Giovanni B. Ponzetto - 🇨🇦🇮🇱 Profile picture
Sep 12, 2020 13 tweets 8 min read Read on X
POLITICAL THREAD ON #Italy : Why not even lay Italians imho really understand #Salvini, and this article is misleading. @Halsrethink @amlivemon @vtchakarova @RobertMCutler @jeuasommenulle @shaun_riordan @pietercleppe (1/13)
on.wsj.com/2ZwvPGc
First off, his background is the most distant from what is perceived as "right wing" in the anglophone world there could possibly be: he was involved with a far left commune well known in Milan. bit.ly/3mpWf6y (2/13)
What he is, tough, is an extremely ambitious vote getter with no well defined set of beliefs apart from reaching power, mostly by capitalizing on a set of opponents who have no idea of what competition is. (3/13)
He's honest where he says "I think that the Lega is far beyond ideologies.", since he is the architect of the transformation from a party which nominally was representing the dispossessed North of the small entrepreneurs and of private industry into something else.(4/13)
Today's #Lega has proven its *cough* agility, by forming part of the #Conte1 government with #M5S. The #Quirinale, meaning the REAL powers in Italy, didn't have the stomach to either accept a center right coalition, or send the citizens to another snap election.(5/13)
So, the Lega went to Canossa, abjured its Northern bent, embraced the all powerful state, and in return for what to Salvini are mere baubles got a clean bill of health. #PD may huff and puff, but Lega governed and we didn't end in dictatorship.(6/13)
And #PD is the REAL target of Salvini, who hails from that background. He has now the ideal national party (Lega is as leftist as Germany's #SPD could possibly want, let alone an Italian voter), and a vapid set of opponents. What does he lack? (7/13)
He may, and probably will, reach the pinnacle of political power. But this in Italy means actually very little: A Martian reading national accounts would surmise that Italy has been an absolute kingdom since the late 60ies, policies have been that consistent.(8/13)
Yet, he has signaled in deeds that he is quite content with that. of course, since the real powers rests with left leaning powers OUTSIDE parliament, the route the article proposes is a no-no. It's more likely he will be recruited for a Unity government. (9/13)
that's only my opinion, mind you, and it would send #PD old hands to the roof: they mostly rationalize their existence by saying they are keeping Salvini out of power. Yet the Quirinale has proven that #Mattarella could not care less. His post is THE one. (10/13)
So, if you accept my thought that priority one for Stavka is nominating Mattarella's successor, embarking Salvini is a small price to pay. He's ideologically pliable to that point, and #PD will do as it's told. After all, it did when it joined #Conte2.(11/13)
What does that imply for Italian economy? one image comes to mind, since it's "absolutely nothing". Salvini during #Conte1 adopted or tolerated policies so distant from what old Lega supporters in the North were supposed to tolerate, it's not the same party.(12/13)
Italy will go on, as long as #COVID19 is present, along old lines of subsidies, statalism, deficits, etc., under the #EU's tolerant eyes.(end)

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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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