Saturday, 26 May 2018

Where's the crime?

"Tommy warned us about these rape gangs.

You laughed and called him a racist
Tommy will die in prison at the hands of these gangs.
You will laugh and say it served him right"
Then you will remember YOU have a daughter"

The only thing I can think of is perhaps discussing something that is sub judice. Where is the ‘incitement’??

Why the media silence?


Arrested, tried, and sentenced within an hour: Tommy Robinson gets 13 months for livestreaming outside courthouse

Arrested, tried, and sentenced within an hour: Tommy Robinson gets 13 months for livestreaming outside courthouse

26 May, 2018
Not only that, but it is very hard to get any information at all, as the police have imposed a gag order regarding this case — obviously they know how bad it makes them look, as the darkness of Sharia-compliant totalitarianism descends upon the UK. Future generations of free Britons, if there are any, will curse the name of Theresa May as the destroyer of free Britain.
Caolan Robertson is saying that this is a death sentence for Tommy because, like Britain First leader Paul Golding, he will likely be placed in the general prison population, which is dominated by violent Muslims who will be quite happy to dispatch Tommy to jahannam.
Britain is finished, and its death as a free society is by its own hand.
An update on this story. “13 months!!!! – Tommy Robinson sentenced,” New English Review, May 25, 2018:
Caolin Robertson has now removed the earlier tweet (below) as he has been advised of the reporting restriction.

Reporting Restriction.

Caolan Robertson of Rebel Media has just reported from Crown Court Leeds on Twitter.

Tommy Robinson has just been given a 13 month prison sentence starting now for his livestream today. This is a death sentence for Tommy. He is going to die in jail. This has to be stopped
Tommy was subject to a suspendend sentence from an earlier matter – this has probably also been invoked, hence the length of sentence
Tommy warned us about these rape gangs. You laughed and called him a racist Tommy will die in prison at the hands of these gangs. You will laugh and say it served him right  
Then you will remember YOU have a daughter

Rotherham Sex Survivor: I Told Authorities And They Did Nothing

Listen to interview HERE


14 May, 2018

A survivor of the child exploitation ring in Rotherham called Katie Hopkins to tell her horrifying story.

Emma told Katie that she reported at the age of 13 that she had been raped, but authorities chose to do nothing - and told her not to mention the ethnicity of the assailants.

Now a mother, Emma revealed that she was delighted to have a boy, because she would have been terrified of the same thing happening to her daughter.

She told Katie: "I actually reported by abuse 14 years ago. I went to the authorities, my parents did. I sat and gave video interviews with the police, I was willing to work with them.

"I never once looked at my perpetrators for what race or religion they were. I simply looked at who they were and what they'd done.

"But as soon as I said the names, I was made to feel as though I was racist and I was the one who had the problem.

"That continued all the way through to the Jay Report coming out in Rotherham.

"I knew I wasn't racist, but that was used as a way to silence me."

Katie Hopkins shocked

Emma outlined how she went from a nice quiet family to hanging out with the Pakistani gang in Rotherham. She said it started off as exciting, but the ring soon began to take advantage of her and blackmailed her when she threatened to report them.

And when she did report them, she was let down by the authorities. She ended up having to move out of the country to stay safe from reprisals within the community.

Katie asked her whether she was pleased that, when she gave bith, she had a boy. Emma responded: "Yes. I think if I'd have had a girl, when she got to a teenager, it would have driven me mental really.

"To me, I'm glad I had a little boy."

Fascist Britain: Tommy Ronsinson arrested for livestreaming outside courtroom: SILENCE from the media

I have never followed Tommy Robinson or Rebel media. I am most averse to the idea that Muslims are the problem as those that adhere to the idea of a civilisational crash.

However, I am deeply suspicious of the ‘far-right’ label which I note even RT uses.

I am sure that there is a problem with radical Islamist terrorists being groomed under the noses of the authorities who seem to prefer to ‘kill the messenger’ than confront the problem head-on.

There is a problem with pedophilia, not only amongst Muslim groups but also right at the apex of British society.

Thirdly, there is a problem with democracy and free speech in Britain.

While technically what Mr. Robinson was doing was illegal (but not ‘WRONG’ in any moral sense). Putting him away for 13 months in prison where he has already been assaulted seems like a death sentence unless he is seperated from other prisoners.

