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Dozens Of Italian Businessmen Send Letter To Parliament Demanding Imposition Of Capital Controls Instead Of EPS Cutting Austerity

Tyler Durden's picture


Apparently America's "Patriotic (yet just slightly hypocritical) Millionaires" phenomenon is spreading. In an open letter sent to the Government and to Parliament (we assume the post office can track down the recipients at whatever seaside resort complexes they are to be found), 75 Italian managers, industrialists and professionals, propose what in their opinion is best for the country, which is another way of saying avoiding anything that could potentially crimp their EPS (and take home bonuses) now that Italy is the latest austerity state. And while back in the US, those who are already rich are doing everything in their power to prevent those who wish to be, from becoming so, so in Italy the local upper class is all about instituting countrywide central planning in the form of pervasive capital controls: the one notable proposal is for all cash transactions over €300 to be banned, and to be permitted only in electronic format. We can't decide what is more hypocritical: our own pseudo-nouveau riche trying to pass for magnanimous, when everyone can see right though their act, or the Italians, where the cost of a few more years of profitability has to be borne not just be the middle class but by everyone. We just may leave it as a tossup.

From Linkiesta

Open letter to the Italian government and parliament

Dozens of managers, entrepreneurs and professionals have written an open letter to the Italian government and Parliament because they believe that the proposed budget cuts «fall short of solving the country’s problems». In order to relaunch Italy's economic growth they have put forward four points: a reduction of Italy’s widespread tax evasion by reducing the use of cash, the reintroduction of a propriety tax, a raise in the pension age at 65 years and a raise of VAT.

The budget measures that are currently being discussed in Parliament are unfair and potentially recessionary. In addition they appear wholly insufficient to start resolving the country’s structural problems. Taxation in Italy is too heavy on earned income and too low on rent, in all its forms. This approach is illiberal and an obstacle to wealth production; it must be overturned in order for the country to resume its growth path.

Many proposals could be made, especially on State expenditures’ cuts and on the need to speed up the infrastructure building process that could boost the economic growth of our country (for example, investments in broadband internet and wifi access), but we believe that in this moment a few clear changes to the budget's fiscal revenues are needed without delay.

The budget cuts do have some positive aspects, including an increase to 20% of the taxation on financial income and measures for a more flexible work market; these may support economic growth and enhanced fairness, if they will be accompanied by adequate reforms of the welfare system designed in particular to help younger generations.
On the contrary we think that the so called “solidarity tax” (i.e. a raise in taxation) must be eliminated from the budget, because it penalizes heavily those who already pay a lot, not merely by comparison with other industrialized countries, but also considering the quality of public services and investments.

If the more responsible forces in Parliament will not be capable to avoid this further tax increase, we invite MPs to take into consideration what has been done in the UK, giving high earners (for example, in Italy, those with a taxable income over Euro 300,000 per year) the ability to avoid the proposed tax increase if they invest in the creation of new businesses (i.e. venture capital). Policy should focus on enterprises and their growth, and not on rent.

We believe furthermore that the following points must be taken into consideration, in order to give citizens and markets a signal of fiscal discipline:
1. Strenghtening of the measures to fight small tax evasion that represent a particularly widespread phenomenon; reinstatement of traceability measures for checks; reducing to 1.000 the maximum limit for cash transactions and the introduction of the obligation of electronic payments for amounts that exceed 300 euro, possibly providing the elderly with a credit card through Poste Italiane and / or Banco Posta.
2. Lifting of the retirement age at 65 years for both men and women, which is one of the few measures providing a structural benefit to public finances
3. Reintroduction of the property tax, with a significant deduction for non-premium principal residence. The property tax is necessary for local authorities to provide essential services to citizens, consistently with a “federal” development, and particularly efficient in terms of tax collection because it is connected with “things”. Why was it abolished?
4. A one percent increase in Vat, earmarking the additional tax revenue to the lowering of public debt. In Germany this measure has already been adopted with no adverse impact on inflation or consumption.

