Guest Post: Has Italy Gone Fascist?

Tyler Durden's picture

Submitted by Morpheus

Has Italy Gone Fascist?

In August this year, CLSA’s Russell Napier wrote: “Italy is scary – yields will rise when governments chose to take money from their savers – what Russell calls THE GREAT THEFT - Expect massive capital flight”.  Yet while Russell was commenting on Italy’s opening move in repressing private capital by raising the capital gains tax, but not on gains of government debt, the situation has moved with such speed over the past 5 months that the emergence of the first Fascist regime following the 2008 crisis can probably now be associated with the new Monti government.

And while Doug Casey addresses getting out of Dodge on these pages (, it may be time for Italian to get themselves as well as their capital even faster out of Pizzaland.

Here are the latest developments which are coming in at extraordinary speed:

  • The appointment in December of an unelected government. This government has no accountability and no fixed time mandate. It is being sold as being “technocratic”, but is in fact headed by a University Professor who is distinguished for: (i) having been head of the EU Internal Market Commission, where he used the power of the State to fine Microsoft and other corporate that were “getting too big for their boots”;(ii) being a good friend of Romano Prodi, another University Professor from the Communist  heartland of the University of Bologna and creator of the Euro (more on him later);(iii) a paid hand of Goldman Sachs and a friend of Mario Draghi, another Goldman puppet who dispatched of the government of Berlusconi within days of taking the helm of the ECB; (iv) a fervent believer in the pre-eminence of the state over the individual;
  • Prodi, the original architect of this catastrophe, famously made this comment in 2001, indicating that this cabal of Professors are playing a very long game indeed:

I am sure the Euro will oblige us to introduce a new set of economic policy instruments. It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created.”

Romano Prodi, EU Commission President, December 2001

  • Thanks to his friendship with Monti and the current government, he is very much still involved in shaping just what such instruments can be;

  • The passing of an extraordinary edict making cash transactions of more than Euro 1,000 illegal (not subject to reporting – just plain illegal). Following Prodi’s own desire, the existing regime has indicated that this level will be progressively reduced to a limit as low as Euro 300. Hence cash is maybe for the first time in history no longer legal tender (over Euro 1,000, for now);
  • A requirement that credit card companies report all transactions carried out by Italians, in Italy and abroad to the fiscal authorities;
  • Delays and refusals by banks in allowing customers to withdraw  cash balances of as little as Euro 10,000;
  • Finance Police has placed cameras at the physical borders with Switzerland (see below) to register all license plates. In addition, currency-sniffing dogs have been deployed at the border (

Events in Italy must be watched closely. The country that gifted Fascism to the world in the 1930s was widely admired even by FDR, who held Mussolini in high regard and was no doubt inspired in many of his own policy choices.  Will Italy lead the way once more, as politicians in Europe and the US watch to see what oppressive policies they may get away with?

And while Russell Napier (correctly) foresees capital controls being imposed and suggested that one parks his cash in Singapore dollars, Italians may want to get themselves out as well before the current group of Professors slams the gates shut. Things are moving even faster than one of the world’s leading financial historians could foresee.

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ebworthen's picture

A little off topic, but speaking of Facism and the future of countires, "Need to Know" on PBS had a very good documentary piece tonight about Main Street and the econmoy, and how much it sucked and is nothing like any recession since the Great Depression.

At the end of the show they showed a link to a poll about which politician could fix the economy called "Waiting for Superman".

Not Obama, or Romney, and not even "none of the above" but "Ron Paul" at 38%.  A surprising result IMHO for a PBS website.

Click on the "Home" link to find the poll and vote.

I'm long Gold, Silver, & Austria.

ceilidh_trail's picture

Obumma beating "none of the above" by 3 votes.

He_Who Carried The Sun's picture

"The country that gifted Fascism to the world in the 1930..."

Whoever this "Morpheus" fella is, history is not among his strengths...

"F" !!

LetThemEatRand's picture

Careful...   The Randers here don't want to confuse their reality with history.

spiral_eyes's picture

Ron Paul doesn't need to win anything.

The Fed is abolishing itself through bad policies.

forexskin's picture


and... one more for RP

jeff montanye's picture

morpheus is right that modern fascism starts in italy with mussolini.  however it is earlier, mid twenties or so (he called himself "il duce" in 1925 and crucial elections to power were characterized by widespread voter intimidation and key assassinations  

at 5:40 a.m. ron paul has 69% and obama is trailing "none of the above".  hope the new hampshire primary helps ron paul.  p.s. even if one intends to vote for obama in the general election, why not vote for paul in an open primary (or reregister for the closed that still have time  he's supposed to be eminently beatable and the political theater would be far more entertaining than romney, santorum, et. al.