I'm fairly sure I do not LIKE Mr. Robinson and what he stands for but that is irrelevant.

There is lots of talk in the mainstream about "hate speech" but no one mentions "free speech" any more.

The report is from a partisan source to be sure.

Accused of breaching of peace after chasing down accused child abusers
Tommy Robinson Arrested

25 May, 2018

EDL leader-turned independent journalist Tommy Robinson has been arrested in Leeds after confronting defendants outside a courthouse as they entered to face trial over sexual abuse allegations.

Robinson and his team were producing a live video for social media as several of 29 defendants accused of child sex abuse and neglect entered the courthouse.

In a video posted to social media, Robinson – a self-modeled defender of free speech – can be seen arrested by a team of police officers. He is put in the back of a police van, with officers telling him that he was being arrested for “incitement” and “breach of the peace.”

RT spoke to Robinson’s producer, Caolan Robertson, about the confrontation outside of Leeds Crown Court and Robinson’s subsequent arrest.

Their case has been going on for about a year,” Robertson said. “Tommy had all the publicly available information… and on that live stream he repeated the information that was already public. We were very careful with language [as to not risk being held in contempt of court].”

Videos already shared to social media show Robinson walking near the alleged rapists, goading them for comment. The men reacted aggressively before police intervened.

Robinson, his producer, and another member of Robinson’s media team were present at the courthouse. The trio have said that, aside from two onlookers, they were the only people present at the court.

A big police van with about seven police officers pulled up and arrested [Robinson] and told him to stop live streaming,” Robinson’s producer said. “They said it was incitement and a breach of the peace.

No peace has been breached – there were two other people there and he’s been perfectly quiet talking into his phone. [The police] said nothing about the court proceedings. It’s very strange.”

The case in question has previously seen enraged picketing outside the courthouse, with protesters seen in April hurling and screaming abuse at defendants as they arrived at court. The case has seen 29 people charged in an inquiry into child sex abuse and neglect in Huddersfield.

The alleged offenses took place in the town between 2004 and 2011 and involved girls aged between 11 and 17. Twenty-seven men have been accused of offenses against 18 people, including rape and trafficking. Two women are charged with child neglect. In total, the 29 defendants face a total of more than 170 charges.

Robinson’s team told RT that they will now head to the police station, where they will try to find out more information about why Robinson was arrested. RT UK reached out to West Yorkshire Police for comment, but the force declined. A spokesman said that they could not comment as they “don’t identify arrested people.”

Robinson has previously been arrested for contempt of court after filming outside Canterbury Crown Court in May, for “incitement” after a protest in 2013, and was jailed for 18 months for mortgage fraud in 2014.

Latest reports indicate that Robinson has just been released from custody.

Is there a blackout on this? I cannot find anything on this in the mainstream press, even in the likes of the Daily Mail. There is certainly silence on this from the likes of the BBC and the Guardian.

Ex-leader of far-right EDL Tommy Robinson arrested trying to ‘video Muslims’ outside court

It seems like all the material related to his arrest is being removed from social media so I am capturing it here.

Here is a viewpoint from someone who by very definition is NOT a white supremacist

Another viewpoint

Here is George Galloway clashing with one of his callers. I am right with George when it comes to the Middle East but I am not sure he has me onside with this. Is this a case of George supporting the State where it suits him - and this of double standards?

I am not sure of the background of this footage and when it was filmed, apparently in Bradford,England. It DOES indicate that there IS a problem that is being brushed under the carpet by the authorities.

Tommy Robinson - “I won’t be around for much longer”

2 March, 2018

Economic Growth Chokes On Massive Debt Increases

GLOBAL FINANCIAL BREAKDOWN CONTINUES: Economic Growth Chokes On Massive Debt Increases

23 May, 2018

The U.S. and global economies are choking on a massive amount of debt.  While Wall Street and the Mainstream financial media continue to rationalize the skyrocketing debt as merely the cost of doing business, the disintegrating fundamentals point to an economic catastrophe in the making.

Of course, a full-blown economic meltdown may not occur this year or even next, but as time goes by, the situation continues to deteriorate in an exponential fashion.  So, the cheerleaders for higher stock, bond, and real estate prices will continue to get their way until the economy is thrown into reverse as decades of increasing debt, leverage and margin finally destroy the engine for good.

