Silvio Berlusconi: "We Don't Want Elections. We Want To Govern" - Tens Of Thousands Of Protestors Disagree

Tyler Durden's picture

Even as the EURUSD is surging because of, uh, we are not quite sure - HFTs hitting all stops most likely, it is only 9 short hours until BTPs, that one and only fulcrum security for the entire European continent reopens. And while for Greece getting a new government, even if one headed by a former Fed member is somehow good news (we wonder how the people will react knowing that their fate as debt slaves repaying European banks has just been sealed for a few more months), in Italy government "stability" (we realize the comic value of this statement) is the key to prevent a blow out to the 10 Year BTP, and the launch of a domnino cascade that will stop only with French OATs, and potentially rip through through that final firewall: Germany (with or without BuBa's billions in gold reserves... which we can only hope are not parked with the New York Fed). So back to Italian government "stability" which according to France 24 is not doing that hot. "Tens of thousands of Italians gathered in Rome on Saturday to protest Prime Minister Silvio Berlusconi's tackling of the country's sovereign debt crisis. "Silvio out" was the rallying cry for the large crowd that took part in the rally organised by the Democratic Party, the country's main opposition movement. Some demonstrators poured scorn on the prime minister after G-20 leaders humiliatingly put Italy's struggling economy under surveillance, amid a lack of trust in Berlusconi's reform pledges. At the summit in Cannes, the billionaire prime minister played down the gravity of the economic crisis with a trademark quip, claiming that "restaurants are full and the planes fully booked." "I go to restaurants... to do the washing up," read one banner at Saturday's mass demonstration." And the kicker is that over the weekend enough defections from his party have taken place which according to many, but not Silvio, are enough to lose him his majority: "There is growing concern Berlusconi no longer commands enough loyalty among MPs to ensure the quick passage that European and international financial officials say Rome must achieve to avoid falling victim to a dramatic debt crisis like that bringing Greece to its knees...  "We don't want elections. We want to govern," Berlusconi added." So much for democracy in yet another country, but he does bring up a fair demand, one shared by the increasingly more skeptical holders of BTPs. Because when Silvio finally falls, all bets are off.

More from France 24:

Berlusconi's popularity ratings have hit a record low of 22 percent, according to the latest poll released on Wednesday.

 

Energised by the large turnout, Democratic Paryt boss Pier Luigi Bersani reiterated his calls for Berlusconi to step aside, accusing him of being responsible for Italy's economic woes.

 

"Italy is on the most exposed side of the crisis because of an incompetent and discredited government," he said after singing the Italian anthem with the crowd.

 

"For the country's reconstruction, we urge Italians to put us to the test government and we will show them that we can be a reform party," he said.

 

"The sooner we send them to the junkyard the better," read one large placard at the rally, plastered with the pictures of Berlusconi's ministers, as pressure mounted on the 75-year-old leader's government.

 

The placard also included pictures of his lawyer Niccolo Ghedini and Nicole Minetti, the curvaceous former showgirl who was promoted as regional councillor in Milan after serving as Berlusconi's dental hygienist.

 

Both are symbols of what the opposition sees as a corrupt administration.

And from the AP:

There is growing concern Berlusconi no longer commands enough loyalty among MPs to ensure the quick passage that European and international financial officials say Rome must achieve to avoid falling victim to a dramatic debt crisis like that bringing Greece to its knees.

 

During an economic summit in France last week, Berlusconi asked the International Monetary Fund to monitor the country's reform efforts, a humiliating step for the eurozone's third-largest economy.

 

If his forces lose upcoming votes on the measures, the Italian president, who has repeatedly called on Berlusconi to take decisive steps immediately to rescue the nation, could intervene and rule that it is time for a new government.

Silvio's traditionally placating words:

"I am sorry to disappoint those who are nostalgic of the First republic when governments lasted an average of 11 months," he said in a statement.

 

My sense of "responsibility vis-a-vis the voters and the country... compels me and the government to continue our struggle for civilisation at a difficult time of crisis."

All we can say is stay focused on GBTP10YR Index GIP <go> beginning about 4 am Eastern, since the EURUSD is now largely irrelevant.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
MsCreant's picture

With Silvio as bottom, I'll vote that up.

WestVillageIdiot's picture

Don't feed the midget tranny troll, Mscreant.  This fucknut is now on each thread just typing "gold bitchez" or "gold and silver bitchez".  It is meant as a slap against ZHers and the fact that ZH readers tend to believe gold and silver hold value.  This little troll deserves no response. 

WestVillageIdiot's picture

You are wonderful.  Please keep up your excellent posts.  They are very informative and educational.  Thank you for being here. 

trav7777's picture

fuckin elections and goddamned electorate always fuckin things up...who the fuck do they think they are?!??!

