At this time, the winds of speculative finance murders shattered once again, a few months of the crisis in Greek, Europe's skies. It 's the time of Ireland - the "bonne promoted" European policies of globalization.
Unfortunately, monetary instability, shaking the chronicles of the newspapers, it's just the sad news of what may happen in the coming weeks: first the drain on scarce public resources community, then, cold and unforgiving, the cuts to the budgets and public spending in many European countries.
Francesco Giavazzi wrote in Corriere della Sera on November 24 that "the uncertainty and delays of the policy concerned and the markets that fuel the speculation."
markets and speculation that it would be well-admitted Giavazzi for once - are not abstract and metaphysical entities. Indeed, in hindsight, at this very hour, "markets" and "speculation" are very clear interests, with names and surnames among the known groups of international financial investors. Financial institutions organized for knowingly profiting from misfortune of entire sectors of economy, public and large sections of society.
should be given a name to these professionals, financial speculation, and their name is, without exaggeration: vultures. Vultures in the name of free markets, they gain a few seconds in huge amounts of money playing the downward or upward, it matters little, the prices of government securities; vultures attack, carrion the same way as yesterday, Greece, Ireland today, tomorrow, Portugal, Spain and the day after tomorrow, finally, who knows?
be clear: they are not investors and not market Codest.
But the face of such financial disaster, here is what the economist, like any good doctor called to the bedside of the sick, gives his diagnosis and proclaims its own recipe. And what is the doctor's prescription Giavazzi? We need to "limit the guarantee (the European Fund for stability) to the level agreed in the Maastricht Treaty", ie a maximum of 60% of the debt of individual states. Beyond that limit - specifies Giavazzi - everyone gets by and do that which best believed to save the vultures, because the whole of Europe nothing can before the power of the market!
"What we see fit" is to be understood with the prevailing monetary and fiscal policies, neither more nor less than cruel butcher social.
In Italy, this would mean one more time - and we already know from personal experience: indiscriminate cuts to the school, health, welfare, employment.
We see in these hours in Ireland what it means to butcher Social: Tens of thousands of public jobs eliminated, cutting huge investment, social spending, consumption of low and middle classes of the population. The only economic policy instruments that are not touched - "not to worry the markets" - are the exemptions and tax incentives to businesses.
Among analysts, someone - I wonder - the faintest idea of \u200b\u200bwhat the social consequences of such action? Does anyone really wonders about what the social value of redistribution of wealth of biblical proportions like the one we see, from the pockets of people struggling to make ends meet for the benefit of armored accounts of financial institutions these days grind huge profits billion €?
All'indecenza moral vultures, it is not rational nor justifiable respond with cynicism butchers.
should reverse course before it's too late. Before the disaster that this financial crisis is leading to produce such quantities of social hatred to cause a litany of civil conflict and chaos that no one would know to govern.
This requires going beyond the cynical economic practices by civil war through Europe to return to the Company as soon as possible.
Giampietro Pizzo
Venice, November 25, 2010
PS: If someone really wants to practice with policies to reduce the public deficit and containment of the Italian public debt could, meanwhile, begin by doing two things. The first, on the revenue side, it's called tax on financial transactions, or on financial speculation. It follows an entry of such proportions that many of our tax problems take on a completely different proportion. The second, on the expenditure side, it's called drastic reduction in military spending. The attacks that we must defend ourselves do not stop with certain weapons and fighter jets. Quite the contrary. It would be just a nice cut public spending!
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