Signatories: Carlo Accornero, Giorgio Ambrogioni, Livia Amidani Aliberti, Anna Maria Artoni, Luciano Balbo, Alessandro Balp, Sylvia Bartyan, Orlando Barucci, Riccardo Battaglia, Piero Bendoni, Paolo Bertolino, Cosimo Bisiach, Fausto Boni, Giovanni Bovio, Salvatore Bragantini, Cesare Buzzi-Ferraris, Pia Maria Calabresi, Davide Canavesio, Amedeo Carassai, Cosimo Cardone, Valentina Carella, Gabrio Casati (nome collettivo degli autori del libro Luigini contro Contadini – il lato oscuro della Questione Settentrionale), Mario D’Urso, Rodolfo De Benedetti, Marco Farina, Pietro Fioruzzi, Fulvio Fornaro, Alessandro Fracassi, Andrea Francesconi, Marcello Giustiniani, Alessia Glaviano, Roberta Guaineri, Andrea Guerra, Federico Lalatta Costerbosa, Stefano Landi, Maurizio Lauri, Giovanni Lombardi, Maura Magioncalda, Massimo Malvestio, Francesco Manna, Riccardo Martinelli, Lorenzo Mauri, Maurizio Mauri, Vincenzo Melluso, Oronzo Gaetano Milone, Luca Moroni, Pietro Musolesi, Alberto Musy, Alberto Nanni, Gabriella Pagliani, Auro Palomba, Alessandro Pasquarelli, Chiara Passalenti, Francesco Perilli, Marco Pescarmona, Bruno Prevedello, Ugo Runci, Marco Samaja, Ottaviano Sanseverino, Giuseppe Scassellati, Corrado Sciolla, Alfredo Scotti, Massimiliano Sforzini, Jacopo Silva, Daniele Sottile, Maria Cristina Storchi, Filippo Szego, Andrea Tavecchio, Chicco Testa, Alberto Toffoletto, Pier Giuseppe Torrani, Stefano Venier, Guido Roberto Vitale, Nicola Vitale, Cristiana Vanda Zavoianu

h/t Fabrizio Goria


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Wed, 08/24/2011 - 13:28 | 1595808 pan
pan's picture

Barter bitchez!

Wed, 08/24/2011 - 13:39 | 1595832 asdasmos
asdasmos's picture


Wed, 08/24/2011 - 14:01 | 1595946 MillionDollarBonus_
MillionDollarBonus_'s picture

It's such a shame to see this country on the verge of credit collapse when they were once one of the most successful examples of monetary stimulus. The Roman empire was built by courageous politicians who had the foresight and genious to start expanding the money supply by reducing the quantity of precious metals in their coinage. It is this brave and bold idea that built one of the most amazing empires in all of history, the likes of which people could hardly have imagined before. Top nobel prize winning economists have studied these success stories and have been strong proponents of monetary and fiscal easing as a result. It's just so sad that these ignorant libertarians are causing a liquidity crisis when we could be living in a utopia.

Wed, 08/24/2011 - 14:26 | 1596045 JimBobOMG
JimBobOMG's picture

Troll :x

Wed, 08/24/2011 - 14:41 | 1596109 TonyBoomBoom
TonyBoomBoom's picture

Why is this being downrated? It's sarcasm gold! I'm always up for some sarcastic humor!

Wed, 08/24/2011 - 14:45 | 1596124 Sancho Ponzi
Sancho Ponzi's picture

MDB sure sounds like Hamy, doesn't he?

Wed, 08/24/2011 - 14:56 | 1596173 JohnG
JohnG's picture

Unless this is sarcasm you are a world class moron.  Please open a history book and read all about currency debasement.

Wed, 08/24/2011 - 15:19 | 1596258 Koffieshop
Koffieshop's picture

Yes exactly. As long as everybody keeps betting on the economy growing to infinity, there will be prosperity for ever.
How is this not clear to everyone by now?

Wed, 08/24/2011 - 15:22 | 1596266 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Some of us appreciate well written comedy MDB.  The down-voters are totally embarrassing.

Wed, 08/24/2011 - 19:41 | 1597316 spdrdr
spdrdr's picture

Hear! Hear!  That was magnificent droll humour, MDB.  Well done indeed.

Wed, 08/24/2011 - 13:40 | 1595862 russki standart
russki standart's picture

When in the heck has a tax increase ever solved excessive spending? Nevertheless, they should lead with a tax on the Catholic Church, and ask the Vatican to return some of the TRILLIONS they have stolen over the centuries. 

