Thread: first impressions on #Italian elections and #Referendum. @jeuasommenulle @amlivemon @nglinsman
@RobertMCutler .
Of course these are tentative numbers, but apparently the Constitutional change has been passed. THIS was the key part of today's vote . (1/9)
The opposition to the change managed to reach over 40%, and above all to mount a credible threat to the Government's design to freeze the present parliament in place until its expiry, in order to ensure it will nominate the next Republic president. (2/9)
In Italy, the President is not as central as in France, but it's quite far from the largely ceremonial figure of other countries. He IS the link between the all powerful Judiciary, which is indipendent from political or democratic control, and the true levers of power. (3/9)
Few people in Italy or elsewhere, for example, know that he sat on the court who decided that Italy is not bound to pay back to taxpayers past undue tax found unconstitutional. bit.ly/2RIdrWE (4/9)
Given that the modification leaves Italy WITHOUT a functioning election mechanism in case of crisis, coupled with the obvious unwillingness of present place holders to facilitate that, I can easily forecast that the Presidency will remain to the Left for another 9 years.(5/9)
That is the sum of the remaining 2 years of the mandate plus 7 years of the one they will pick. Expect a continuation of present (and past) political trends, in terms of foreign and domestic policy.(6/9)
This is unfortunate since IMHO those policies didn't work and are unlikely to work in the future, but hey! I just play the piano. It was a long shot anyway, and it was the only battle worth fighting for an ant size person like me. (7/9)
The Regional vote is still contended in places, but the Left lost Marche, and it's still a bit of a toss up in Tuscany, their fortress, even if it's likely they will keep it. In all, nothing to write home about, apart from an old problem, the "politically dispossessed"(8/9)
Those are the people who do not identify with ANY of the parties in question (Remember: ALL major parties officially supported the "yes" vote"). But that's for another time. (end)

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More from @gbponz

Nov 30
And yet, the cognoscenti should really start a positive thread on #debanking , but not in the way the authorities think it means. Just the opposite.(/)
@pmarca @Halsrethink @INArteCarloDoss @BaldingsWorld @petunianelsole @jeuasommenulle @dlacalle_IA
People may forget now (especially since that part was repudiated to all practical purposes) that EU #MIFID1 had an approach where what clients could demand and what banks could sell were VERY different kettles of fish.(/)
Clients money in that framework had two, non compatible treatments: under "execution only" accounts, the custodian institution would be barred from calling you, evaluating what you wanted to do, or generally steer you.
In the "consultancy" mode, they could sell things.(/)
Read 18 tweets
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.(/)
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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. (/)
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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

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