Yes, I say for good.  What seems to be missing from the analysis is this little thing called energy.  The typical economist today looks at the global markets much the same way as a child who is waiting for the tooth fairy to exchange a tooth for a $20 bill.  When I was a kid, it was $1 per tooth, but like with everything today, inflation is everywhere.

Mainstream economists just look at market forces, percentages, and values on a piece of paper or computer.  When economic activity begins to fall, they try to find the cause and remedy it with a solution.  Most of the time, the solutions are found by printing more money, increasing debt, changing interest rates or tax percentages.  And… that’s about it.

There is no mention of what to do with energy in the economist’s playbook.  For the typical economist, energy is always going to be there and if there are any future problems with supply, then, of course, the price will solve that issue.  Due to the fundamental flaw of excluding energy in College economic courses; the entire profession is a complete face.

Unfortunately, even the more enlightened pupils of the Austrian School of Economics fail to understand the Thermodynamics of value. Instead, we are only taught about SUPPLY & DEMAND to impact price.  While supply and demand forces impact price, they only do so over a short period of time.  However, the primary factor that determines price (for most goods, services, commodities, metals & energy) is the cost of production.  Supply and demand only pull price above or push it below the cost of production trendline.

Regardless, you don’t have to take my word for it, just look at the following charts below.

U.S. Debt Per Dollar Of GDP Growth Goes Ballistic

The days of issuing a $1 of debt to get $1 or $2 of economic growth are long gone.  Most may believe this was a grand conspiracy by the elite to control the masses.  However, it was more a function of the Falling EROI – Energy Returned 
On Investment and the Thermodynamics of oil depletion.  As the cost to produce oil consumed more energy, well, the best way to offset that was to issue more debt.

The following chart shows the relationship between total U.S. debt from all sectors (public and private) versus domestic GDP:

Total U.S. debt from all sectors is shown in BLUE while the U.S. GDP is in BROWN.  You will notice that the total debt and GDP from 1950 to 1970 remained pretty even.  It wasn’t until after 1970 did the debt increase more than the GDP.  
That was due to two reasons
  1. The U.S. Peaked in conventional oil production in 1970
  2. The U.S. EROI of oil fell considerably after 1970
Now, I did not include Nixon dropping the Gold-Dollar Peg in 1971, because that was a direct result of the two reasons listed above.  We must understand that financial and economic policy is a direct reaction to the change in energy…. and not the other way around.

So, for the United States economy to offset falling oil production and the EROI, it was forced to add more debt per Dollar of GDP growth.  In the 1970’s it took an average of $1.5 of new debt for each $1 of GDP growth but then it doubled to $3 of debt per GDP growth in the 1980’s.  However, the escalation of debt really took off after 2000.

According to the data put out by FRED, the St. Louis Fed, the U.S. GDP increased from $10 trillion in 2000 to $19.7 trillion at the end of 2017.  However, total U.S. debt (all sectors public and private) increased from $27.2 trillion to a staggering $68.6 trillion during the same period.  Thus, total U.S. debt increased by $41 trillion versus approximately $10 trillion in GDP growth.   That turns out to be $4 of debt for each $1 of GDP growth.

We also must consider the annual interest expense on the total U.S. debt of $68 trillion to be approximately $1.4 trillion based on a 2% interest rate.  I have no idea what the average interest rate is on $68 trillion of debt and liabilities, but if the average interest rate rises to 5%, then the annual interest expense blows up to $3.4 trillion.  As they say, a trillion here and a trillion there… adds up.

Unfortunately, the U.S. will not have the available cheap energy in the future to pay back this debt.  Thus, as debt implodes, so will the GDP.  Furthermore, if we were to adjust the GDP by the additional credit and debt, it would be a hell of a lot lower than its current value.  But of course, the GDP figures are calculated by the very economists who are taught to disregard energy in their market studies in college.

