Got gold and silver?
People should, rightly, have fear of having their money in paper instruments, whether it’s in a bank account or a bond. If they had any sense they would be buying (physical) gold and/or silver. That’s the only way to maintain your purchasing power.
– Social Media Panic in Italy: “Enough of this Agony; Give Us Back the Lira” (Global Economic Alalysis, July 23, 2012):
Black Monday messages on Facebook and Twitter have gone viral in Italy as people have had enough of austerity, job losses, and uncertainty. La Stampa reports on Panic in the Network.
What follows is a Mish-revised translation of select ideas and quotes from the article. My specific comments are in brackets.
Black Monday breaks early in the morning on websites across the world and social networking spreads alarm. “Withdraw money from bank accounts” is the appeal of Andrew to Facebook friends.
Pseudo-analysis on the alleged benefits of a return to the lira go around the net. “Enough of this sad agony. Bring back the old money”, Paul insists.
“In 2000 we had the lira. We were producing more, exporting more, and children were living better, the results of monetary sovereignty” says Magdi Cristiano Allam on Twitter.
“We are on the brink of the abyss and the top EU cazzeggiano [slang for F* around],” accuses Ivan.
The tones on social networks are apocalyptic: “This is not a crisis, it’s the end of capitalism.” On the forum of the economics of printing a black player sees: “Folks, we begin to pray, after Greece’s up to us. We are at the end titles, to every man for himself.”