Popo's picture


  • The passing of an extraordinary edict making cash transactions of more than Euro 1,000 illegal (not subject to reporting – just plain illegal). Following Prodi’s own desire, the existing regime has indicated that this level will be progressively reduced to a limit as low as Euro 300. Hence cash is maybe for the first time in history no longer legal tender (over Euro 1,000, for now);



Cash transactions over 300 Euro might be illegal?   ...So I guess that means no more hookers and blow?



bigkahuna's picture

8:42 am EST - Ron Paul 71%

none of the above 13 %

Obama 11 %

No one else even close...all around 1%

thatthingcanfly's picture

10:15 CST: RP up to 75% with 1234 votes cast (the last one being mine). None of the above: 12%. Obama: 9%.

Jena's picture

And now RP 76% with 1425 votes cast.

blindfaith's picture

time to short eBay and Paypal

Red Herring's picture

No, this is their way to cause deflation in hookers and blow - less cash money chasing same amount of goods and services!

pain_and_soros's picture

No, this is their way to cause deflation in hookers and blow - less cash money chasing same amount of goods and services!

done as a favor to Berlesqueoni

trav7777's picture

rules don't apply to government officials.  The more absurd they make the rules, the more the regular people will just violate them anyhow.

The arrogance of these governors is amazing.

TheLooza's picture

It just means cheaper hookers and dirtier blow.  Or dirtier hookers and cheaper blow.

earleflorida's picture

either/or --- who said life was fair?

jeff montanye's picture

i liked the pitched roof and lapped boards.  oh that's not part of the truck?_

mess nonster's picture

How much are you asking for the snow and the giant christmas trees?

Sheriff Douchenik from AZ's picture

Sweet. It makes sense to keep a home mobile when the great uprising starts.

Teamtc321's picture

Aaaaaa, what's wrong eating on rand? Don't like him cause he tell's you gubermint troll's to stay the fuck out of our lives?

Your called dead weight darlin......... Time to cut expenses and you tit eater's are it...........

Cast Iron Skillet's picture

ummm ... maybe "don't like HER ... " ... Ayn Rand was a woman.

Teamtc321's picture

If so then my bad, I thought the name was in regard's to Rand Paul. That is why my comment's are edged torward gubernment intervention into personal affair's. 

Randall Cabot's picture

Yes, she was the jewess who pushed "individualism" for the goyim-but not for her tribe.

flacon's picture

Later he was MI55ING his head.

Sudden Debt's picture

I'm pretty sure they used his head to keep the rope around his neck in place....

jeff montanye's picture

he was shot and his corpse famously hung upside down.  still had his head though.

Randall Cabot's picture

"he was shot and his corpse famously hung upside down"


By communists.

SoCalBusted's picture

Last picture I saw of Mussi he was held in high regard, from a lamp post.

par4's picture

He was hung from his heels at an ESSO station after being shot by communist partisans as retaliation for a previous massacre. Along with his mistress and some other criminals in arms of his. Try Google for pictures and note U.S. servicmen in the crowd.

ArgentoFisico's picture

Tyler forgot to remember how a lot of italian pensioners used to cash their pension and now have to pass trough a bank and credit cards.. and are getting mad using this kind of stuff they never used.

francis_sawyer's picture

The greater portion of pensioners still go to the post office to cash their pension checks... You always KNOW which days to avoid going to the post office... It's like WalMart on the day SNAP cards are activated...

[EDIT - after seeing "junk"]

LOL - I lived in Italy for a dozen years (up until fairly recently)... I was there during the entire transition from Lira to Euro... I used to go to the Post Office (as most Italians do) to pay their various "bolletta" (electricity bills, gas bills, even TV tax, yes - in Italy, even if you have a TV with rabbit ears antenna, you have to pay a tax for the fucking RAI 1, RAI 2, RAI 3, & 3 MediaSet [Berlusconi owned] stations)... What I stated above is TRUE (based on 12 years of direct observation on "traffic" in the Post Office (because that's where the pensioners went also to cash their checks)...

& some stupid fuck junks me for my comment... Oh well... Kind of funny...

Pizza spaghetti and mandolino's picture

"Whoever this "Morpheus" fella is, history is not among his strengths..."

Morpheus is right.

True that the Fascism got the power in Italy in 1922. However, until the '30s the Fascism was eminently and purely an internal Italian matter.

it was only "in the 1930" that Italy "gifted Fascism to the world".

Morpheus is right also about the Monti government as a new form of Fascism. As a matter of fact Fascism was in essence a corporativistic ideology and in the Monti government there are many corporate men: the "super" minister for economy, concentrating three former Departments under his control, is Corrado Passera, who used to be, until the day before he was appointed minister, the CEO of Banca Intesa, the largest bank in the country and the major shareholder of Banca d'Italia, the Italian Central Bank.

What could be more corporativistic than that? Jamie Dimon becoming Secretary of Treasure in the US ?

jeff montanye's picture

sorry for stepping on your answer.  as for what could be more "corporativistic" than italy?  i fear the u.s. is finding out by electing g.w. bush for two terms, electing obama to "reform his excesses" then nominating romney to oppose obama (thankfully yet to be determined).  i truly think these devils make the cliched "worst presidents" that preceded lincoln look like statesmen of the highest principles and of visionary practicality.  oh our poor country.

pain_and_soros's picture

who controls the corporates in Italy?  Mafioso by any chance?

who controls the sheeple?  could it be the Catholic church?