Global Debt Per GDP Growth Hit A Record In 2017

According to the IIF, Institute of International Finance, total global debt reached a new record high of $237 trillion in 2017, up $21 trillion from the previous year.  Now, compare that to the global GDP growth of $3.9 trillion in 2017, ($75.4 trillion in 2016 to $79.3 trillion last year).  If we divide the $21 trillion of new global debt by the $3.9 trillion in global GDP growth, it equals an additional $5.4 for each new $1 of global GDP growth.

I arrived at the figures in the chart above the very same way as the U.S. Debt per GDP growth chart.  Even though the values in the graph suggest that the debt per Dollar of GDP growth continues to move up at an ever-increase rate, the annual changes are more volatile.  For example, the average global debt per Dollar of GDP increased more during the 2000-2009 period than from 2010-2017. This was also true for the United States.

However, the annual interest expense on global debt of $237 trillion has to be one hell of a lot.  Again, I have no idea what the average interest rate is on that debt, but even if we assume a conservative 2%, that is $4.7 trillion.  How could the world afford $4.7 trillion of an interest expense if the increase in global GDP was only $4 trillion last year???

Please understand, I am only making simple assumptions here.  If the global debt is increasing, so must the interest expense to service this ever-increasing amount of debt.  When the debt service starts to compete with global GDP growth, then we have a serious problem.  And with the impact of the Falling EROI and Thermodynamics of oil depletion, global GDP growth will likely begin to stall over the next few years.

The notion put forth by some precious metals analysts that if the corrupt banking system would be allowed to go bankrupt (as it is bankrupt), then after the pain, the U.S. economy could grow once again.  That will never happen.  Why?  Many in the alternative media and precious metals community still don’t understand the dire energy predicament.  So, much like the college trained economists, they are making the same mistake by analyzing and forecasting the future of the markets without considering energy.

Unfortunately, when the massive amount of debt finally implodes, it will take down the values of most Stocks, Bonds, and Real Estate.  This is not a matter of “IF,” it’s a matter of “WHEN.”  And it seems as if the WHEN is quickly approaching.

Putin warns of financial crisis

The only sober voice out there...

Putin warns of financial crisis the world ‘has not yet seen’

Putin warns of financial crisis the world ‘has not yet seen’

25 May, 2018

The global economy is facing a threat of a spiraling protectionist measures that can lead to a devastating crisis, Vladimir Putin warned. Nations must find a way to prevent this and establish rules on how the economy should work.

The Russian president spoke out against the growing trend of using unilateral restrictions to achieve economic advantage, as he addressed guests of the St. Petersburg International Economic Forum (SPIEF) on Friday.

The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said.

In addition to traditional forms of protectionism such as trade tariffs, technical standards and subsidies, nations are increasingly using new ways to undermine their competition, like unilateral economic sanctions. And nations which thought they would never be targeted by such measures for political reasons are now being proved wrong, Putin said.

The ability to impose sanctions arbitrarily and with no control fosters a temptation to use such restrictive tools again and again, right and left, in every case, regardless of political loyalty, talks about solidarity, past agreements and long cooperation,” he said.

Putin called for a change of course, for free trade to be defended, and for rules-based regulation of the global economy, which would alleviate the chaos resulting from the rapid technological transformations arising from the development of digital technology.

The disregard for existing norms and a loss of trust may combine with the unpredictability and turbulence of the colossal change. These factors may lead to a systemic crisis, which the world has not seen yet,” he said.

He stressed that there is a need for transparent universal rules as well as an inclusive mechanism, which would allow those rules to be amended in a way that would be accepted by the international community.

We don’t need trade wars today or even temporary trade ceasefires. We need a comprehensive trade peace,” the president stressed.

Competition, clash of interests, has always been, is, and will always be, of course. But we must be respectful towards each other. The ability to resolve differences through honest competition rather than by restricting competition is the source of progress,” Putin dded.

The speech comes amid turbulent times for the global economy, in which the nationalist policies of US President Donald Trump have pitted America against other nations which his administration believes to be enjoying unfair advantages in trade. Trump has threatened China, European nations, Canada, and Mexico with trade restrictions, demanding the perceived misbalances be fixed.

The US has also intensified its use of economic sanctions, targeting Russia, Iran, North Korea, and other nations with various punitive measures.

End of democracy? Most hysterical establishment takes on new Italian government

Looks like the Italians voted for the "wrong" crowd.

