Italian Welfare Minister Elsa Fornero Breaks Down In Tears

Italian Welfare Minister Elsa Fornero broke down in tears and was about to announce to the Italian people that they will put an end to inflation indexing on all but the lowest pension bands, a move that will mean an effective income cut for many pensioners.

She was unable to say the word "sacrifici" or sacrifice. In which the new Italian Prime Minister Mario Monti took over and said the word "sacrifici".


The Italian people will suffer because the Italian politicians ran wild borrowing billions to continue their spending habits. Because of these borrowings which was encouraged by the banks, the Italian debt went to astronomical levels that the Italian people will now have to pay off.

This is another bailout of banks where the people will suffer and the banks get their money back even if they were the ones who encouraged the risky lending.

Comments

Post a Comment

Popular posts from this blog

Kyle Bass On Rehypothecation And Other Keynesian Endgame Scenarios

If readers have the sense there has been a deluge of Kyle Bass reading (and viewing) materials on Zero Hedge in the past two weeks, it is because there has been: and why not - after all, unlike all other cheap talking heads, and know-nothing pundits who merely need a suit to make an appearance on one of the TV's financial comedy channels, Kyle has been consistent in the most important thing - telling the truth. Today, he took his resurgent popularity to CNBC which always knows which way the winds blow, and told David Faber more or less everything that Zero Hedge readers know already about Europe's collapse, on why the ECB will print but only after a default, and about the inevitable global debt restructuring. There was a twist: as most regulars here know, the key topic of the past week, of December, and potentially of 2011, is the limitless "fractional Prime Broker lending" of assets-cum-liabilities (and when it comes to the realization that one's gold itself m
Read more

Jim Sinclair - CB’s Trying to Keep Gold from Rising Violently

Today legendary trader and investor Jim Sinclair told King World News that central banks are trying to keep the price of gold from rising violently. Sinclair also believes we are entering a period where currencies will lose their ability to function as money and instead will act more like casino chips, while gold ascends. Here is what Sinclair had to say about the ongoing financial crisis: “What needs to be understood by our listeners, Eric, is when a haircut takes place, what you give with one hand, you take with another. Now the problem becomes the problem of a bank’s asset having been reduced and the bank’s ability to function reduced and the bank’s abilities to positively pass tests of liquidity have been reduced. And the psychology of the stability of a system has been reduced.” Jim Sinclair continues: “When that takes place there has to be something on the other side called liquidity, which is injected into the banks to overcome the haircut reduction. Not only that, but
Read more