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Italy: The Next Stop on Populism’s Global March

mbig

mbig

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Brexit was the ignition.
Trump the Forest Fire.
We had the 'Tea Party', but Europe had several movements too.

Italy: The Next Stop on Populism’s Global March
Sunday’s national referendum represents a vote of confidence in Matteo Renzi’s government, and a possible opening for the populist 5 Star Movement
WSJ - By MANUELA MESCO/DEBORAH BALL - Nov. 29, 2016
Italy: The Next Stop on Populism's Global March - WSJ

ROME—The founder of Italy’s populist 5 Star Movement showed off his growing confidence in a video posted ahead of Sunday’s pivotal national referendum. “An era is going up in flames,” Beppe Grillo said as Donald Trump’s Election Night acceptance speech played in the background. “It’s the risk-takers, the stubborn, the barbarians who will carry the world forward…We will end up in government, and they will be asking, ‘How did they do it?’ ”

Italian voters will decide Sunday on a constitutional change that would effectively strip the Senate of most of its powers. It is a gamble by Prime Minister Matteo Renzi—for Italy and abroad—and a centerpiece of his efforts to more quickly revamp Italy’s sickly economy. If he loses, Mr. Renzi, 41 years old, has pledged to resign, making the vote a sign of confidence in his nearly three-year-old government, and a possible test of populism’s reach. Mr. Renzi’s popularity is declining, and recent polls suggest a no vote will prevail, though many voters remain undecided.

Such an outcome would be the latest victory for antiestablishment politicians in a year that saw Brexit and a Trump presidential win, and would give a boost to the 5 Star Movement, which has opposed Mr. Renzi’s proposal as not radical enough. In Europe, as in the U.S., voters are angry at political elites and frustrated by slow growth. Elections are set next year in France, Germany and the Netherlands. “The referendum is a lightning rod for divisions that are much, much deeper in society,” Economy Minister Pier Carlo Padoan said in an interview.

The economy in Italy, a perpetual worry for European policy makers for its high debt and political instability, has since 2007 endured one recession after another; 97% of households saw real income fall or stay flat in the past decade, consulting group McKinsey said, and the economy is 12% smaller. At the end of 2015, nearly 60% of jobless Italians had been unemployed for at least a year, compared with 19% in the U.S
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Tho WSJ is by subscription, the rest of the article can usually be seen by searching google for the title, then clicking. Many subscriptiuon websites don't refuse a google referral.
 
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mbig said:
Brexit was the ignition.
Trump the Forest Fire.
We had the 'Tea Party', but Europe had several movements too.

Italy: The Next Stop on Populism’s Global March
Sunday’s national referendum represents a vote of confidence in Matteo Renzi’s government, and a possible opening for the populist 5 Star Movement
WSJ - By MANUELA MESCO/DEBORAH BALL - Nov. 29, 2016
Italy: The Next Stop on Populism's Global March - WSJ



Tho WSJ is by subscription, the rest of the article can usually be seen by searching google for the title, then clicking. Many subscriptiuon websites don't refuse a google referral.
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Austrians can be uppity. Remember "The Sound Of Music"? The trend will continue as long as Islam is apologized for and they continue to act(not acting)like ingrates.
 
Italy's referendum explained: What you need to know
Sam Meredith - 6 Hours Ago
http://www.cnbc.com/2016/11/30/italys-referendum-explained-what-you-need-to-know.html
Italian citizens will vote on constitutional reform on Sunday in what is seen by many analysts as the most significant European political event of 2016. Yes, even bigger than Brexit.

What are Italian citizens voting on?
Constitutional reform. Prime Minister Matteo Renzi is campaigning for a "yes" victory in an effort to make it easier to govern the nation moving forwards. The reforms would remove power from the Senate and mean that proposed laws would only require the approval of the lower house of parliament, as opposed to the current system which requires approval from both houses.
Renzi has even gambled his political future on the referendum having said he would resign if a "yes" vote is rejected. A "no" vote, as championed by populist party Five Star Movement (5SM), would block the reforms to streamline Italy's public administration and would mean the extensive checks currently required stay in place.

Francesco Oggiano, the author of "Beppo Grillo Parlante", told CNBC on November 14 that he believed 5SM's opposition to the proposed reforms boils down to a new electoral system perceived to be attached to the reforms.

The latest opinion polls, published before a two-week blackout phase of polling in Italy, indicated a 53.5% to 46.5% in favor of the "no" camp.

