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The Below Half Monti: Italian Anti-Austerity Push Threatens Technocrat

Tyler Durden's picture


Since Mario Monti was appointed to replace Berlusconi back in November's coup-de-banker, the parties backing him have lost more than 10% of popular support and, as Bloomberg Businessweek reports, this leaves the four main political groups behind the unelected puppet below 50% for the first time. Just as elsewhere in Europe, support is surging for an anti-austerity bloc as 'The 5 Star Movement' - with a restructure-debt-and-exit-the-Euro stance - has become Italy's second biggest party as technocrat Monti's own popularity has fallen to 33% - less than half the level when he was appointed. The sad truth is no more dramatically highlighted by "the growing discontent with Monti’s action, because the crisis goes on and on and many realized that he hasn’t got a magic wand to overcome it. The rise of Beppe Grillo's anti-bailout party and realization among Monti's backers that maybe a 'softer stance' towards challenging austerity policies remains the only way to keep their salaries leaves Italy's 'fiscal rigor' in question and with Europe's second largest debtload (and now rising costs of funding once again), the contagion continues (in risk markets and populist politicians)

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Fri, 06/15/2012 - 11:27 | 2529432 LULZBank
LULZBank's picture

HELP!!! My penis is stuck in the hard drive!!!

Fri, 06/15/2012 - 11:30 | 2529439 somecallmetimmah
somecallmetimmah's picture

That's what she said?

Fri, 06/15/2012 - 11:34 | 2529459 battle axe
battle axe's picture

Mr. Monti have you met Mr. Sarkozy? You guys will have a lot in common very soon.....

Fri, 06/15/2012 - 11:49 | 2529508 Paul Atreides
Paul Atreides's picture

LULZBank is here to create posts that divide, distract and discredit the commentary the commenters as well as the quality of Zerohedge articles. The tactic is transparent once you understand it and serves only to weaken our collective discourse against financial tyranny.

Fri, 06/15/2012 - 14:10 | 2530005 LULZBank
LULZBank's picture

LULZBank is here to create posts that divide, distract and discredit the commentary the commenters as well as the quality of Zerohedge articles. The tactic is transparent once you understand it and serves only to weaken our collective discourse against financial tyranny.

Scroll down and let me know if there was anything really useful and new in the comments section, that regulers here dont already know.

If what you say is true, Hats off to your psychic ability and that would mean I am fit to rule the sheeple like you.

Are you really that weak of "faith" or just need to get laid?

Chill out man and take it easy, or you'll miss it when the end of the world will be here.

P.S. I did'nt junk you. I never junk anyone.


our collective discourse against financial tyranny.

Do let me know what strategy you guys are "collectively" working on, other than stacking PMs. Most people here are not against the financial tyranny. They just hate not being able to benefit from it.

What you call manipulation is not exactly tyranny, its just that the power players are screwing you guys over by changing the "Nash Equilibrium" that you were used to being used to over the years.

Remember that next time you whine and cry, when the market goes up when you expected it to go down and vice versa.

They set the rules in the first place, or any equilibrium, and you agreed to play their game. You cannot complain about the rules as you never "owned" the game. The only options you have is to play or not to play.

Fri, 06/15/2012 - 16:43 | 2530631 Jack Napier
Jack Napier's picture

You did in fact outline the correct strategy, precious metals. Although silver is the particular metal that will destroy the enemy, the one that they have the most exposure to with short contracts, the one with the least amount of supply, and the peoples' money that represents the biggest threat as an in hand alternative to fiat currency.

This is why silver has the highest margin requirements of any commodity, period. However, precious metals are not commodities. You can't plant them in the ground like tulip bulbs to increase the supply which is finite, only produced by a supernova. They should not be treated as commodities, and the fact that they are enables the ongoing price supression which is necessary to maintain faith in worthless paper. Gold is not so much a threat as much as the remedy to their game that can keep paper currency going if they peg it.

Owning precious metals is an exit door from this game to freedom from debt servitude and robbery through inflation. It will also reveal itself to be the most profitable play once the derivatives implode and take everything else down with them. Real money always outlasts the ebb and flow of power hungry tools.

