Feb 22

European “Democracy” Full Frontal – EU Parliament Head Tells Italians Not To Vote For Silvio (ZeroHedge, Feb 21, 2013):

To say that Germany does not love Silvio Berlusconi would be an understatement. But not even we thought European “democracy” would stoop so low as to tell Italians not to bring Bunga back or else. As Reuters reports, the German president of the European Parliament, once compared to a Nazi concentration camp guard by former Italian prime minister Silvio Berlusconi, warned Italians on Thursday not to back the scandal-ridden media tycoon at the ballot box. Martin Schulz is the latest in a line of German politicians to express fears about a possible Berlusconi comeback largely due to worries he will halt Rome’s reform drive that has helped to lift investor confidence in the euro zone. “Silvio Berlusconi has already sent Italy into a tailspin with irresponsible behavior in government and personal escapades,” Schulz was quoted as saying in German daily Bild.

Ironically, as today’s PMI data confirm, it is somewhat hypocritical of Germany to accuse Italy of anything since in the Zero-Sum mercantilist union, it is only Germany, now that France has careened off the cliff, that benefits from everyone else’s misfortune. The irony is that Germany should be rooting for Silvio – after all they need that EURUSD some 1000 pips lower to boost German exports, and when all hell breaks loose with Italian bond spread, Germany will simply inject another €500 billion in current account liquidity via Target2 (even if it means crushing PIMCO and their long Italy bond position). To pretend that anything in Europe at this moment is about solidarity is hypocrisy of the nth degree. Continue reading »

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