Holger Schmieding, chief economist at Berenberg Bank, said in a note on Tuesday he believed the likelihood is that Italy's citizens would reject the reforms. "Some whispers suggest that more than half of the up to 20% of undecided voters may back Renzi in the end," Schmieding said.
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Eh? Italy has had populist leaders before.. Berlusconi and is fascist allies for example.
 
ITALY REFERENDUM 'WILL COLLAPSE EURO'...

AN INVESTOR who correctly predicted Britain would leave the European Union (EU) before the referendum has now forecasted the euro will collapse.

im Mellon, the Chairman of the Burnbrae Group, has warned the currency will become a victim in the growing anti-establishment surge which will cause the EU to fracture - all within five years.

He said: “Brexit is going to be a sideshow to the problems of Europe that are becoming more and more evident.

“The euro as it stands at the moment is just a very inappropriate mechanism — I give the euro between one and five years of life.”
Investor who PREDICTED BREXIT now forecasts the COLLAPSE of the Euro | Politics | News | Daily Express

I look forward to the collapse of the EU. So do my friends in Italy.
 
coldjoint said:
Austrians can be uppity. Remember "The Sound Of Music"? The trend will continue as long as Islam is apologized for and they continue to act(not acting)like ingrates.
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Not even close to the arrogance of Germans. I like all the Austrians that I have met. I have one very good friend over there who I taught combating shooting.
It was an historic day for both of us.
 
MickeyW said:
Not even close to the arrogance of Germans. I like all the Austrians that I have met. I have one very good friend over there who I taught combating shooting.
It was an historic day for both of us.
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How do you teach somebody combating shooting? Convince him to chuck his gun away? :mrgreen:
 
mbig said:
Brexit was the ignition.
Trump the Forest Fire.
We had the 'Tea Party', but Europe had several movements too.

Italy: The Next Stop on Populism’s Global March
Sunday’s national referendum represents a vote of confidence in Matteo Renzi’s government, and a possible opening for the populist 5 Star Movement
WSJ - By MANUELA MESCO/DEBORAH BALL - Nov. 29, 2016
Italy: The Next Stop on Populism's Global March - WSJ



Tho WSJ is by subscription, the rest of the article can usually be seen by searching google for the title, then clicking. Many subscriptiuon websites don't refuse a google referral.
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Italy is politically divided for a long time now, no single party get a stable majority.
 
Could have large implications for EU's future and Int'l markets.
Be interesting to watch stock futures tonight, especially if 'No' wins.
Also a test of the recent nationalist populism. Does the momentum of Brexit and Trump continue.

Matteo Renzi's future in the balance amid high turnout in Italy referendum
Ballot on constitutional reforms could spell the end of Italy’s centre-left government, with voters on both sides thought to be out in force
https://www.theguardian.com/world/2...balance-amid-high-turnout-in-italy-referendum
50 mins ago.
Early voter turnout results in Italy showed a high level of interest in Sunday’s referendum on constitutional reforms, with one top official in Matteo Renzi’s campaign predicting the results would be close. The figures indicated that, in a contest that is seen as a bitter fight between the centre-left Renzi government and rising anti-establishment, Eurosceptic, and anti-immigrant parties, Italians turned out in high numbers despite earlier indications that up to a quarter of Italian voters had been undecided.

Figures released by the interior ministry showed that about 55% of eligible voters had cast their ballots as of 7pm.
However, the relatively high turnout did not clearly favour the centre-left government’s campaign or the opposition, led by the anti-establishment Five Star Movement (M5S), because both sides have strongholds in high-voting regions. In Milan, Italy’s financial and business centre, about 65% of voters had cast their ballots by 7pm, a bloc that probably favours the yes camp. But voters in cities where support is strong for the rightwing Northern League – such as Varese – were also out in force.
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If the no camp succeeds, it will – at least temporarily – Plunge the eurozone’s Third largest economy into a state of political Turmoil and immediately raise questions about the Stability of the country’s troubled Banks, including whether the planned rescue of the world’s oldest bank, Banca Monte di Paschi di Siena, by a consortium of other banks, will be cast into doubt. If the no camp wins and Renzi follows through on his threat to resign, it will be the job of the Italian president, Sergio Mattarella, elected by lawmakers in 2015, to oversee the cobbling together of a new government.

Mattarella will likely come under intense pressure by the M5S and the Northern League to call elections immediately in the event that Renzi is defeated.
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Looks like Renzi's goose is cooked, unless he surprisingly pulls off a resounding victory.