As Lindsey Williams says, if it's printed on a piece of paper it's worth the paper it's printed on. If it's on a digital medium then it's worth even less.

Fri, 06/15/2012 - 16:59 | 2530729 LULZBank
LULZBank's picture

Molly Tit!!! Man, atleast give me some sort of warning before making such posts so I can wear my diapers!!!

Okay.. okay.. Since Im outed...

BU HA HA HA HA HA ... We will rule over you and there's no escaping from it Mortals!! This is your Overlord's secretary talking!

WTF?!! Why did you edit the first para?!!


You can't plant the silver, but you can always dig it out. Atleast the tulips come out of the ground by itself.

You are missing the point, read back history and tell me there wasnt a time when even with hard metal currencies, currency was not debased and there was no inflation or people were not enslaved.

Trying to escape a pack of hyenas, you fall victim to a pack of wolves, or get kettled like a fish when you think you were escaping.

Your enemy will probably have more silver than you and would still be fucking you, if it comes to the scenario you are waiting for.

All these preppers and PM stackers, as part of their preparation, should go hungry and thirsty for 24 hours and see how well their faculties work and how resilient they are. Can be fun and very educational.

What did the brave Americans (or whatever nation for that matter) did when the first piece of fiat was printed? They embraced it and they will so do the next ponzi when it will be offered to them again.

I give you an example, if 1 entity had all the Gold and Silver in the world, would you think it would be the richest entity in the world?

I dont think so, people will opt for some other measure of currency and move on leaving the PM owner trying to figure how to eat his Gold.

BTW, Im not against PM stacking, but just the cult like belief behind it.

Fri, 06/15/2012 - 20:50 | 2531134 Bringin It
Bringin It's picture

o What you call manipulation is not exactly tyranny, its just that the power players are screwing you guys over by changing the "Nash Equilibrium" that you were used to being used to over the years.

said the feudal manor lord to the assembled hobbits.

said the Khan to his minions.

said the mafiosa to his mark.

said mad king george to his colonials.

I think Lulz is about to get his equilibrium rearrainged.

Sat, 06/16/2012 - 05:37 | 2531627 LULZBank
LULZBank's picture

Do you guys know something about me that I should know about?

Fri, 06/15/2012 - 13:46 | 2529958 old naughty
old naughty's picture

"...he hasn't got a magic wand."

Reality bites !!!

Fast forward to Greek Sunday...

Fri, 06/15/2012 - 11:30 | 2529442 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

"Lets Make a Deal" whats behind door #3 Monti ?

Fri, 06/15/2012 - 11:49 | 2529502 Paul Atreides
Paul Atreides's picture


Fri, 06/15/2012 - 11:33 | 2529451 Satan
Satan's picture

Vaffanculu Monti !

Fri, 06/15/2012 - 11:33 | 2529452 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

"It is not difficult to conquer the Italian people, merely useless."

B. Mussolini

Fri, 06/15/2012 - 11:42 | 2529481 TheFinancialNinja
TheFinancialNinja's picture

Actually its:

"It's not impossible to govern the Italian people, merely usesless."

But close nuff for the interwebs...

Fri, 06/15/2012 - 11:49 | 2529506 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

thank you sir, I stand corrected.

Fri, 06/15/2012 - 11:33 | 2529453 Matt
Matt's picture

I don't understand how you can expect the people who are lending you money, to take a haircut on the current outstanding debt, and then continue to lend you more money in perpetuity after that.

If I lend someone money and they pay less than all of it back, I never lend to them ever again. Is that not normal?

Fri, 06/15/2012 - 11:38 | 2529470 Whoa Dammit
Whoa Dammit's picture

If you lend someone money then reduce their ablity to pay by cutting their salary and increasing their cost of living, then you can't expect to be paid back in full, and perhaps you won't be paid back at all. 


Fri, 06/15/2012 - 11:48 | 2529501 Village Smithy
Village Smithy's picture

But what if you have lent numerous people money and you don't want them to see that default is viable thereby starting a stampede. Then you would do anything to keep that first potential defaulter from opening the flood gates on you.