Wed, 08/24/2011 - 14:30 | 1596063 Oh regional Indian
Oh regional Indian's picture

ohhhhh Russki, an angry old man in a yamulka, weilding a broken cross is going to be sending a Monsignouer your way for such blasphemy. 

It issssssss alllllll lbelongs to gawd. Precious all belongssssssssssss to ussssssssss.......


Thu, 08/25/2011 - 06:52 | 1598509 plonati
plonati's picture

In 1870, when the Savoia monarchy conquered Rome, the new italian state seized almost all the properties of the Vatican around the country, including trillions in artworks, starting from the Quirinale palace. This enormous fortune was spent by the monarchy to finance, among other things, the greatest house building program in the country's life, while artworks have become property of the Italian state. This bulding activity was the base on which the italian economy had relied upon for almost half a century. They stole, but they have been stolen. Deuce?

Wed, 08/24/2011 - 14:10 | 1595974 Gene Parmesan
Gene Parmesan's picture

All the maximum on cash transactions will do is force both sides of the transaction to acknowledge that the taxes aren't going to be paid. In my experience, the purchaser knows (and doesn't care) anyway if it means they're getting a better price.

Underground economy is underground.

Wed, 08/24/2011 - 13:28 | 1595809 Negro Primero
Negro Primero's picture

Strange,,,, no Machiavelli among the signatories

Wed, 08/24/2011 - 14:05 | 1595961 Sancho Ponzi
Sancho Ponzi's picture

Italian version:

'reducing to 1.000 the maximum limit for cash transactions and the introduction of the obligation of electronic payments for amounts that exceed 300 euro, possibly providing the elderly with a credit card through Poste Italiane and / or Banco Posta'

US version: 

reducing to $1 the maximum limit for cash transactions and the introduction of the obligation of electronic payments for amounts that exceed $500, providing the elderly with a credit card issued by JP Morgan, no 'possibly' about it.

Wed, 08/24/2011 - 14:24 | 1596039 indio007
indio007's picture

I'm pretty sure we are half-way there. Doesn't JP Morgan adminster EBT cards?

Wed, 08/24/2011 - 14:51 | 1596157 Rockfish
Rockfish's picture

Whith one exception - Political contributions can be made in any form (gold, cash, chickens ..)

Wed, 08/24/2011 - 13:29 | 1595812 entendance
entendance's picture

it's never too late for readers here to understand that the only and true news about Italy come from Beppe Grillo's blog




Wed, 08/24/2011 - 13:31 | 1595823 Azannoth
Azannoth's picture

Class warfare, bitchez!

Soon to be followed by Racial warfare(not the stealthy kind we've been fighting for the past few decades) but a more open kind

Religious warfare

and than any warfare you can name

Wed, 08/24/2011 - 13:42 | 1595867 Leopold B. Scotch
Leopold B. Scotch's picture

Only a matter of time before anyone who bought gold is declared an economic terrorist for not blindly supporting the currency / for refusing to submit to repeated rapings by the policy authority political power oligarchy.

Wed, 08/24/2011 - 13:47 | 1595883 Azannoth
Azannoth's picture

Modern Marxists tend to hate anything that has an image of being strong, good and successful. They hate Europe, America, they hate Western civilisation, they hate white males, and they hate rationality. The reasons that modern Marxists give for hating the West, etc. clearly do not correspond with their real motives. They SAY they hate the West because it is warlike, imperialistic, sexist, ethnocentric and so forth, but where these same faults appear in socialist countries or in primitive cultures, the leftist finds excuses for them, or at best he GRUDGINGLY admits that they exist; whereas he ENTHUSIASTICALLY points out (and often greatly exaggerates) these faults where they appear in Western civilisation. Thus it is clear that these faults are not the leftist's real motive for hating Europe, America and the West. He hates the West because they are strong and successful.

(yes I copy&paste that btw.)

Wed, 08/24/2011 - 14:12 | 1595992 AnAnonymous
AnAnonymous's picture

How can the West be ethnocentric? Only in a racist mind, one could suppose.

Greeks might be ethnocentric. But how could this lead to the West being ethnocentric?

 US world order.

