"It's A Massacre" - Each Day 134 Retail Outlets Close In Italy

Tyler Durden's picture

If anyone is still not convinced that surging stock bourses in Europe are indicative of anything more than central bank liquidity, carry trade allocation and localized asset bubbles, we present a snapshot of what is actually happening on the ground via Italy's Ansa: "It's a massacre," said Confesercenti President Marco Venturi. "Each day 134 shops, restaurants and bars close in recession-hit Italy, retail association Confesercenti said on Wednesday. Confesercenti, which represents small and medium-sized businesses in the retail and tourism sectors, said 224,000 enterprises had closed their shutters since the start of the global economic crisis in 2008.

"Every day five green grocers, four butchers, 42 clothes shops, 43 restaurants and 40 bars and catering business close down".

But who needs commerce when all those newly available day traders can just boot up their E-trade platform and trade their way, along with the trading mascot baby, to untold riches?

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doomandbloom's picture

in other words...a recovery!

Bobbyrib's picture

Agreed, Italy is in a recovery and they don't even know it. Maybe we could send Biden over there to let them know.

Careless Whisper's picture

The Careless Whisper News Update & Threadjacking (AHEAD OF MISTER DRUDGE)

 

California Repeals Freedom Of Information Act; Costs Too Much To Release Info To Public

http://www.latimes.com/news/local/la-me-budget-open-records-20130619,0,6...

Chinese Firm Buys British Yacht Maker Sunseeker; Follows Purchase By Chinese Of Italian Yacht Maker Ferretti

http://uk.reuters.com/article/2013/06/19/uk-dalian-wanda-britain-idUKBRE...

 

LawsofPhysics's picture

Chinese elite buying whatever they can ahead of the next collapse.  The people in Brazil are on to these fuckers, should get interesting quick.  My contrarian play is that the "B" in the "BRICs" wants to renegotiate.

kaiserhoff's picture

Hell's the problem?

We have that many malls going bust in the States every day.

We're Number One.  USA.

Thorlyx's picture

you didn't closed that...

justamousesquared's picture

When the reset comes won't their assets be reset too?

Wanda just bought Sunseeker, when the reset comes how many Chinese sweat shops owners can you fit into one of those. 

Another Chinese company bought Ferranti another yacht company, are they going to melt the polar ice caps and wash everyone away.

Long Boats!!!

Ying-Yang's picture

How is that Globalization working out for you multinationals? Topgun Maverick said " I feel the need, the need for GREED."

Large corporations suck because they are people.

This is got to show up in their bottom line as things get worse in many countries.

Satan's picture

Ferretti haven't made a profit in years. Their problem is that they build ugly boats that no one wants.Sunseeker made a profit last year only due to two large insurance claims after 2 new builds burnt in the yard ( at separate times). Both builders needed bailouts in the last couple of years.

Ultimately both brands will see production head to China. In Sunseekers case their new owners are more interested in the waterfront real estate that the shipyard occupies...

Ghordius's picture

"Ultimately both brands will see production head to China" I thought Turkey is getting the lion's share of european production. Perini Navi, for example, built the state-of-the-art square-rigged Maltese Falcon superyacht in Tuzla, for example

Satan's picture

Some yards are moving some production to Turkey, primarily hull and superstructure construction. Oyster yachts are building their 100/125 boats out there now.

With regard to the Falcon, Perini sent out a huge team from La Spezia to handle the more complicated aspects of the build. So although built in Turkey it wasn't built by the Turkish who still have a way to go with regard to advanced yacht building.

ArgentoFisico's picture

Esatto :D

and with my sunglasses on i confirm: "all knots are coming to the comb" (do you say something like that in english?) .. translation: we're fucked and it's becoming clearer and clearer to everyone. Even africans are going back home...

i-dog's picture

English version: "The chickens are coming home to roost".

francis_sawyer's picture

Mostro di Scandicci ~ Prendi un viola & taglia chi la gola!...

yogibear's picture

Bullish! Buy,buy,buy! Federal Reserve Bots say buy.

Bangin7GramRocks's picture

Only so many ways to bend spaghetti.

USisCorrupt's picture

You are so right where is the problem?

 

Don't worry be Happy!

GetZeeGold's picture

 

 

Thank goodness the USA is coping the Euroland miracle plan.

Ghordius's picture

come on, now this is really, really unfair. Euroland miracle plan? This might be how CNBC or other idiotic newscasters might put it, but "austerity" (I prefer balanced budgets - the A-word as already been politicized beyond recognition) is not a miracle plan, it's about facing reality - which btw sucks. And both the USA and Japan are doing the opposite of what - generalizing here - the eurozone is doing, or trying to do

btw, the numbers Confindustria is presenting are horrific. but part of it is also due to demographics and Italy catching up a bit later than others on the same trends of small companies being squeezed out by greater ones. remember the US before WalMart? that thing that happened to the Mom-and-Pop businesses

i-dog's picture

I'm curious, Ghordie: How many EZ countries have implemented "balanced budgets", so far? Or are they just "tapering" their deficit spending?