Fri, 06/15/2012 - 13:50 | 2529969 old naughty
old naughty's picture

ah...you 4get they want you to take money from them at -ve interest rate to begin with...

Fri, 06/15/2012 - 13:20 | 2529836 Matt
Matt's picture

I'm not sure I'm getting your analogy here. How exactly are the people who buy bonds responsible for wages and cost of living? You're talking about food, housing, and gasoline right?

If you're talking about Public Sector spending, I don't think borrowing $100 to make $20 is really a good business model.

But the problem is not that I will not get paid back; the problem is that you want to pay me back some amount that is less than 100% of the agreed upon amount, whether it be 99% or 0% doesn't matter, the point is that after that, you want me to go right on lending you more money every year after that as well.

Fool me once, shame on you. Fool me twice, well, I can't get fooled a second time.


Fri, 06/15/2012 - 13:41 | 2529923 Whoa Dammit
Whoa Dammit's picture

Think about the phrase "can't get blood from a turnip." The economic landscape has changed. If you lent money or bought bonds in the past its too bad, because 3rd world wages will never support 1st world debt servicing. Its the people who pay back debt (be it governmental or private) and if they have no money to pay, the loans or the bonds are worthless.

Fri, 06/15/2012 - 17:54 | 2530856 Matt
Matt's picture

I agree; however, lets say we wipe out all the debt, jubilee, default, whatever. After that, you still want to spend 120% of what you make. Where do you expect that extra 20% to come from?

Fri, 06/15/2012 - 11:46 | 2529489 Element
Element's picture

You're never going to become a bankster with that atrocious attitude!

Finance is the art of enslaving to asset-strip.

It is NOT about investing in muppets ... sheesh! ... the kids these days.

Fri, 06/15/2012 - 12:01 | 2529546 Manthong
Manthong's picture

The kids should keep in mind that in the perverted world of banking, debt is an asset.

It is the scam by which bankers create debt money out of thin air and then skim profits from workers/taxpayers current and future labor.

The more debt, the richer are the bankers and their lackeys, the politicians..

until the Ponzi inevitably ends and is started all over again.

There once was a country whose founders and leaders understood the scam and kept the bankers from gaining control, but those people are dead now.

Fri, 06/15/2012 - 13:54 | 2529985 old naughty
old naughty's picture

the year 1776 comes to mind...

Fri, 06/15/2012 - 11:45 | 2529490 pods
pods's picture

Apples to hand grenades.

If you were to create the credit money, lend it out while expecting interest back, and call the created debt an asset you would be apples to apples.


Fri, 06/15/2012 - 12:36 | 2529673 dracos_ghost
dracos_ghost's picture

It's the Lending Tree, sovereign debt style.

Fri, 06/15/2012 - 11:35 | 2529461 Acet
Acet's picture

Who knows, maybe the endgame in Continental Europe for the current Depression will be the rise of anti-bailout parties.

Sure seems a lot better than the spread of Communism and Fascism following the previous Depression in the 1930s (not to mention the small detail of WWII).

That said, the likes of the US and the UK seem to be well on track to become Police State/Fascist Dictatorship dystopias - I reckon that since they haven't experienced a dictatorship in several generations, their populace is far more likelly to keep on sleepwalking into one.

Fri, 06/15/2012 - 11:54 | 2529532 the tower
the tower's picture

The anti-bailout parties are fire starters.

Funny thing is that most bloggers are 100% against crony capitalism and mountains of debt and the politicians that support the sytem, but when new parties rise who are against the bailouts - because they want the money to be spent on actual growth and on the people - they are characterized as "lazy socialists".

There's some bloodthirsty people around who just want to see things fall apart and I don't like it one bit.

The people of Europe are actually more connected than ever on this - joined in their hate of anything financial or political - especially the younger generations who are hit the hardest. They don't give a fuck about politics, banks, stocks etc and at the same time are highly educated, plus they spent a good decade chatting and sharing their lives online.

Most people in Europe remember fascism personally. In the 70's the army was still in control in many countries.

This is the end of globalism, watch it happen.

Fri, 06/15/2012 - 20:58 | 2531141 Bringin It
Bringin It's picture

Re. There's some bloodthirsty people around who just want to see things fall apart and I don't like it one bit.