As to being successful, alas, with success, comes the revelation of the true self. Casting the blame for the state of the world at present times on one other part than the West is a hobby in this US world order, where propaganda is rife, denial of basic facts a genetic urge, dilution of responsibility as vital as breathing.

Wed, 08/24/2011 - 14:44 | 1596123 Oh regional Indian
Oh regional Indian's picture

"alas, with success, comes the revelation of the true self"

That is a brilliant insight AnAnony. Hmmmmm.....


Wed, 08/24/2011 - 16:12 | 1596420 GoinFawr
GoinFawr's picture

"(yes I copy&paste that btw.)"

 Directly out of Anders Breivik's manifesto?


Wed, 08/24/2011 - 14:07 | 1595972 Captain Obviousness
Captain Obviousness's picture

But the really important thing to point out here is that Butters' last name is Stotch not Scotch.

Wed, 08/24/2011 - 14:35 | 1596082 trav7777
trav7777's picture

racial warfare is already open if you are at one of these big state fairs or "black family reunions"

Wed, 08/24/2011 - 13:31 | 1595824 gwar5
gwar5's picture

Economic Martial Law, Guido style.  That's amore'!  Oh sure, that'll just fix everything right up, spit spot.

Wed, 08/24/2011 - 13:32 | 1595826 magpie
magpie's picture

Absolutely hilarious.

Wed, 08/24/2011 - 13:39 | 1595861 Negro Primero
Negro Primero's picture

...and/or gattopardian

Wed, 08/24/2011 - 13:36 | 1595834 sqz
sqz's picture

Back to 1950's style capital controls, just before the creation of the Euromarkets (foreign currency short term deposits) by a UK bank (think it was Midland Bank - precursor to HSBC) as a way to bypass strict worldwide government capital controls at the time? We seem to be coming back to full circle. All we need now is a gold/commodity money standard which no longer looks completely implausible. Ironic!

Wed, 08/24/2011 - 13:34 | 1595836 falak pema
falak pema's picture

He is the hottest news about Italy :

There will be intense competition on this front if the Economy continues to tank. DSK, Berlu, the football crowd, you name it ...every man and his cock rooster...

Silvio Berlusconi Might Write A Book About All The Women He's Slept With

Read more:

Wed, 08/24/2011 - 13:36 | 1595846 Azannoth
Azannoth's picture

I wonder if he includes all the under-age callgirs too ? hmmmm

Wed, 08/24/2011 - 14:40 | 1596105 trav7777
trav7777's picture

if you were him, wouldn't you?  WTF, hell yes you would

Wed, 08/24/2011 - 13:36 | 1595840 Catullus
Catullus's picture

The term is oligarchy. And it's caused left liberals in the US in particular to black out and blame everyone and everything except the state which they've entrusted to elevate all of humanity. It's sometimes referred to as the fatal conceit. They've entrusted a organization with a legalized monopoly on violence to "regulate" the free movement of capital, then wonder aloud why there's a greater level of inequality and injustice.

I'm playing the democracy-Santa clause convergence.

Wed, 08/24/2011 - 13:39 | 1595859 MethodMan
MethodMan's picture

The more controls on currency the less useful it becomes. When it become useless to the general population...

Wed, 08/24/2011 - 13:43 | 1595868 New American Re...
New American Revolution's picture

Capital controls, yeah baby, that always works.

Wed, 08/24/2011 - 13:43 | 1595869 nah
nah's picture

cash and PMs are overrated anyways... killing and bribing for influence is the way to future democratic capitol formation

Wed, 08/24/2011 - 13:43 | 1595870 Dick Darlington
Dick Darlington's picture

Or then You can take the popular path chosen by the greeks for example, say fuck austerity and call it general strike.

Wed, 08/24/2011 - 13:43 | 1595871 hunglow
hunglow's picture

I drink a double espresso Italian roast each morning.

Wed, 08/24/2011 - 13:46 | 1595882 Helicon
Helicon's picture

They didn't propose to sell off state assets and gold?

Wed, 08/24/2011 - 13:52 | 1595906 CrashisOptimistic
CrashisOptimistic's picture

Speaking of which, another $900 of drop and I might be a buyer.

Wed, 08/24/2011 - 13:58 | 1595924 Stuck on Zero
Stuck on Zero's picture

We're looking at the first opening salvos of the final epic battle for financial supremacy.  It will be the mega-wealthy vs. government employees.  The middle class and the poor have dropped out of the race.

