Tyler Cowen riprende un articolo del Telegraph che riproduce il grafico a fianco.Dalla seconda metà del 2009 l’aggregato M1 (circolante e depositi a vista) è passato da una crescita annuale vicina al 14% ad una riduzione del 3% nel 2011, trascinando con se M2 (che include anche i depositi a 3 mesi e quelli di […]
Senza categoria
The Bocconi University Coup
The story that the (extreme) left- and right-wingers are telling now is that a coup is taking place in Italy. The “obscure powers” of international finance, thanks to the the Democratic Party and to President Napolitano, through heavy speculation against the Italian debt, succeeded in driving out the Berlusconi government, a goverment legitimized by popular […]
Il Golpe dei Bocconiani
La storia che la destra e la sinistra (estrema) stanno raccontando è che sia in atto un golpe bianco che espropria il Parlamento. I “poteri forti” della finanza internazionale, complice la sinistra e Napolitano, attaccando il debito italiano, sono riusciti a cacciare il governo Berlusconi, legittimato dal voto popolare, instaurando un governo golpista con la […]
Welcome to Euritaly
(by Paolo Manasse and Giulio Trigilia) Since the financial crisis began in 2008, economists have been warning of a nightmare scenario, one that is now unfolding in the European Union: a domino effect, as the economies of Greece, Ireland, Portugal, Spain, and Italy (the PIIGS, as they’ve come to be known) collapse. Yet most observers […]
L’idea del Bene Comune
(questa è la traduzione di un articolo in corso di publicazione su Foreign Affairs) A partire dalla crisi finanziaria del 2008, molti economisti avevano tratteggiato lo scenario da incubo che si sta svolgendo ora in Europa: un effetto domino, lento ma ineluttabile, in cui Grecia, Irlanda, Portogallo, Spagna e Italia (i PIGS o PIIGS per […]
Berlusconi: Will his fall bring down or save the Euro?
(forthcoming in Foreign Affairs) Since the onslaught of the 2008 financial crisis, many economists had been forewarning the EU nightmare scenario now unfolding: a slow but inescapable domino effect as the economies of Greece, Ireland, Portugal, Spain, and Italy (the PIGS, or PIIGS for the Italy-pessimists) collapsed. Yet most observers got the ordering wrong: the […]
Spreads: Brevi Risposte a Domande Difficili
Un’altra giornata drammatica sui mercati finanziari ha visto salire la differenza tra il rendimento dei BTP egli analoghi titoli decennali tedeschi (lo spread) al record di 5,75 punti d’interesse, con i BOT a due anni, al 7,5% per cento, che oramai rendono più dei BOT a dieci anni, 7,48%. Cerchiamo di capire 1) cosa significa […]
Italian Spreads: Quick answers to tough questions
(this column was written for the Metro italian daily edition) In another day of drama in the financial markets the spread between 10years BTPs and German Bunds rose to the record (since the Euro) high, 575 points, with the 2years yields on BOTs reaching 7.5 % percent, higher than the 10 year Treasury bills, 7.48%. Let’s […]
On the Wall Street Journal
interesting article by Alen Mattich quoting my post
On The New Republic
Kash Masoori discusses the fundamentals vs contagion explanations for the Italian crisis. He rather oversimplifies my argument put in my vox column . Still his column is worth reading
Mario Monti, il politico
Il Presidente Napolitano ha nominato oggi Mario Monti, Presidente dell’Università Bocconi ed ex Commissario europeo, alla carica onorifica di Senatore a vita. E ‘stata una mossa politicamente astuta. A partire da oggi il Prof Monti non è più un “tecnocrate”, un rappresentante dei “poteri forti” (massonici, naturalmente). E’ un Senatore della Repubblica Italiana (anche se non […]
Mario Monti, the Politician
President Napolitano today appointed Mario Monti, the President of Bocconi University and Ex European Commisioner, to the honor of Life Senator. It was a shrewd political move. As of today, Mr Monti is no longer a “technocrat”, representing the “masonic and “plutocratic” vested interests of “financiers”. He is a Senator of the Republic (albeit a […]
Berlusconi: What’s Next?
Berlusconi: What’s Next? Mr. Berlusconi failed to reach the majority of 316 votes in the House of Deputies, stopping at 308, while the Final Report on the 2010 Budget was approved thanks to the abstention of the opposition. These are in my opinion, the most likely scenarios. Berlusconi, after the meeting with President Napolitano, insists […]
Interview with Rzeczpospolita
Here (in Polish)
From Brazil
article on Exame
Family Business
It seems to me quite revealing that the traditional “family reunion” at Berlusconi’s on Monday, usually dedicated to the family as well to the health status of the family business, saw the participation, in addition to Marina and Piersilvio Berlusconi, of the chairman of Mediaset, Mr Confalonieri, of Mr Ermolli, a financial consultant, and of Mr Ghidini, […]
L’Etat c’est lui
Mi sembra rivelatore che alla tradizionale “riunione di famiglia” del lunedì a casa Berlusconi, solitamente dedicata, oltre che agli affetti, allo stato di salute delle imprese del Premier, abbiano partecipato, oltre ai figli Marina e PierSilvio, l’amico presidente di Mediaset Confalonieri, il consulente finanziario Ermolli e l’avvocato-parlamentare Ghidini. Secondo il Sole24ore si sarebbe discusso della […]
On Dutch TV
On Dutch TV1, Nieuwssuur , “Cross Talk” (towards minute 8.25)
Berlusconi and Credibility (Vox Update)
Finally, Berlusconi’s time seems to be over. A slow but seemingly unstoppable landslide of rightwing MPs to the centre-left opposition is making very likely that next Tuesday the government will lose its majority in a crucial Parliamentary vote on the Stability Law. The Prime Minister may even resign before the vote. Not just for avoiding […]
“Italianize” the Debt?
In an commendable effort to contribute to solve the Nation’s crisis, Mr Melani, a private citizen, bought a space on the Corriere della Sera to lunch a national appeal “for Italians to Buy Italian Government Bonds”. In order to evaluate the proposal, it is useful to remember a few facts. According to the Bank of […]