You have this a little mixed up.  There's some bloodthirsty people around who just want to see the parasitic, bankster led, warmongering system continue and I don't like it one bit.

Other than that, I agree with your post.

No freedom without big changes. 

Fri, 06/15/2012 - 11:36 | 2529464 derek_vineyard
derek_vineyard's picture

Screw all these 'fixes'.  The economy sucks, the average joe/jane is struggling.......WTF is this fantasy/sci-fi show on CNBC? It makes no sense.

Fri, 06/15/2012 - 11:37 | 2529466 q99x2
q99x2's picture

They might kidnap and hang him.

Max Keiser's 301 report is pretty good. They talk about how the last 5 bn to Greece went to the banks. 1 bn was to go to hospitals but instead the ECB confiscated it and the technocrats skimmed the dying peoples money and stuck them with 5 bn in debt.

So the Greeks get ever more debt upon starvation if they go the way of the technocrats. Same as in Argentina. Same as what is coming to the US.

Unless they are arrested and rounded up we are doomed. At least 7 billion people know who to go looking for when things go under. Who would feel safe being a technocrat in Athens today? It is getting more expensive to play that game the longer it goes on.

Fri, 06/15/2012 - 11:44 | 2529485 Village Smithy
Village Smithy's picture

It really does just take time for the truth to become evident. The politician/technocrats  tell the lies to sell the story but in the end when the people see things deteriorate day after day they realise what must happen.

Fri, 06/15/2012 - 11:56 | 2529543 FeralSerf
FeralSerf's picture

The Italians are more cynical about politicians than most.  They have plenty of reasons for this.  Americans, Germans, and English are still in primary school.

Fri, 06/15/2012 - 11:37 | 2529467 Element
Element's picture

Berlusconi must be about due to make another come-back ... if he can lay off the whores and coke for a bit.

Fri, 06/15/2012 - 11:40 | 2529474 overmedicatedun...
overmedicatedundersexed's picture

Tyler:"Coup de Banker" can never happen in America ! no really it can't, well come to think it might have  December 1913 comes to mind.

Fri, 06/15/2012 - 11:46 | 2529491 FeralSerf
FeralSerf's picture

The Italians are beginning to realize that they can't win by playing three card Monti.

Fri, 06/15/2012 - 11:55 | 2529539 debtor of last ...
debtor of last resort's picture

Seems like not only bankers want to fuck up the system. The sheeple are joining them. Laughing at the shepherd, dancing on the volcano. Why play by the rules when no one does.

Fri, 06/15/2012 - 12:12 | 2529606 Chippewa Partners
Chippewa Partners's picture

The 3 Card Studs.  The government, the mafia, the bankers.

Fri, 06/15/2012 - 12:28 | 2529648 Snakeeyes
Snakeeyes's picture

It is called Greco-Roman wrestling. Greece, Italy and Spain will all try to get bailouts then wrestle their way out of austerity.

But Spanish sov yields are actually down along with all Europe sov yields.


And Greek yields were down 176bps today.

They died with their boots on with be the historical epitaph.

Fri, 06/15/2012 - 12:29 | 2529651 TNTARG
TNTARG's picture

Italians are sleepeng beauties as most of the european people, these days.

They'll wake up into a very bad nightmare sooner than later. It's gonna be awkward.

Fri, 06/15/2012 - 13:01 | 2529751 slewie the pi-rat
slewie the pi-rat's picture

Beppe Grillo v Achlilles Macris

tonight!  on zH!  (slewie can die, now, BiCheZ!)

Fri, 06/15/2012 - 13:10 | 2529763 Idiocracy
Idiocracy's picture

The 5 Star Movement is very interesting.  It is not a political party an any practical way.  Truly just a movement, in the sense of a school of thought.  It was founded by Italy's most famous comic, Beppe Grillo.  He's kind of a cross between George Carlin and John Stewart.  

Keep an eye on 5 star, if they start to send people to parliament in any significant numbers it could reallty shake up Italian politics.  Thus far the biggest seat they have won is the mayor of Parma (last month).  But they have rocketed out of nowhere to the top of national polls.

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