I don't keep my finger on the pulse of Italian politics, but from what I understand, his proposition has two aspects:

1) a difference in the way senators are elected, making Italy more of a 'federal' state, like Germany;

2) a stripping from the senate of power.

Seems to me that (1) is a good idea, (2) a lousy idea. You can imagine if the PM had overwhelming power. Any dingbat (like Berlusconi) who got himself elected could do unlimited damage.
 
Nono said:
Looks like Renzi's goose is cooked, unless he surprisingly pulls off a resounding victory.
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Nationalist Populism marches on.

Italy referendum: Exit poll results suggest clear victory for 'No'
Polls called the vote for the No camp by a margin of at least 54% to 46% for the Yes camp
Alexandra Sims - 9 minutes
Italy referendum: Exit poll results suggest clear victory for 'No' | The Independent

Early results from the first exit polls of the Italian referendum suggest that voters have overwhelmingly rejected constitutional reform proposals on which Prime Minister Matteo Renzi has staked his political future.

Polls for national broadcaster Rai and the La7 television channel both called the vote for the No camp by a margin of at least 54% to 46% for the Yes camp, and by an average of between 56.7% 43.3%.

Two other polls gave No a similar lead of at least 10 points.

As the polling booths shut at 11pm, the Interior Ministry's website put the voter turnout at 68.33%, indicating that the final turn out could be more than 70%.

The projected result was in line with what opinion polls had been indicating up until 18 November, after which the media were banned from publishing survey results.

After the exit polls were announced the euro immediately fell against the dollar, dropping to $1.0580 from $1.0625.

If confirmed, the result would represent a fresh blow to the EU which is struggling to overcome an array of crises and was eager for Mr Renzi to continue his reform drive in the euro zone's heavily indebted, third-largest economy.
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Dow futures in USA down a modest 60 points at this time.
 
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When will the global elite figure out that the world order has been set ablaze by the people they ****ed over?

THey are sure some slow in the head folks.
 
Hawkeye10 said:
When will the global elite figure out that the world order has been set ablaze by the people they ****ed over?

THey are sure some slow in the head folks.
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Well, some Nations have a lot to lose.

Germany gets to exploit a weak Euro to sustain its export surplus while other EU member states struggle. Merkels mistake was importing nearly a million poorly vetted refugees. Oh, and her and Obama blaming social media and fake news for Trumps win really exposed the Globalist agenda's desperation.

The Globalist elite are happy to help us disseminate the difference between truth and lies.....isn't that nice of them ?

China's benefited greatly from Globalism and of-course one sided trade deals with the US.

Seems like everyone else got the short end of stick and this decision to import masses of people from areas that are prone to Islamic extremism was the final straw and hopefully the beginning of the end of Globalism.
 
Fenton said:
" Make Italy Great Again " !!! Lol...
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That's what they said about the Romans. But they stopped lolling when they saw the Legions approaching. Viva l'Italia!
 
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Fenton said:
Well, some Nations have a lot to lose.

Germany gets to exploit a weak Euro to sustain its export surplus while other EU member states struggle. Merkels mistake was importing nearly a million poorly vetted refugees. Oh, and her and Obama blaming social media and fake news for Trumps win really exposed the Globalist agenda's desperation.

The Globalist elite are happy to help us disseminate the difference between truth and lies.....isn't that nice of them ?

China's benefited greatly from Globalism and of-course one sided trade deals with the US.

Seems like everyone else got the short end of stick and this decision to import masses of people from areas that are prone to Islamic extremism was the final straw and hopefully the beginning of the end of Globalism.
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The data people say that America has benefited from the trade deals only there are they say a lot more losers than anyone figured, and no one ever took a serious effort to help the losers because no one ever figured that this was required...the losers would either move, die, or decide to retrain into something that was needed it was thought. The idea that there would be entire classes and entire regions of the country destroyed by the global economy never seems to have occurred to anyone.

Well, that is what the numbers people say. I have over my lifetime become very skeptical of the numbers and of those who push them however.
 
SIC TRANSIT GLORIA MUNDI

mbig said:
Could have large implications for EU's future and Int'l markets.
Be interesting to watch stock futures tonight, especially if 'No' wins.
Also a test of the recent nationalist populism. Does the momentum of Brexit and Trump continue.

Matteo Renzi's future in the balance amid high turnout in Italy referendum
Ballot on constitutional reforms could spell the end of Italy’s centre-left government, with voters on both sides thought to be out in force
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Well, the Austrian far Right got shot down but also Renzi. What does that mean for Europe?

Not much as regards Austria, where women came out massively to shot down the anti-feminist far-Right candidate.

