Giovanni B. Ponzetto - 🇨🇦🇮🇱 Profile picture
Aug 21, 2019 17 tweets 6 min read Read on X
ITALY: imho, Salvini needed the survival of M5S to a final vote on #TAV, where the opposition would furnish sufficient "yes" votes for the project to go on with #EU money while M5S, party which is part of the government, would vote AGAINST. (1/n)
That happened on August 7th ( bit.ly/2Hd1QtV ).
But to see why that was important, let me remind you that M5S is actually born out of the Anti- TAV movement, not the other way around. (2/n)
Especially here in Turin, where M5S are in power, the two are joined at the hips. Let's see the situation from M5S angle first. They vote Yes to TAV, they lose most of their support base, on top of the losses incurred in the recent local elections. (3/n)
If they vote No AND THE OTHER PARTIES IN PARLIAMENT DON'T VOTE FOR #TAV, with high probability the government falls and either a new government is formed without them or (horror!) there's a snap election, in which most of them go home, mostly to do nothing.(4/n)
I even thought that there was a chance to put them right into oblivion figures (<10%), especially if they had to vote yes to grind it out. Obviously in that case they HAD TO go the length at all cost, to try to recoup some consensus.(5/n)
Obviously, this race for survival would have depended on Lega cooperating, meaning that Salvini could have extracted anything. Alas, that was not to be. an overbearing Salvini in power had to do something, and pay for consequences. Life expectancy? (6/n)
Alas, the opposition imho fell on the sword. they had reasons for that, they had campaigned in favor of #TAV and the great unwashed do not appreciate when the powerful game the system. Elections are frequent here. (7/n)
And Salvini NEEDS the M5S to stay relevant. funny that #PD, where "Pas d'ennemis à gauche ! " was a battle cry, helped the most dangerous to survive. THAT's what keeps Salvini relevant, even now: #PD is limited in a push toward centrist position by M5S scooping the leavers. (8/n)
bear in mind that this is not "hard facts". it is simply my filter to look at reality.... but it fits so far. feel free to think otherwise, I might do as well, even now. #Occam
So, Salvini is now out of the big game...or is he? (9/n)
bear in mind that I am not qualified to judge on his policies, provided he has them. let's just say that his party is not studded with experienced industry managers and well regarded experts in any policy field. I'd be surprised if he cared. (10/n)
what he has proven good at is getting votes, namely votes in a ever more abstaining Italy, where people do not bother any more. why should they? neither of the governing parties had told voters they'd consider this alliance BEFORE the ballot. (11/n)
moreover, no hemisemidemiofficial displeasure for the fact has ever traspired. the glitterati, fed by a constitutional doctrine where people vote but Parliament does whatever it wants, lost a chance there. (12/n)
Now, whatever government comes out will have to sort the hot coals. slowing economy. #VAT increase. PLUS, noises abound of an enhanced attention to the only point joining PD and M5S: environmental policy. That's an enemy of productivity. (13/n)
Salvini only has to survive the courts, which will have to decide if he gains more by being seen as a victim of the judiciary, an unpopular band in the dregs, or by surviving without a court summons. no bets there for me. and it's immaterial. (14/n)
I think that judicial savagery would push the electorate further to the RIGHT. Salvini is not the only one you should be aware of, and this trend is present elsewhere, see AFD.[END]
UPDATE: apparently PD and M5S have decided to argue about #TAV once again. Going on to prove that #PD's strategy leaves much to be desired. torino.corriere.it/politica/19_ag…

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More from @gbponz

Jan 5
Germany’s net-zero bills never shrink and the promised boom in green industries and jobs never materializes. via @WSJopinion There's a rookie mistake in the article.(/) @degiorgiod @MeredithAngwin @MarcoCantamessa @petunianelsole @moutetwsj.com/articles/germa…
"[...]plugging the hole will require either higher electricity rates or more taxpayer subsidies."
No, they are not different things: they are DESIGNED to look like different things, and one is meant to be harsher.(/)
If the whole "let's add an elaborate #Wind and #Solar scheme over the existing grid to emit less during the hours those actually produce electricity" was entirely falling on general taxation, those costs would distort the economy by lowering productivity and general demand.(/)
Read 8 tweets
Oct 22, 2023
If our hapless western politicians weren't well, hapless, they'd know that THIS is the time to "Show the Israeli flag on buildings". And not for Jews.(/)
@GemmaTognini @AlessandroPonz4 @AndreaVenanzoni @Curini @michaeltanchum @ardigiorgio @BaldingsWorld @moutet @GrayConnolly
Because by not making it abundantly clear that in free country you can express your views, collectively as well, but every citizen is responsible for its opinions and pays for their consequences, and ABOVE ALL there is the same fair treatment for all, (/)
/ governments are destroying both the moral base of our society AND our social contract. Think of it this way:
You are a lower middle class father of two married in church. You join the Truckers in Canada 🇨🇦.
Police in riot gear shot rubber bullets point blank at you.(/)
Read 11 tweets
Oct 14, 2023
Since the pro-palestinian framing on main stream media has started in earnest (I am watching a press program now here in #Italy), allow me to give you a vaccine dose. At all times, ask yourself:
1. Is (insert bigwig here) asking for hostage release by Hamas as a precondition?(/)
2. In your opinion, what keeps Hamas from releasing them on their own accord, considering that their official position is that atrocities were tag alongs not at their order?
(/)
3. Why is that no whistleblowing on hostage position is going on by Gaza civilians whose houses are under threat? Israel is affer all composed by a sizeable muslim population, who hold passports, vote. They'd happily give one for those lives.(/)
Read 6 tweets
Mar 12, 2023
Richard...sorry but I disagree on that. Deposit insurance is the most worthy and LESS costly of banking supervisory features, but it needs to have a maximum, and I will tell you why. (/) @INArteCarloDoss @Banqkys @MarketElf @GrayConnolly @jeuasommenulle @AlessandroPonz4
Deposit insurance is there to avoid runs on banks, where depositors all want to cash in all at once. But the key word is "cash", i.e. the number each of us sees at the #ATM machine or on the bank site as his own cash balance. However that's not cash. (/)
I have seen grandiose public plans about financial education, and deposit insurance is an ex post measure.. non one vaccinated citizens by telling them the truth: "when you deposit cash at a bank, you are LENDING them the money (which ceases to be yours). The bank invests it."(/)
Read 14 tweets
Mar 11, 2023
Eric, we've been through a decade of easy money, finance centric solutions of 2008 which was the key to the deindustrialization of the west. Now to some extent is better and to some is worse.(/)
The better part is that goods producing companies have NEVER returned to the blind trust in the banking system they had before. Less leverage, and slamming the door in bank salesmen's faces helped. (/)
Of course there is a whole section of equities which are more financial than Casino chips, but with #Zirp and #NIRP that couldn't be helped. I am not so pessimistic about the industrial base in the #US (#Europe is a different Bedlam). (/)
Read 7 tweets
Mar 9, 2023
"you need to have a longer time horizon" roughly translates in my book in "Run for your lives !!".
For one, if you are a final saver... you rarely HAVE a time horizon, nor you need one. Incidentally that's proof of who wrote #MIFID.(/)
MIFID questionnaires have a mandatory section on time horizon. Why that measure? because while for an individual saver that concept is basically meaningless, for those meant to be KEPT from pushing unnecessary risk onto savers it's daily bread.(/)
Banks indeed have time horizons and time preferences well and truly planted into their brains since they have a teeny weeny share capital, and finance their assets through the issuance of debt. They indeed try to match maturities across assets and liabilities. (/)
Read 9 tweets

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