Italy wants to change
On April 13 and 14 there’ll be elections in Italy. We talked about economic and political condition of the “beautiful country” in our past articles.
Today what’s Italy?
Italy is a country which wants to change. Maybe. Mass-media has been manipulated by a corrupted political class whih leads the government since 20 years about. Always the same faces, always he same problems.
50% of italian citizens doesn’t earn enough to survive, the government laws against workers, it seems to see the Argentina of 70’s-80’s: but it is a country which has been destroyed by capitalism and globalization. Under Carlos Menem president:
[…] He is also infamous and criticized for corruption, his pardons to former dictators Videla, Massera, and other convicted criminals of the Dirty War, the failure of his economic policies which (albeit effective in fighting inflation) led to unemployment rates of over 20 percent and one of the worst recesions Argentina ever had, and his dubious handling of the investigations of the 1992 Israeli Embassy bombing and the 1994 bombing of the AMIA Jewish community center. […]
Menem assumed duties in the midst of a major economic crisis which included hyperinflation and recession. After a series of failed attempts by predecessors, newly-appointed finance minister Domingo Cavallo introduced a series of reforms and pegged the value of the Argentine peso to the U.S. dollar. Privatization of utilities (including oil companies, the post office, telephone, gas, electricity and water utilities) and a massive influx of foreign direct investment funds helped to tame inflation (from 5,000% a year in the late 1980s to virtually zero in the early 1990s) and to improve the economy, but at the cost of considerable unemployment. In 1991 he helped to launch the Mercosur customs union. Menem’s successful turnaround of the economy made the country one of the top performers developing countries in the world (Argentina’s GDP increased 35% from 1990 to 1994). On November 14, 1991 he addressed a joint session of the U.S. Congress, being one of only three Argentine presidents who had that distinction (together with Raúl Alfonsín and Arturo Frondizi). Menem was reelected to the presidency by a large majority in the 1995 elections.
The early success of the dollar peg (when the dollar was falling) was followed by increasing economic difficulties when the dollar began to rise from 1995 onwards in international markets. High external debt also caused increasing problems as financial crises affecting other countries (the Tequila Crisis in Mexico, the East Asian financial crisis, the Russian financial crisis in 1998) led to higher interest rates for Argentina as well. At the end of his term, Argentina’s country risk premium was a low 6.10 percentage points above yield on comparable U.S. Treasuries.
Some years after the end of Menem’s term, the combination of fixed-rate convertibility and high fiscal deficits proved unsustainable, despite massive loan support from the International Monetary Fund, and had to be abandoned in 2002, with disastrous effects on the Argentine economy.
In Italy there is a former president, Silvio Berlusconi, famous for his capitalist way of leading the country. Italy could become another victim of wild capitalism of people like him and the IMF. Italy has been destroyed.
Italy needs free information: media censorship and disinformation reduced the country in a kind of pharmacological coma.
Free manifestation by italian citizens are often repressed by police: media reported “violent dissidents” in a manifestation of women, youths, dads with their own child. Italians are tired.
One of the most beautiful city of Italy, Naples:
In these days Italy must scream. Go Italy, Go!