Ghordius's picture

not even one. yet. I wrote "or trying to do", after all. but all this pain that we read of daily here is, after all, because of spending cuts in a deep depressionary environment. all media - including ZH - focuses on the pain, but behind the pain is the spending cut

including - bad example, but nevertheless - that about the Greek national TV - and that is painful, for Greeks. I don't know if you know Brits enough to imagine their reaction to the BBC being shut down

which reminds me that I can never "place" you - my "working assumption" is that you are American and living since ages abroad, mostly in Asia - no need to comment on that ;-)

nope, all across the board the eurozoners are seriously trying to contain spending - there is a lot of BS around that and particularly around the US figures, but I somewhat trust my sources, my data and "my lying eyes"

btw, some of those Italian small businesses closing is because the Italian state is not paying it's bills

i-dog's picture

 

"you are American"

I've told you many times that I'm not. My "working assumption" is that you are Italian, but that also isn't relevant, since we are both well travelled through business (or, in your case, probably 'political interests') and know many cultures and speak a number of languages.

Back on topic: I very much doubt how "seriously" the EZ countries are "trying" to balance their budgets. See my comments about actual objectives in other threads today. Shutting down a TV station is a provocative move rather than a real money-saver.

Ghordius's picture

just pulling your... tail ;-) and missing any hint of Britishness in you, either homegrown or "colonial" or Canadian (my case is... very complicated - let's say I passed some "character-forming" time in Italy)

my definition of trying is "doing their best" - which translates in... well, you might know a few politicians yourself. seen this way, they are trying really, really hard and achieving something, imho - mainly by blocking the sluicegates for those political forces that would prefer to blast them open

I agree with you on Samaras and the Greek TV, but hey, that's their national way to handle a situation like that

Acet's picture

I'm back in Portugal for vacations and I can tell you that they're not properly trying to control the budget.

Or maybe I should be a bit more clear about it:

  • Excesses when it comes to money the state spends for the public in general are indeed being curtailed. In fact, they're cutting even deeper than that.
  • The excesses that are not being curtailed are those due to enrichement of politicians or their buddies, such as sweetheart Public-Private Initiative contracts that vastly benefit the private companies (where for example the minister that negotiated one of the biggest is now in the board of the private company), state funded Foundations that belong to politicians, gold-plated retirement funds for political appointments, politicians and heads of banks that were bailed-out, number and salary of MPs and their state-paid helper personnel, bailouts of horribly (maybe even criminally) managed banks, hugelly paid politically nominated "consultants" and huge salaries for heads of public companies who are politically nominated and almost always members of a political party.

From what I've been seeing, something very similar is happening in Spain and in Greece. In fact, something similar is happening in the UK only not quite as nakedly, plus the press in the UK is nowhere near as likelly to denounce political abuse.

The austerity is only for the little people, not for the wealthy, politically connected ones.

(I don't have values for Portugal, but for example in the UK in 2012 real incomes fell for everybody but the top 1% - for whom incomes went up 24%)

 

Ghordius's picture

I thought we had that. I prefer to call it "gold shopping season". never seen western gold bugs so depressed, for me it's bullish

mogul rider's picture

 

 

 

gee now the Italy pump starts. Do you guys have any scruples. I can hear it now

"But we're not pumping Italy?" Nice try.

Buy the bottom, Buy the bottom, Buy the bottom

 

Beat the HFT's, Beat the HFT's

 

I can hear it now

BTFD, BTFD, BTFD

 

We all know how that worked....

How's that gold and silver 10,000 target working for ya...

 

The endless pump in an endless liquidity puke. BTW I'm curious - How many of you dirtbag gold pumpers are left?

Zippo. On to Italy we go

Next your gonna say Biotech, Oil, Natgas are crucial for the recovery..........................

All fracking opponents will be hung on sight...... yup.

 

It's official what used to be radical and different is now just another CNBS.

Terminus C's picture

I didn't see any "buy Italy" in this article.  I saw, "We're fucked!"

scatterbrains's picture

Do they have reits over there like SPG?  This would be extremely bullish news..  perhaps an 800% or more gain in the stock price would be expected.

 

LawsofPhysics's picture

The capital mis-allocation and mal-investment continues, at least until there is a single "owner", of everything.  So long as the dollar is accepted in exchange for real assets anyway.  All by design folks.  The world has become even more centralized, not less, with every fucking "crisis".  The bilderbergs thank you.

For me, another field is under fucking water, thanks to the heavy rains in Tennessee and North Georgia, that's my only real worry right now, these central bankers are hanging themselves, so be it.  All eCONomies are really local folks, now go be productive.

ekm's picture

Sorry to hear about the field under water. What did you plant there?

 

Agree with your post in its entirety.