AldousHuxley's picture
  • What Does Plutonomy Mean?
  • Economic growth that is powered and consumed by the wealthiest upper class of society. Plutonomy refers to a society where the majority of the wealth is controlled by an ever-shrinking minority; as such, the economic growth of that society becomes dependent on the fortunes of that same wealthy minority.  

 

  • Investopedia explains Plutonomy
  • This buzz word was initially coined by analysts at Citigroup in 2005 to describe the incredible growth of the U.S. economy during that period despite increasing interest rates, commodity prices and an inflated national debt. Citigroup analysts argued that as such an economy continues to grow in the face of contradictory elements, the more important the society's ultra rich become to maintaining such growth. The analysts also believed that in addition to the U.S., Canada, Great Britain and China are also becoming plutonomies.

 

  • This interview was with a REPUBLICAN advisor from 2004

http://www.pbs.org/now/transcript/transcript_phillips.html BILL MOYERS: With me now is a man who has been tracking the political and economic history of American wealth for a long time. Kevin Phillips and I were both young men in Washington in the 60s. We were on different sides but had a mutual interest in politics that reached workaday people. He was the chief political strategist for Richard Nixon's victory in 1968 and wrote the bombshell book on the emerging republican majority. Ten years ago his best-selling book on the politics of rich and poor influenced the 1992 elections. In his new book, WEALTH AND DEMOCRACY, he is writing about how big money and political power are the invisible hand in the hidden story of the American experience. Good to see you again.

KEVIN PHILLIPS: Well, the plutocracy ... and I think we have one now and we didn't, 12 years ago when I wrote THE POLITICS OF RICH AND POOR is when money has ceased just entertaining itself with leveraged buyouts and all the stuff they did in the '80s, and really takes over politics, and takes it over on both sides when money not only talks, money screams. When you start developing philosophies in which giving a check is a First Amendment right. That's incredible. But what you've got is that this is what money has done. It's produced the fusion of money and government. And that is plutocracy.

BILL MOYERS: But hasn't money always held politics hostage?

KEVIN PHILLIPS: Well, it's usually been very influential. And sometimes it really hasn't been too influential,

But what we've seen in the '80s and '90s is that it's taken control of both parties, pretty much taken control of the culture, and controls the whole dynamics of politics. And that is ...

BILL MOYERS: But the si- ...

 

KEVIN PHILLIPS: ... a plutocracy in a way that we haven't had before, since the gilded age.

rosex229's picture

I know I'll get a load of negative reviews for this, but, as I said on Wednesday, the end of the referendum and guarantee of greek bailout acceptance is a bullish signal. I must clarify though, these markets care only about the next 15 minutes not the next 15 weeks, or hours for that matter.

Once markets open the yield on Italian debt will fall (I'd guess it'll still be above 6%), but it will only be a temporary reprieve from its upward thrust. There will be temporary relief that the world didn't end this weekend, but reality has a stubborn habit of... well... existing, so as much as no one wants to hear it there will be a "relief rally". It will be small, temporary, and against all logical analysis, but it will happen.

Sometime soon the realization will kick in that nothing has changed, there are no solutions, no foriegn entities (barring the arrival of gullible extra-terrestrials) are contributing to the EFSF, Greece cannot handle 9 more years of austerity (shit we're only 18 months in), France is not AAA, the USA is not AAA... I could go on but everyone here already knows.

disabledvet's picture

seems to me the signal is "no debt monetization" thus forcing all the Italian banks to start buying the incredibly short debt maturity Italian debt. No wonder their banks are "buckling."

jdelano's picture

You should have said there will (likely) be a relief rally as whenever anyone says markets will do this or that without a qualifier, the markets usually do the exact opposite, just to piss you off and illustrate the point that people who make definitive "prophetic" judgements about the markets are just as full of shit as the rest of us....

rosex229's picture

Haha being that I am completely full of excrement (aren't we all) I readily admit that a number of trades have gone quite akwardly for me (yep that's a euphemism) but isn't that true for all of us?

BKbroiler's picture

Silvio's has had enough, and he does not give a shit what the left thinks of him anymore.  Every week it's a new confidence vote and he always wins.  Italians mostly hate him because he lives the Italian stereotype out on the world stage and fucks anything that moves, but so what?  He brings tons of money in for Italy through contracts on handshake deals with all the world leaders who know and trust him, and no one in Italy can even come close. For Christ sakes, he got 200 of italy's hottest women to "convert" to Islam for Gadaffi just to score some oil contracts, one big shit show and it worked beautifully.  Putin and him are pals and party like real world leaders are allowed to, he fucks with Merkel for laughs, laughs at Sarkozy for fun, and says Obama has "a great tan"  

Berlusconi 2012! 

hollowbody's picture

Actually BK,

Your line needs a slight correction:

Italians mostly LOVE him because he lives the Italian stereotype out on the world stage and fucks anything that moves

lapedochild's picture

100% agree, the GBTP10TR is now a leading indicator for all bourses...

