Comment: "Eating cats and dogs in order to survive" sounds a lot like propaganda designed to justify US-led "intervention"...
On Friday, Italian stocks had their worst day in more than two years, and it was the big financial stocks that were on the cutting edge of the carnage...
Shares in Italian banks .FTIT8300, whose big sovereign bond portfolios makes them sensitive to political risk, bore the brunt of selling pressure, sinking 7.3 percent as government bonds sold off and the focus turned to rating agencies.Italian bonds got hit extremely hard too. The following comes from Business Insider...
Along with the main Italian stock index .FTMIB, the banks had their worst day since the June 2016 Brexit vote triggered a selloff across markets.
Bond markets are also suffering. The yield on the benchmark 10-year Italian bond jumped in Friday morning trading. Yields move inversely to price, with a higher yield reflecting an increased premium to hold the bond. The 10-year yield hit 3.22% in early morning trade, an increase of more than 10%.So what sparked the sudden selloff?
Well, the new Italian government and the EU are at odds with one another, and the European elite were greatly displeased when Italy approved a new budget that was far larger than anticipated...
On Thursday night, six months after the government's ascent to power, Italy's populist coalition government of the Five Star Movement and the Northern League finally agreed on the key tenets of its first budget.It is easy to criticize Italy, but what we are doing here in the United States is just as bad if not worse.
The coalition said in a statement they had agreed to set Italy's budget deficit at 2.4% of GDP, an increase on the current level and far above the 1.6% that technocratic finance minister Giovanni Tria had lobbied for.
A new 854 billion dollar spending bill just got pushed through in D.C., and it is going to continue to explode the size of our national debt. We are going down the exact same path that all of these other nations have gone down, and in the process we are literally committing national suicide.
Just look at what is happening in Argentina. Years of wild spending have resulted in an economy that is deep in recession. The Argentine peso has lost approximately 50 percent of its value so far in 2018, and in a desperate attempt to stop the bleeding the central bank of Argentina just panic-raised interest rates to 65 percent.
When interest rates are at 65 percent, you don't really have an economy anymore.
What you have is an endless nightmare.
In an emergency move, the International Monetary Fund has agreed to increase the size of Argentina's bailout to 57 billion dollars...
The International Monetary Fund and Argentina announced Wednesday an arrangement to increase resources available to the South American country by $19 billion.That won't be nearly enough to turn the situation around in Argentina, and the IMF probably knows that.
The agreement, pending IMF Executive Board approval, would bring the total amount available under the program to $57.4 billion by the end of 2021, up from $50 billion.
For a long time many of us have been warning of a coming global financial crisis, and now that day has arrived.
For a long time many of us have been telling you to keep a close eye on Italy, and now a day of reckoning for that very troubled nation is here.
And big problems are coming for the U.S. too. Signs of imminent economic trouble just keep popping up, and it isn't going to take much to push us into a new financial crisis that will be much worse than what we witnessed in 2008.
About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.
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