QE is making sure day after day that the dollar is being less and less accepted, if not flat out rejected and that is seen by buldging of reserves, which are rejected dollars IMO.

resurger's picture

ekm, its rejected in China (At least for the general public) , because once your dollars hit their bank accouts it's immediatly converted to RMB

 

LawsofPhysics's picture

yes, the chinese and american elite have been on the same page for some time now.  In reality, both are destroying the purchasing power of their fiat as fast as they can.  See my comments regarding Brazil.  We grow sorghum, which is essentially sugarcane (a favorite of brazil).  The "B" in the "BRICs" may be begining to figure this out.  Should get interesting.  Sugarcane prices will very much impact that sorghum price.

LawsofPhysics's picture

The sorghum will be fine.  As for the expensive fertilizer that is washing away (thanks to denitrification-nitrite/ntrate is very water soluble) and equipment that gets stuck in the mud, not so much.  In all fairness sorghum is a C4 plant so it sucks up ammonia pretty quickly.  Testing the local watersheds now.

tarsubil's picture

Hasn't the rain over the last month been crazy? What are you growing? Edit: I see. For fodder?

LawsofPhysics's picture

Oddly enough, much of it is for a craft brewer making a glutin-free beer.

JuliaS's picture

US sustains its consumption by externalizing debts via reserve currency. It affects the price of oil, food and in the cost of living. The pertrodollar used to be a perfect debt exporting mechanism, since the demand for oil, as well as the ability to pay for it grew annually, so would the dollar trade volume. More greens rushed off shore, never coming back for redemption. Instead we would receive countless goods and services from the foreigners in need of black gold.

Then, some time in the last decade the saturation was reached. The cost of oil became prohibitive to the economic growth and for a short period every new dollar added to the price tag didn't actually result in more petrodollars being traded (many factors such as the tensions in the middle East and alternative currency plays contributed to the culmination).

When dollars could not be channeled off shore, all the domestic markets reliant on consistent dollar dialisis imploded and that in turn sent shockwaves elsewhere. The dollar outflow had to be increased by brute force until the capital started flowing again. That's what the Fed's been doing for years now - trying to saturate the market with debt in order to generate outflows driven by supply of fiat as oppose to demand.

The reason we went over the peak was that at $147 the inability to pay for oil exceeded the need. It put an end to voluntary expansion every fiat needs in order to survive. Before that time debts were accumulated as an act of free will - the belief that growth was guaranteed. We all know it isn't.

The real growth is gone and along with it the days of all fiat regimes are numbered.

mogul rider's picture

bunga bunga is buying the dip

 

WHY AREN"T YOU!!

buzzsaw99's picture

they don't need all those stores. don't they have a wal mart?

Midasking's picture

Why do people put up with this nonsense?  It is like the twilight zone.  This is going to end very badly... http://tinyurl.com/mem7o7x

yogibear's picture

Right, why have a store just play the market.  

The Central bank's message, why produce? Just print and financialize and make trillions.

 Those in the middle east and China are fools. Taking printed money from thin air for assets.

Reader1's picture

Maybe we could Ebay medical care? 

--------------- 

www.MEDBAY.com Auction 12345678: Prosthetic penile implant + installation.  Current Bid: 55$.  Reserve not met.  3 people are watching this auction.

Doctor of Reality's picture

I may file for bankruptcy for my practice in order to clear bad debt. I can't write off bad debt as easily as other industries. Medicare and other government sponsored plans are cutting payments, my patients are broke and most private plans pay the same as they did in 2000. I have to hire more staff to provide paperwork assistance, at NO benefit to my patients. I'm NOT going to suck money from my personal nest egg to support my practice. "It wasn't supposed to be like this". I was told by my professors that being a "doctor" meant patients with pockets full of cash, and insurance plans flush with money, would be line up out the door to pay for my services. I'm busy, but working harder for the same and in Medicare's case, LESS reimbursment. 

Why do bankers and financial folks get the money when actual service providers and workers who produce things get the same or less pay relative to inflation? Because the system is out of balance. Government/FED policies reward the wrong industries. I'm looking into opening a Medical Marijuana business and leaving medicine. They will outlaw cash for service if the economy doesn't outright collapse first. Central planning actually appeals to my OCD side, but unfortunately... it always fails, as the unexpected always throws a wrench in the system. ASK MY WIFE!

fonzannoon's picture

Doctor of reality.

take a look at this, fwiw.

http://www.breitbart.com/system/wire/upiUPI-20130614-232724-6523

"Thirty-two-year old family physician Doug Nunamaker of Wichita, Kan., said after five years of dealing with the red tape of health insurance companies and the high overhead for the staff he hired just to deal with paperwork, he switched to a system of charging his patients a monthly fee plus the price of an office visit or test, CNN/Money reported"

LawsofPhysics's picture

It will come to this everywhere, fuck the paper-pushers, they produce nothing of real value anyway.