But Renzi is another matter. He promoted this election knowing very well it could end his Prime Ministership. He got shot down too, but I would not give too much credit to Beppe Grillo who is every bit as much a blowhard as anything else. He has a lot of comic vituperation to shoot, but not much in the way of "postive thinking".

Moreso, because the EU is on the brink of shutting down Italy due to its massive debt, and as this election shows, it's inability to do much about it. Renzi did some good things as regards Italy's Budget but a whole lot more remained to be done. Namely, bringing down its skyrocketing unemployment.

That may come down, with a bit of luck, all by itself. Europe will continue to grow over the next five years, even if the pace is pathetically slow. After all, it is a market-economy of some 743 million individuals - larger than than the US by about 400 million. And as a result of Brexit, it will be fewer by 64 million in the UK. I don't think the Scots are stupid enough, as the Brits were, to vote for exit - and their PM has announced a referendum. At the moment, that referendum on ScotExit is likely a sure winner - Scotland will stay in the EU.

And there goes Great Britain which aint so great anymore - sic transit gloria mundi ...

PS: Trump is the laughing stock of Europe. Only in America!, is the phrase I hear the most. It is naturally impossible that anybody as pathetically bombastic a character as Donald Trump should ever get elected to high-office in Europe. There is not a major European country where he is not considered Major Laughing Stock.
 
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[h=2]Big-government takes another hit: Brexit factor strikes Italy[/h]
More news that the little people are fed up. A big 70% of Italy’s voters turned out to turn down the referendum. The Italian PM will resign. Like Brexit and Trump, the opinion polls got it wrong.The proposal was to reduce the power of the Senate and of the regional governments. The Euro has dipped.
The global anti-establishment backlash has claimed another scalp in a result that will send shockwaves through financial markets and European capitals today.
Opposition was spearheaded by Beppe Grillo, a comedian and Eurosceptic founder of the populist Five Star Movement. He accused Mr Renzi of trying to wreck Italy’s system of checks and balances to push through laws favouring big business.
Renzi was elected as an anti-establishment man, but clearly wasn’t that at all:
Renzi, 41, took office in 2014 promising to shake up hidebound Italy and presenting himself as an anti-establishment “demolition man” determined to crash through a smothering bureaucracy and redraw the nation’s creaking institutions.
The referendum, designed to hasten the legislative process by reducing the powers of the upper house Senate and regional authorities, was to have been his crowning achievement.
Chris Kenny calls the current political climate correctly when he points out that Brexit and Trump show that Tony Abbott would have won here in Australia if he had been PM running against Shorten in July.
Keep reading →
 
This will be Italy's 64th Govt since WWII.
Kwazy.
New PM facing a Banking Crisis

Italy’s New Prime Minister Paolo Gentiloni Asked to Form New Government
Matteo Renzi resigned as prime minister last week after ‘no vote’ in referendum on constitutional reform
Updated Dec. 11, 2016 8:28 a.m. ET
Italy?s New Prime Minister Paolo Gentiloni Asked to Form New Government - WSJ

ROME—Italy’s President Sergio Mattarella asked departing Foreign Minister Paolo Gentiloni to form a new government, likely bringing to a rapid close a political crisis triggered by a ‘no vote’ in a referendum on constitutional reform last weekend.

Mr. Mattarella gave Mr. Gentiloni the mandate to try to form a new caretaker cabinet. Mr. Gentiloni, 62, accepted and will begin consultations with political parties to put together his team of ministers. That list could emerge as soon as Sunday evening, setting the stage for the new government to seek votes of confidence in parliament by Tuesday.
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Sunday’s development signals a rapid resolution to a government crisis sparked by the resignation this week of Prime Minister Matteo Renzi, who stepped down after a stinging defeat in last Sunday’s referendum on constitutional reform he had staked this political future on.

The urgency stems in part from the need to deal with a growing crisis at Banca Monte dei Paschi di Siena SpA, Italy’s No. 3 lender and one of Europe’s weakest banks. The Tuscan bank urgently needs a capital injection, but with little appetite from private investors, the new government will likely orchestrate a state rescue plan.

The problem became even more pressing Friday after the European Central Bank refused the bank’s request for a 20-day extension on the end-of-year deadline the central bank set for the lender to raise new capital.

Given the need to act quickly on Monte dei Paschi, Mr. Gentiloni is likely to reconfirm Economy Minister Pier Carlo Padoan, a well-regarded economist who has led Italy’s efforts to solve the country’s banking problems.
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