Giovanni B. Ponzetto - 🇨🇦🇮🇱 Profile picture
Contrarian takes on Italy & EU: economics, energy, digital currencies, governance, & value. 35+ yrs in fund management. Italy's Horse of a Different Colour blog

Sep 21, 2020, 12 tweets

THREAD: why "continuing frustration with political elites" is an horribly wrong title. on.wsj.com/2FPv3NR
@RobertMCutler @amlivemon @nglinsman @vtchakarova @pietercleppe @Halsrethink @shaun_riordan
(1/12)

Imagine, if you wish, a political class faced with a whole set of problems. #COVID19, a bad economic setup, plus a punitive level of total tax rate. BUT, you have on your side a constitution encouraging rule-by-decree, where parliament is only allowed to rubber stamp. (2/12)

Plus, a "revolving door" judiciary ensures that the State is "treated well" whenever there is a litigation between private entities and government. However, the linchpin of the system is the Republic Presidency, which is far from the referee is written to be.(3/12)

You read polls as well as any other, the situation is difficult, and any snap election is liable to express a right wing majority. After a couple of qualified votes, parliament would express a new president with a simple majority. Enters the Constitutional reform.(4/12)

The parliament which just voted 3bn. down #Alitalia's sinkhole is all agog about saving 40 mln. per year from 2023 by cutting the number of representatives. Who in Italy doesn't want politics cut down to size, I say? (5/12)

But since they do not reach the necessary votes, a referendum has to be passed, and it duly passed today. Italy would cut the congressmen number, if it could vote tomorrow.(6/12)

Here things get interesting: WE CANNOT.
The reform sets up a system where, until a whole lot of regulation and procedures, plus redistricting, are approved by the PRESENT center left parliament, where about one third of members will have to pack up in case of elections.(7/12)

Of course, do insert your "Turkey votes for Christmas" jokes here. But how can this happen? Simple. It can happen only if the constitutional powers responsible to keep a functioning democracy allow such a a law to be passed unchallenged.(8/12)

Of course, the words "conflict of interest" only apply to peons like me. otherwise a truly independent judiciary would have pointed out that this law effectively excises voters's right to vote for the duration and voided the whole process.(9/12)

That is, unless and until all the indispensable trappings of democracy had been put in place, which is a low priority process as of now. For proof, ask Hon. #Zingaretti, #PD's secretary. He has been calling for TABULATING a proposed electoral vote. (10/12)

Yet, none has been put through parliament since the referendum had been voted, a couple of months ago. Torrid pace, eh? So, our estimable elders have turned an admittedly clunky system in an unworkable quagmire that WILL have them pick the next 7 year Republic president.(11/12)

That will happen in 2022, so, with a tentative promise of 40 mn per year savings from 2023, Those in powers now bought the key to Italian power until 2029, when I will be a spry 67 years. Congratulations, all concerned! (end)

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