Question though... sure, they want Berlusconi out, but is that because the Italians can't wait to enact the new austerity measures he's trying, but unable, to implement?

paarsons's picture

Good citizens of Europe!

I've got sad news.

Bend over!  You are about to get it in the ass.

http://fucklloydblankfein.blogspot.com

Boilermaker's picture

Hey, that's really interesti....FUTURES ARE UP!

ZeroPower's picture

BTPs, HY and IG is what ill be watching. EURUSD while not irrelevant probably just needs some more time to resume a drop.

navy62802's picture

It will come crashing down soon enough. Have patience and use this time to prepare.

Animal Cracker's picture

"We don't want elections. We want to govern."

This is the most honest thing a politician has said in years.

ziggy59's picture

Pure, unbridled fascism

The Big Ching-aso's picture

"We don't want elections.  We want erections.   We also want to govern with an iron fist.  The best of all worlds.  It's good to be King."

There, fixed it for ya.

Boilermaker's picture

Expect futures to be up over a hundo by morning.  You can already see the shoving upward on all downward movement.  Jesus fucking Christ, give a rest already.

WestVillageIdiot's picture

Futures are already up.  It is looking good.  But more often than not futures start out red.  You go to bed and there are predictions of a big downward slump at the open.  Then some wise man pulls up with a pocketful of myrrh in Bethlehem and magically the futures shoot skyward.  The open is all green and we are off to the races.

I wouldn't have so many problems with the criminality of the stock market if the regular Joe wasn't forced to be a pawn by way of their meager 401k.  For most people there is almost no way to fully opt out of the system.  Giving up a 401k match is insane.  The dons of the financial world know how this works and take advantage of it. 

Boilermaker's picture

...But more often than not futures start out red.

WHAT?  LMFAO.  Riiiiigggghhhtttt.

 

WestVillageIdiot's picture

Happens all the time.  They are red when you go to bed and green when you rise.  This gets teh ball rolling and the shorts frying.  They have to at least make it seem that there is some chance that the markets will go down. 

"Blue Robo loves Lululemon"

Boilermaker's picture

Well, no shit, they go up over night.  But, they don't open down a majority of the time by any stretch.

stopcpdotcom's picture

History unfolding in front of our eyes.

bob_dabolina's picture

EUR/USD is not surging...

unless +.00169 is "surging"

agent default's picture

Berlusconi contrary to the perpetually in between jobs, professionally unemployed and unemployable political establishment, was a businessman.  He understands creditor risk, and knows that if he flips the banks the finger, they and the EU will be in more trouble than Italy will.  That's why TPTB don't want him in power.  Protests can be fermented very easily by shady characters with shady connections.  Had the masses not been so gullible, would we be in the mess we are right now?

WestVillageIdiot's picture

Have you looked at the masses lately?  Even a quick review of their view on the world, and their own place in it, will not make you optimistic about society. 

agent default's picture

You mean entitlement galore, it's all somebody else's fault coupled with some vague socioeconomic theory that makes no sense in terms of simple arithmetic never mind reality and laws of nature?  Sure.  In a way, I am glad for the upcoming collapse.  When I talk to some people I honestly wish they get whatever is coming because they deserve it.

chump666's picture

Bizarro HFT trading has kicked in, 100 point rally on the Aust markets in less than 10secs.  Risk is actually off if those lunatics care to look at bond/credit spreads blowing out on Italy. 

 

Boilermaker's picture

How many average Joes and Jills look at the bond/credit speads blowing out on Italy?

chump666's picture

They should.  That's how the re-finance con job from the ECB has being keeping the Italians afloat with money to buy food and keep themselves warm.

Silvio, IMO, is going to can this EU/IMF funded bullsh*t.  He will bankrupt the country and go back to the Lira.  Any good dictator would do that, send the country into a depression, then rebuild it with their own currency albeit depreciated.  If he pulls that seduction on the Italians, he will say to them, "would you like your monies going to French and Germany banks? huh"

Remember he has a tenure for another 2yrs. 

I am Jobe's picture

Can USA deploy some troops. Heck USA needs anoterh war for sure.

Zer0henge's picture

G&S Short squeezes bitchez

nonclaim's picture

Does anybody have a short list for replacing Berlusconi?

It is easy to not like him, there's plenty of reasons, but the replacement should be for the ECB or against the ECB?

disabledvet's picture

How 'bout you and me? I'll get my Jefferson "wig" if you bring your Dolly Madison bouffon--er, i mean bouffant...bouffant!