You know it's bad when... Italy's new prime minister Matteo Renzi has decided that around 1,500 non-essential government official cars will be sold off (via eBay). As La Repubblica reports, the cars (among them dozens of BMWs, Alfa Romeos, Lancias, nine Maseratis and a couple of Jaguars) have come to be a symbol of wasteful government spending. Renzi noted, via Twitter, "Why should an under-secretary have an official car? The undersecretary should go by foot."
The big question is... why sell all this non-essential crap when your yields are at record lows implying that everything is fucking awesome?!!!! (oh wait, what's that red line)
Yeah, QE will really help eh?!