THREAD: Why you should chuck many metrics out of the window. (1/)
@nglinsman @BaldingsWorld @bondstrategist @davidbelle_
#Italy has put in place a firing ban. Companies can fold, but as long as they are operationg, they are forbidden from firing personnel. That obviously has a range of unintended consequences. (2/)
Personnel on short term contracts etc have been let go, introducing not only an "have/have nots" situation, but.... distorting all sorts of economic statistics, GDP being one.(3/)
Think if that measure this way: you are a company. The government taxes you for 25% of last year's payroll. Then, it hires the people you let go and send them to your premises, where as a kind if indentured servants you can use them as you see fit..and you do not.(4/)
depending on how you call the money these people receive, the statistical treatment changes. But from where I sit... Italy neatly hid a substantial amount of Government spending at least.

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More from @gbponz

23 Nov
THREAD on #ECB digital currency:
According to Italian media, there is a relevant news item. (1/7) @nglinsman @Halsrethink @amlivemon @mtmalinen @bondstrategist @chigrl @RobertMCutler
A paper reported that Frascati has been selected as the central repository for all #ECB Central Bank Digital Money transactions. That implies a number of possible inferences:
(2/7)
1. As always, the #EU "Consultation process" is a pathetic farce. Unless you were part of that microscopic part of the population, professionals not compromised with involved entities, no one told you diddly squat.(3/7)
Read 7 tweets
21 Nov
THREAD: bit.ly/39aYZQK I am on @parler_app , with the same handle, and I post on either. #Parler is not yet up to spped relative to #Twitter, apart on one thing... which is the reason it will be kept alive. (1/)
Twitter has done things that at inverted roles would have caused mass demonstrations, Parliamentary inquiries, and a total fracas. to name one, Blocking the @nypost twitter page for having published articles from said journal not "approved" by Twitterverse.(2/)
That was imho the starting point of the huge number of people opening a Parler account (mine is from 2019. But I am more paranoid than a Russian). Those, however, have not dented traffic on twitter by those accused by the establishment of "setting up their echo chamber".(3/)
Read 5 tweets
21 Nov
Mmm... it's not built to wage war, but as a political ship it's far from harmless. For example, it puts the #IRGC s finger on the Jugular of the rest of the regime by threatening to fire those missiles.(/) @RobertMCutler @shaun_riordan @vtchakarova @BaldingsWorld @nglinsman
Until now, the IRGC had two roles, an open "bodyguards of the Mullahs" internally, and a more or less covert "instigators of trouble" abroad. That makes sense in an asymmetrical world where no one retaliated by establishing similar troubles in your country.(/)
After the "Green Revolution" demise, Mullahs and IRGC take it as a given that their house is secure, and now that Turkey is a friend that's taken to the bank. But Brown Shirts tend to tragically cut their heads off while shaving at the behest of pesky political masters.(/)
Read 8 tweets
23 Oct
THREAD: Quando "muore" lo stato? ovvero, perchè le imposizioni sul patrimonio, successione in testa, le ha inventate Tafazzi. (1/10)
@liberioltre @ALESSIO_ARGIOLA @d_stevanato @LorenaLVilla
Leggo, con ENORME raccapriccio, l'incipit di questo articolo."Questa bassissima tassazione[..], incentiva il risparmio a scapito dei consumi e riduce le entrate dello stato[..], contribuendo due volte all'aumento delle disparità tra cittadini." (2/10)
Questa frase accetta come assunti accertati una serie di cose:
1. Consumo = buono, risparmio = no buono;
2. Lo stato è un migliore allocatore di risorse dei cittadini;
3. non esiste aumento di disparità buono, ma solo cattivo.
(3/10)
Read 12 tweets
23 Sep
Thread: cosa ha l'Italia? esempio pratico di problema. @micheleboldrin @vitalbaa @DeShindig @liberioltre @ALESSIO_ARGIOLA @LorenaLVilla @Scacciavillani @MarcoCantamessa @ramella_f
(grazie a @lubenasich il cui riferimento ad un famoso personaggio mi ha spinto.) (1/13)
Torino, dove vivo, è un po' la culla dei #M5S. in fondo sono la costola dei #NOTAV, essi stessi una costola del #PD. Non deve stupire quindi che la città sia governata da loro, ma ricordate: diversa è la faccia, non la mente. (2/13)
Quindi, una cosa che mi ha colpito in questi giorni è un buon esempio di come funziona l'Italia. La municipalizzata dei trasporti si chiama #GTT (gtt.to.it/cms/), e @pierofassino fece più tentativi di privatizzarla, senza successo. (3/13)
Read 14 tweets
21 Sep
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)
Read 12 tweets

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