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)
2. Not only they are far along the process, but a decision on the structure is also far advanced: apparently there will BE a central depository of ALL transactions. Still unclear if it will be "permissive" or "after the fact".(4/7)
That makes #Obama's use of regulation to "steer" society (a.k.a. "operation Choke Point") by setting obstacles on unapproved transactions (payday lenders, weapons, etc.) pale into insignificance. (5/7)
Just to be clear: once physical cash is printed and distributed into the economy, Governments may or may not follow the transactions, NOT the cash, unless it comes back in the system. What little was said implies that under the new system it would be no longer true. (6/7)
So, while the #EU takes another long stride towards the #Chinese social system, we will have to see what kinds of (nominal) brakes on abuse will they set up. If any. (end)

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More from @gbponz

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
20 Nov
#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/)
Read 5 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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