Moody's Puts Italy On Downgrade Review, Junk Rating Possible

25 May, 2018

In a quite direct 'threat' to the newly formed Italian coalition, Moody's warned that Italy will face a downgrade from its current Baa2 rating (potentially more than one notch to junk status) due to the lack of fiscal restraint in the new "contract" and the potential for delays to Italy's structural reforms.

While Italy's current rating is Baa2, and a downgrade would leave it at Baa3 (still investment grade), one look at Italian debt markets this week and one can be forgiven for thinking it is pricing in a multiple-notch downgrade to junk... and thus potentially making things awkward for its ECB bond-buying-benefactor and its banking system's massive holdings of sovereign bonds.

Full Moody's Report:

Moody's Investors Service has today placed the Government of Italy's ratings on review for possible downgrade. Ratings placed under review are the Baa2 long-term issuer and senior unsecured bond ratings as well as the (P) Baa2 medium-term MTN programme, the (P)Baa2 senior unsecured shelf, the Commercial Paper and other short-term ratings of Prime-2/(P) Prime-2 respectively.

The key drivers for today's initiation of the review for downgrade are as follows:
1. The significant risk of a material weakening in Italy's fiscal strength, given the fiscal plans of the new coalition government; and
2. The risk that the structural reform effort stalls, and that past reforms such as the pension reforms implemented in 2011 are reversed.

Moody's will use the review period to assess the impact of the fiscal and economic policy platform of the new government on Italy's credit profile, with a particular focus on the effect on the deficit and debt trajectories in the coming years. The review will also allow Moody's to assess further whether the new government intends to continue to pursue growth-enhancing structural reforms, or conversely to reverse earlier reforms, such as the 2011 pension reform, as well as other economic policy initiatives in the coming months that may have an incidence on the country's growth potential over the coming years.
Italy's long-term and short-term foreign-currency bond and deposit ceilings remain unchanged at Aa2 and P-1, respectively. Italy's long-term local-currency bond and deposit ceilings also remain unchanged at Aa2.

On 23 May, more than two months after the general elections on 4 March, the president mandated the prime ministerial candidate put forward by the Five Star Movement (5SM) and the Lega to form a coalition government. Together, the two parties command a reasonably solid majority in the lower house and a narrower majority in the upper house, and should therefore receive a vote of confidence in both chambers of parliament, with the votes likely to take place in the coming days.
When Moody's affirmed Italy's rating with a negative outlook in October 2017, the rating agency noted that Italy's key credit vulnerability is the government's very high debt burden. Moody's explained that it would consider stabilizing the Baa2 rating if it had a high level of confidence that the debt ratio would be put onto a sustained downward trend, which would require a reorientation of fiscal policy towards achieving higher primary surpluses on a sustained basis.
Conversely, Moody's stated that the rating would likely be downgraded if policies enacted or anticipated proved insufficient to place the public debt ratio on a sustainable, downward trajectory in the coming years.
The first key driver of today's decision to place the rating on review is Moody's concern that the new government's fiscal plans suggest that the latter will indeed be the case.

Far from offering the prospect of further fiscal consolidation, the "contract" for government signed by the two parties includes potentially costly tax and spending measures, without any clear proposals on how to fund those. While Moody's notes that some of the coalition parties' original proposals have been modified in the final coalition agreement, they would still lead to a weaker, not a stronger, fiscal position going forward. So far, Moody's has assumed a gradual deficit reduction over the coming years, which in turn would allow for a very gradual decline in the public debt ratio.

The review will allow Moody's to seek more clarity on the new government's plans in this regard, and in particular on the scope of the tax and spending pledges, specifically the "flat tax" and "citizen income" proposals, as well as their potential financing sources and the timeline for their implementation. The parties have also stated their intention to avoid the legislated increase in the VAT rate for next year, which would bring additional revenues worth around 0.7% of GDP. Higher budget deficits would hamper any reduction in Italy's very high public debt ratio of over 130% of GDP.
At the time of the last rating action, Moody's also noted that the outlook could be stabilized if a more ambitious programme of structural reforms were to be implemented, which would result in a sustainably stronger growth performance of the Italian economy. Conversely, a failure to articulate and present a credible structural reform agenda would put downward pressure on the rating.
second driver of today's action is Moody's concern that, again, the latter will in fact be the case, and indeed that some important past reforms might be reversed. The rating agency will therefore also use the review period to assess some of the new government's other pledges contained in the coalition agreement. The agency will explore what - if any - plans the government has to continue, in some form, the reform effort of the previous governments with further growth-enhancing economic and fiscal reforms.