Wed, 08/24/2011 - 16:20 | 1596446 slackrabbit
slackrabbit's picture

Great facists to the left, facists to the right...

Wed, 08/24/2011 - 13:59 | 1595928 Fed Supporter
Fed Supporter's picture

 "the one notable proposal is for all cash transactions over €300 to be banned, and to be permitted only in electronic format."

Cashless Society.

Coming soon to every country near you.

Wed, 08/24/2011 - 14:47 | 1596127 hedgeless_horseman
hedgeless_horseman's picture




Revelation 13:17

"So that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name."

Wed, 08/24/2011 - 15:34 | 1596301 Fed Supporter
Fed Supporter's picture

I only know one way that all buying and selling can be controlled, that is with electronic money.  Even if it is an electronic currency called XYZ backed by gold, oil or other commodities.

Wed, 08/24/2011 - 16:30 | 1596469 smore
smore's picture

Total Slavery.

Coming soon to every country near you.

If you're lucky, otherwise it's a shallow grave, unless you start planning violent resistance NOW!

Wed, 08/24/2011 - 19:46 | 1597339 Kali
Kali's picture

Yes, that's what got me too.  Wow.  A partial ban on cash, full ban soon?  So much for "all debts public and private".  The Italians should be burning down every bank in the country.  And the politicians.  This is a VERY scary development, and, yes, coming here soon.

Wed, 08/24/2011 - 14:00 | 1595940 Mariposa de Oro
Mariposa de Oro's picture

So when can we expect our masters to impose these controls on us?

Wed, 08/24/2011 - 14:19 | 1596019 SheepDog-One
SheepDog-One's picture


Wed, 08/24/2011 - 16:08 | 1596424 smore
smore's picture

Spat wine on keyboard!  Seriously, reading ZH today has scared me more than any day in the 8 years or so since I realized all this stuff was going to happen.  We are all going to be in "lockdown" worldwide very soon.  At least I got myself and my money out of the USA, which will be a slaughterhouse, unless the sheep stand up on their hind legs.  Miracles could happen.

Wed, 08/24/2011 - 16:18 | 1596442 slackrabbit
slackrabbit's picture

I too am drinking wine and share your sentiments. 

However it was the animated gif that made me vote +1 

Wed, 08/24/2011 - 16:35 | 1596482 smore
smore's picture

Desperate times call for desperate measures - in the Infowar!

Wed, 08/24/2011 - 14:02 | 1595950 PontifexMaximus
PontifexMaximus's picture

Let's wait until ferrragosto is finished. They won't even remenber about the rubbish they wrote. Let's say it the other way round, until all the waste has not ben removed out of the city of napoli, you don't have to take them serious, and believe me, they won't care a second about what Brussels is telling them, they will just send them Waffangulo!

Wed, 08/24/2011 - 14:09 | 1595976 DaveyJones
DaveyJones's picture

"while back in the U.S., those who are already rich are doing everything in their power to prevent those who wish to be"

sometimes I could just kiss him

Wed, 08/24/2011 - 14:20 | 1596025 AnAnonymous
AnAnonymous's picture

It is just an echo of the US middle class, which is schizophrenic by structure.

The upper class has this easy: they can oppose anyone promoting to their ranks without breaking their way of thinking.

For the middle class would have to be moral to achieve the same result.

And in this US driven world, it is not the case.

So here are the results:

-US middle class bad mouths the upper class for closing the doors and preventing people from joining the upper class

-but the US middle class also acts the same towards the lower class as it is blatant the US middle class do not want the lower class to access to a middle class status.

Gang mindset. No principles, only situations. Rich are to be blamed for something that middle class does and wants to keep doing.

Wed, 08/24/2011 - 14:31 | 1596067 DaveyJones
DaveyJones's picture

perhaps it should say the ultra rich. Course depends on what you call rich. Why do we not want the lower class to access the middle class? Would love for them to produce into the common pool instead of draw on it. Not nearly as strong as my bitch to the ultra rich (or should I say those with their hands on the public reins). Contribute to the common pool, don't kidnap and rape it. they have ( and are having) a much more profound affect on me than the poor. Hell they are growing the poor. And soon we'll be in that club.   