The perfect system for total control based on corruption, fear and enslavement, coming to a country near you.


He_Who Carried The Sun's picture

"...Fascism got the power in Italy in 1922"...

This candidate gets one "A-". BUT, although "Fascism" was an Italian invention and was effectively "gifted to the world" in the 1920ies (no matter whether or not the "world" chose to embrace its ideas in the 1930ies only -read Goebbels speeches from the 1920ies, for example-), the ultra conservative movement (which interestingly inspired Tolkien's description of the people of Rohan) started out in France (circles around Gobineau) for similar reasons than the Italian.... then ultimately inspired conservatives from Britain to Italy, from Belgium to Germany (circles around R.Wagner's son-in-law -Chamberlain-), Hungary and so forth...

Its political thought-system embarrassed itself for being strangely antisemitic (wrongly based on false propaganda spread by the Russian intelligence service)...

Cut out the antisemitism for being dangerously idiotic in order to study its motivations and you will find anticommunism/antisocialist ideas at its very core.

This monetary debt crisis brings back Socialist agendas through the back door to our table as ultimately those who will have to pay for these government's failures and ludicrous overspending are those who own anything 'physical' much like in the US in the 30ies, I fear.

Have a good one, everyone...!

Randall Cabot's picture



Check out some hot Italian fascist chicks in this old propaganda film:   


He_Who Carried The Sun's picture

Nothing "hot" there, just a terribly mislead youth, that soon got forced in to some most awful and idiotic "adventures" in Abessinia (Africa)  in search for dreams of ancient glory and lost Roman imperial "grandeur"... Very sad, indeed!

Kayman's picture

What could be more corporativistic than that? Jamie Dimon becoming Secretary of Treasure in the US ?

How about the current occupant of the highchair.

bombimbom's picture

It doesn't seem you know what corporatism really is/was. corporatism is actually something Monty is trying to dismantle, but it ain't easy. corporativism comes from "corporazioni delle arti e mestieri" ie medieval guilds. associations of workers/employers/artisans worked like a mix of trade unions and cartels. and still are there in some form and shape. think, cab drivers cartel, pharmacists cartel etc etc

2 are the things Italy should throw away as they are an ever growing burden: corporativism and patronage (clientelismo)

generally speaking the original blog post is between hallucinatory and misguided

for a start Monty has received a vote of confidence from the parliament and each and every decision must get the approval of both the houses. ie Monty, like it or not, is there as a result of parliamentary democracy and remains there till he has a majority in the parliament.

Sean7k's picture

You obviously haven't studied much Italian history. Mussolini did gift the world with Fascism (starting in the late twenties), FDR and many world leaders were admirers, including Hitler.

Read John Flynn's, "As We Go Marching".

mess nonster's picture

Mussolini came to power in 1922, but I guess the twenties are the new thirties... or somethiing like that...

vast-dom's picture

Fascist currency-sniffing dogs..I briefly dated one! 

Yancey Ward's picture

Yeah, everybody knows Fascism was invented by George Bush.

earleflorida's picture

"you can take the face off of fascism - but the tears of quelled tyranny will  forever stain the ism"

economics1996's picture

The ending of the Mayan calendar in 2012 is as misunderstood as the interplay between credit and debt and supply and demand; but the coincident collapse of the current economic paradigm and an arcane indicator of change should not be dismissed.

Professor David Hackett Fisher in The Great Wave, Price Revolutions and the Rhythm of History writes that for the last eight hundred years, periods of economic and social stability have been intermittently interrupted by waves of rising prices.

Each of these great waves according to Professor Fisher culminated in the economic and societal collapse of the existing order, bringing to an end the Middle Ages, the Renaissance, the Age of Enlightenment, etc.

During each great wave…Food and fuel led the upward movement. Manufactured goods and services lagged behind. These patterns indicated that the prime mover was excess aggregate demand, generated by an acceleration of population growth, or by rising living standards, or both.

… Prices went higher, and became increasingly unstable. They began to surge and decline in movements of increasing volatility. Severe price-shocks were felt in commodity movements. The money supply was alternately expanded and contracted.

Financial markets became unstable. Government spending grew faster than revenue, and public debt increased at a rapid rate…Wages, which had at first kept up with prices, now lagged behind.

Returns to labor declined while returns to land and capital increased. The rich grew richer. Inequalities of wealth and income increased. So did hunger, homelessness, crime, violence, drink, drugs, and family disruption.

..Finally, the great wave crested and broke with shattering force in a cultural crisis that included demographic contraction, economic collapse, political revolution, international war and social violence - pp. 237-238, David Hackett Fisher, The Great Wave: Price Revolutions and the Rhythm of History, Oxford University Press, 1996

Great waves take 80 to160 years before they end in the eventual decline and collapse of existing epochs. Today, another great wave is about to crest and break; and the changes could be even more extreme as the amplitude of change is greater than in any previous wave.

The current great wave began in 1896. That it could crest and break in 2012 could be a coincidence. Or, it may not.