A particular focus will be on the possible reversal of earlier reforms, such as the 2011 "Fornero" pension reform. In that particular case, marginal corrections with limited impact are not a source of concern. But a more generalized reduction in the retirement age would have a more material impact on the sustainability of the pension system. Moody's notes that Italy already spends close to 16% of GDP on pensions, one of the highest ratios in advanced economies. While current long-term estimates forecast relatively stable pension spending as a share of GDP over the coming decades -- in contrast to some other EU countries -- those estimates rely on optimistic assumptions for population growth and employment trends. Rather than a reduction in the retirement age, Italy will probably require additional measures to maintain pension spending at a broadly stable ratio.

Moody's recognizes that there inevitably exists substantial uncertainty whenever a new government is formed regarding that government's intentions and capacity. Italy has maintained reasonably solid public finances for a long period of time and under different governments. Moody's notes that the parties forming the new government seem to have accepted the need to maintain small budget deficits, given the limited fiscal space due to the very high debt ratio. It is also noteworthy that the new government's "contract" does not include previous proposals that raised questions about the government's commitment to Italy's euro membership. More time is needed to assess what policies the new government is in fact likely and able to pursue.

The rating is also supported, for now at least, by the very low risk of a severe deterioration in Italy's credit profile, such as could result from a far more confrontational stance vis-à-vis the euro area. Strong checks and balances and constitutional constraints exist which would impede any government from seeking to achieve fundamental changes to its role in, or obligations towards, the euro area in a way that would damage Italy's credit profile. The Italian president holds significant power in ensuring that any Italian government honours its international commitments including those assumed by dint of membership of the euro area. 
Accordingly, while some of the above mentioned spending and tax plans place further doubt over Italy's willingness and ability to meet its obligations under the EU fiscal compact and balanced budget rules, the risk of much more credit negative outcomes, up to and including exit from the euro area, remains very low.
The risk of a government liquidity crisis is also low, in Moody's view. The government's outstanding debt has a reasonably long average maturity (around seven years), debt management is very prudent and experienced, and while borrowing needs are substantial for this year and next (at around 22% of GDP), even significantly higher interest rates for newly issued debt would take a number of years to be reflected in materially higher government spending on debt interest. Monetary policy will remain an important support for government bond yields in all the euro area countries, including Italy.
Moody's also notes that the Italian economy maintains significant underlying strengths and has been recovering from a prolonged period of very low growth. Italy's economy is the third-largest in the euro area and its export and manufacturing sectors have experienced a solid recovery in recent quarters. While the public sector is highly indebted, the private sector generally has a much stronger balance sheet position. Leverage is low and households in particular have significant wealth and high levels of savings, an important buffer in a situation of stress.

Rating drivers are essentially unchanged from the time of the previous action. Moody's would likely downgrade the rating if, having assessed the new government's proposed policies during the review, it were to conclude that its policies will be insufficient to place the public debt ratio on a sustainable, downward trajectory in the coming years. A failure to articulate and present a credible structural reform agenda which would enhance Italy's economic growth prospects on a sustained basis, would be similarly negative for the rating.

Given the review, an upgrade is highly unlikely in the near future. Moody's would consider confirming the Baa2 rating if, following the review, it had a high level of confidence that the debt ratio would be put onto a sustained downward trend. As before, this would require a reorientation of fiscal policy towards achieving higher primary surpluses on a sustained basis. The rating could also be confirmed if an ambitious programme of structural reforms were to be implemented by the new government, which would result in a sustainably stronger growth performance of the Italian economy.