Wed, 08/24/2011 - 14:35 | 1596080 AnAnonymous
AnAnonymous's picture


It is enough to look for any rant on globalization (and this site provides quite a lot) to check that the US middle class does not want the lower class to promote to middle class.

Another example of denial in this US driven world.

US citizens are very efficient at monetizing anything. Unfortunately, they are rather failing at monetizing cheap propaganda, denial of obvious facts. Would do wonders though.

Wed, 08/24/2011 - 14:42 | 1596113 trav7777
trav7777's picture

oh this is just bullshit...the middle class isn't in a position to prevent the lower class from doing anything.  Who the fuck is denying the lower class access to anything?  The middle class pays the taxes to overfund the schools the lower classes destroy.

Thu, 08/25/2011 - 03:13 | 1598386 AnAnonymous
AnAnonymous's picture

One could suppose that in US newspeak, not being in position to prevent the lower class to do something means not being able from killing them outright. Only logical solution in this US driven world.

Wed, 08/24/2011 - 14:09 | 1595978 Cone of Uncertainty
Cone of Uncertainty's picture

You mean, let me understand this cause, ya know maybe it's me, I'm a little fucked up maybe, but I'm funny how, I mean funny like I'm a clown, I amuse you? I make you laugh, I'm here to fuckin' amuse you? What do you mean funny, funny how? How am I funny?

Just... you know, how you tell the story, what?

No, no, I don't know, you said it. How do I know? You said I'm funny. How the fuck am I funny, what the fuck is so funny about me? Tell me, tell me what's funny!

Wed, 08/24/2011 - 15:18 | 1596251 Oh regional Indian
Oh regional Indian's picture

For any potential "Red Arrowers", that is Scicilian Mafia talk, probably DiNero in a movie.


Wed, 08/24/2011 - 16:30 | 1596462 slackrabbit
slackrabbit's picture

Would the real Joe Pesci please stand up - cos your a funny guy..and a great scene with Ray Liotta



Wed, 08/24/2011 - 14:15 | 1595999 proLiberty
proLiberty's picture

A real-time debit system would imply that government would also have the power to disable any account, "for security reasons".  If such a system is adopted, it is only a matter of time before it is extended beyond business to include the general population, thus giving government the ability to control who can buy or sell, as the general use of cash is made more and more difficult until it is outlawed.

May you live in interesting times.


Wed, 08/24/2011 - 14:15 | 1596004 AnAnonymous
AnAnonymous's picture

Any known name in the list? Just wondering. Okay, this is Italy. But one could suppose that they have much more business than this list. Who could express a totally different point of view.

What next? Proving something by posting a list of fifty U S citizens who are against the war against Afghanistan? Iraq? Libya?

Wed, 08/24/2011 - 14:18 | 1596014 SheepDog-One
SheepDog-One's picture

This is awesome, all the crackheads who begged for more free money are now crying because theyre about to take a hit? 'Oh please! Tax the peasants more! Not me'! 

Heh heh heh

Wed, 08/24/2011 - 14:22 | 1596032 Cassandra Syndrome
Cassandra Syndrome's picture

Sounds like a desire for Corporate State Fused Fascism to benefit the big boys and cripple the small guys by removing cash from the system. Where on Earth would these Italians have got this idea from?!

Wed, 08/24/2011 - 14:22 | 1596033 JimBobOMG
JimBobOMG's picture

What is EPS?

Wed, 08/24/2011 - 15:08 | 1596213 MarcusLCrassus
MarcusLCrassus's picture

Escalated Poultry Sales

Wed, 08/24/2011 - 14:23 | 1596037 bluehorsesandal
bluehorsesandal's picture

Italy has no problem at all with income tax generation. 

Govt income is 45% of GDP versus 51% of expenditures...


Wed, 08/24/2011 - 14:52 | 1596160 Rodent Freikorps
Rodent Freikorps's picture

An nescis, mi fili, quantilla sapientia mundus regatur?

Wed, 08/24/2011 - 15:03 | 1596196 pcrs
pcrs's picture

The government will steal their money as well, but probably last. Total state lock down, every productive citizen will be robbed, to keep those in power in power. What works for the middle east and central asia, works at home. They don't care as long as they can squeeze some cash out of it.
Problem is that productives will go on strike or fight or flee and they will be left with a whole bunch of dependends and no one to steal from. 

