants-how-to-s...

Sat, 05/18/2013 - 15:28 | 3576243 css1971
css1971's picture

Yeah. Huge scandal, everyone's talking about it. Shocked. Shocked I tell you that we're occasionally getting short changed on the table olive oil when dining out. Estimates are of dozens of euros worth of non branded olive oil having been consumed under the impression it was a particular brand... It's the food fraud of the year.

Sat, 05/18/2013 - 15:23 | 3576237 css1971
css1971's picture

They don't own their own money, they can't do shit. All they're doing is demonstrating the reality of exactly who does hold all the real power and that democracy is largely a sham.

Sat, 05/18/2013 - 23:07 | 3577139 newworldorder
newworldorder's picture

Bravo! What a profound statement.

Sun, 05/19/2013 - 01:07 | 3577298 piliage
piliage's picture

True until the point Italy does bring back the lira.

Sat, 05/18/2013 - 15:37 | 3576255 Atomizer
Atomizer's picture

I just wasted someone’s Google paid click to illustrate a distinct problem.

Save up to 40% with Italy Tours!

http://www.toursofitaly.com/?source=google

 

Doesn’t that remind you of picking thru a Wal-Mart bin? Smiley face Wal-Mart has a 40% discount sign to pick thru discontinued items.

 

Rollback those prices bitchez, Italy is the new cheap vacation ghetto now!

Sat, 05/18/2013 - 16:01 | 3576301 PontifexMaximus
PontifexMaximus's picture

Forget it, Italy needs this kind of manifestazioni, they can have 50% youth unemployment and 30% normal, they don't care, it still go's ahead. Restaurants in Parioli are in Rome will be fully booked, it was nice weather in Rome, so: who cares?? Probably Mario D. in Frankfurt, but he is culo e camicia con Angela M. aus Berlin......and therefore, everything will move ahead "gallegiando" and "in geordneten Bahnen". Simply the best world in Europe we can thimk of. They are giving farwell to Beckham in Paris, I'd like to be there, restaurants are top.

Sat, 05/18/2013 - 23:11 | 3577147 newworldorder
newworldorder's picture

Same for Spain, and Portugal. Life somehow goes on. How will this end. Most  dont have a clue. The Euro however must be preserved. Banksters got to eat too.

Sat, 05/18/2013 - 20:25 | 3576734 WTFUD
WTFUD's picture

Nothing new to see or hear! The banksta corp government lackies are prepared to spend decreasing tax payer dollars euros pounds yen on a war machine whilst throwing our youth on the scrapheap in the name of protecting our democratic rights and well being! Absolutely Incredulous! Do not dare speak out against this protection or you will be eliminated.Bloody Marvelous.

Sat, 05/18/2013 - 20:36 | 3576750 WTFUD
WTFUD's picture

On witnessing a bunch of kids being Pepper Sprayed a few months back on a peaceful protest sit in by those big brave defenders of the LOR i realised that ordinary middleaged folks have seriously let them down Bigtime. Shameful and cowardly. After viewing this i guessed that they must have flipped channels to watch American Pop Idol.

Sat, 05/18/2013 - 22:11 | 3576988 Suisse
Suisse's picture

What were they protesting about? Did they want more "free stuff" by having the government take it from me?

Sun, 05/19/2013 - 02:13 | 3577360 Judge Crater
Judge Crater's picture

Italians in Italy are a lot smarter than the Italians who emigrated to the USA and pretty much stopped thinking hard about the world around them.  Nixon Secretary of Agriculture Earl Butz got into hot water when he said that in Italy, the people there talking about the Pope's stand on premarital sex and divorce said: "He who no playa the game no make a the rules."  You now have tax dodgers in Europe with secret bank accounts in the tens and hundreds of millions of dollars preaching austerity to laid off workers.  Once the governments in Italy, Spain and Greece start laying off cops, you should start seeing demonstrations without end.  Trouble is, most of the liquid assets in these countries have been looted with the assistance of the bankster appointed technocrats who preach austerity as they funnel the ECB loans their countries received to their bankster friends.

Sun, 05/19/2013 - 06:00 | 3577457 fabmax
fabmax's picture

I highly recommend to use Google to translate Professor Bagnai's posts:

 

http://goofynomics.blogspot.it/

 

He proved that getting out of EURO is the way to go. Lots of wonderful information in it. The awareness of this need is growing in Italy (and Spain).

All the rest is silly prejudices; no one in Italy had the opportunity to vote against/for the Euro; this is not Democracy.

This chap is VERY competent and he is travelling all over Italy to educate the "masses" (horrible term but sometimes true); education is what people need to bring their frustration to the "right tables" (in Bruxelles and Frankfurt).

Italy has "contributed" 46 B Euros to "save" other European States. Italians  cannot afford it; we also cannot afford to pay 3.5 Million salaries (Public Administration) but that is another story.

As to Switzerland, Man Island, Channel Islands, Luxembourg, Monaco/Montecarlo, Liechtenstein, San Marino: if someone could investigate, they would find hundreds of thousands of tax dodgers with cyphered accounts ther from ALL countries in the world. No country is immune, sacred Germany included.

If we had a Federal Government, mahybe this shame would end. In reality we have a 4th Reich with a foreign currency we need to peg to.

 

 

 

 

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