The committee was called outside of the sovereign calendar dates for EU sovereign ratings, based on the event of the nomination of a new Italian government with a decidedly credit-negative fiscal and economic policy platform.
  • GDP per capita (PPP basis, US$): 36,877 (2016 Actual) (also known as Per Capita Income)
  • Real GDP growth (% change): 0.9% (2016 Actual) (also known as GDP Growth)
  • Inflation Rate (CPI, % change Dec/Dec): 0.5% (2016 Actual)
  • Gen. Gov. Financial Balance/GDP: -2.5% (2016 Actual) (also known as Fiscal Balance)
  • Current Account Balance/GDP: 2.6% (2016 Actual) (also known as External Balance)
  • External debt/GDP: [not available]
  • Level of economic development: High level of economic resilience
  • Default history: No default events (on bonds or loans) have been recorded since 1983.

I wonder if It has anything to do with this?

Barbarians at the gate? End of democracy? Most hysterical establishment takes on new Italian govt

Barbarians at the gate? End of democracy? Most hysterical establishment takes on new Italian govt

Mainstream political analysts have unleashed their doom-laden predictions about the impact of Italy's Five Star-Lega coalition, though their hostility is tempered by new-found concern for the "desperate," misguided electorate.

Italian Coalition nominates Russia friendly populist as new PM

There is a storm brewing in Europe, and the winds of disunity and populism are blowing strong

After months of back and forth over getting a majority percentage of the popular vote, the two parties with the highest public backing have come together to nominate a candidate, Giuseppe Conte, to form a new government in Italy and serve as the next PM.

The Coalition has prepared a populist proposal to combat poverty, migration, and relations with Russia, the problem is that it comes with a hefty price tag. With Italy’s swelling debt problem, the plan isn’t viewed with much enthusiasm by other members of the EU.

Also troubling for the European bloc is the fact that sentiments in the Mediterranean country have been running a little counter to its migrant policy, which has brought about its own slew of problems for the nation that once hosted the seat of the Roman Empire.

Additionally, the clash of views surrounding economic cooperation with Russia have been a political hot button for both Italy and EU, where Italy considers better relations with Russia to be an integral part of having a healthier economy as well as avoiding an unnecessary belligerent foreign policy providing little to no benefit, while the EU has taken Washington’s lead in viewing Russia as an evil empire in the making and as a major cause of the bloc’s problems, both regarding the economy and security.
Deutsche Welle reports:

Giuseppe Conte has been chosen by a coalition of two populist parties as its pick to be Italy’s next prime minister. The move could set Italy on a collision course with the EU.
Giuseppe Conte, a 54-year-old law professor and something of a political novice, was named as the pick to be Italy’s next prime minister by Five Star Movement (M5S) leader Luigi Di Maio.
Conte, who was born in the southern province of Foggia and has never been elected to parliament, comes from the M5S side of the coalition.
The now-likely coalition government in Rome made up of the M5S and League parties is on a possible collision course with other EU member states after it announced spending plans likely to increase the country’s already towering public debt.
What is in the coalition deal? The two parties agreed to give monthly payments of at least €780 ($920) to Italians living below the poverty line. The deal also foresees a maximum individual tax rate of 15 percent, while business would pay 20 percent at most. The platform includes the introduction of tougher rules on deporting migrants and calls for fostering dialogue with Russia on economic and foreign policy matters.
Why is the EU concerned? Italy is the third-largest economy in the EU, but is running public debt of more than 130 percent of GDP— second only to Greece. Economists and EU policymakers worry that the spending plans contained in the coalition’s program will increase the country’s debt burden still further. The coalition is also at odds with the EU over its pro-Russian stance and over its euroskeptic attitude, reflected in League leader Matteo Salvini’s “Italians First” motto.
In response to the bloc’s concerns, M5S’s Di Maio said “first let us govern, then you can legitimately criticize us.”

The nomination presents yet another area in which to worry about possible dissension, as popular sentiment, as well as Italian public policy, are increasingly viewing the EU with a degree of distrust. With disparities in economic, security and foreign policy interests, Italy and the EU sit on opposing sides of the table.

The EU worries that Italy could be the next Greece, with threats of an EU exit or default on their debt, together with a refusal to abide by the bloc’s policies on numerous issues, Italy acts as yet another centrifugal force within Western Europe.

With Britain’s upcoming exit from the Union, Poland and Hungary’s disaffection with the bloc’s migration policy, among others, rocky relations with Washingtonover the Iran nuclear deal, trade tariffs, secondary sanctionssecurity, and energy issues, there is a storm brewing in Europe, and the winds of disunity and populism are blowing strong.