Wed, 08/24/2011 - 15:14 | 1596239 digalert
digalert's picture

Coming to town near you, you betcha. Virtual will be the money du jour under eyes of the state.

Now that Baramacare combines your bank account/s with your health records (remember?) so the IRS can insure that your buying the mandated insurance. Of course the ones that wrote the bullshit exempt themselves from same. Life will be grand as we all sit around singing kumbaya.

Wed, 08/24/2011 - 16:08 | 1596426 slackrabbit
slackrabbit's picture

Anyone who even remotely asked for capital controls is simply insane.

Anyone who even remotely asked for capital controls at 300EU is psychotically mad! Either they are asking for the public to perform a run on the banks or the have probably and stupidly instigated one. Once people hear capital controls, anyone with half a brain will panic

Wed, 08/24/2011 - 16:55 | 1596626 Negro Primero
Negro Primero's picture thinks it's not just about the 300 euros or capital controls, and Switzerland hasn't moved, it is still a border country no? Uhm,,and there's got to be something else behind the sudden patriotism of 'dozens of italian businessmen'. Not credible, just more Bunga-Bunga BS . And not long ago I read an interesting article about the future digital money and it's implications to our privacy et else,,,can't find it now, I promise to publish it when and if I find it. In the meanwhile:

"Keep your eye on Big Brother,Find out who's looking at your personal data, and ensure it's accurate"


Digital money "The end of the cash era"

Wed, 08/24/2011 - 17:24 | 1596756 cranky-old-geezer
cranky-old-geezer's picture

The rich can propose anything they want.  It can be wacky, crazy, luducrous, unworkable, impossible, because they don't have to implement it.

Limiting cash transactions to 300 Euro can't be enforced to any real degree.   Most cash transactions are between individuals.  How is government goin to control that effectively?  Most cash transactions are small, well under 300 Euro.   Over 300?  No problem, make it two separate transactions.

Government attempting to control / outlaw / prohibit things like this simply drives them underground.

Government attempting to control / outlaw / prohibit things like this sends a big clear message to the rest of the world:  That government is desparate.   They're panicing.   

And the vultures start circling. Bond vigilantes and other financial pirates start closing in.  Then military oportunists start paying attention, looking for vulnerabilities, weak spots, etc.

In this age of instant worldwide communications, governments can't be doing desparate panicy things like that.  It draws too much attention from adversaries. 

Wed, 08/24/2011 - 18:27 | 1596948 greenbear
greenbear's picture

One word: bitcoin

Thu, 08/25/2011 - 08:07 | 1598600 plonati
plonati's picture

Just to remember that in Italy at the moment any euro of income exceeding 75,000.00 pays 46% in taxes. With the new contribution it will pay 51% from 75k to 150k Euro and 56% from 150k of income. (56% of income over 210,000 $) Tax on enterprise earnings is close to 40%. Doesn't seem a low taxation: actually the tax burden is simply the highest in the EU. The wrong idea is that Italy lives over its means. Incomes are the lowest in the western world, taxes are at a scandinavian level. Excess in public spending ended in 1992, when after a dramatic devaluation of its currency the country started its long run to reach the Euro with a monster extraordinary charge of 50 billions Euro. The euro rules, that simply do not allow excess in spending, are in force since 1999.

The truth? Italy is suffering a severe, 20 years long deflation. In the last 10 years the industrial system has almost collapsed under China's strokes: italians have been the Chinese of the western world for half a century, poor work at low cost, but the true chinese are unbeatable rivals; moreover it's an export led economy, if the global economy is slowing they suffer tremendously.

They are full of wrong rules about retirement and labour market, and the north of the country bears entirely the south burden, but they do not retire at fifty like Greece, they didn't inflate an Irish style housing bubble, nor they debauched their banks, like UK or others countries, financing mortgages at an excess price or buying collaterals. Even the earnings and bonuses of italian bankers are the lowest in the western world. In the last 20 years the country has been struggling to pay its debt as always, and they'll never give up.

Take a look at this...

Sounds a little bit less sarcastic, doesn't it?

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