The Technocratic Revulsion Begins: Photos And Video As Thousands Of Italians Protest Monti's "Banker" Government
Well that was quick: Italy is about to be acquainted with the old Asian saying that a "known devil is better then unknown angel", especially when the angel is a Prime and Finance minister (two for the austere price of one) working purely on the behalf of offshore banker interests. As Reuters and Corriere report, thousands of Italians took to the streets in several cities on Thursday to protest against what they called a "bankers' government" led by economist Mario Monti, and there were clashes with police. Students in Italy's financial capital Milan threw firecrackers at police trying to prevent them approaching the Bocconi university, which is chaired by Monti and has become a symbol for the new executive of technocrats he has formed to tackle Italy's debt crisis. Police responded by charging the students with batons. One journalist was injured by a firecracker, police sources said. The students also threw eggs and fake dollar banknotes at the building of the Italian banking association. "We don't want the banks to rule" and "Monti's government is not the solution," the students chanted." Well as long as it is only the students who feel this way, all is well. If, however, the anti-Monti sentiment is shared by more, which it is, then the technocratic government will be lucky to survive three weeks... forget 2013. And the greater the revulsion, the bigger the Stockholm Syndrome nostalgia for Berlusconi will be. If we were betting people, we would speculate that Silvio's chances for reelection are soaring with each passing minute.
How Many Times Have I Told You To BTFD's...
And now back down:
- FITCH SAYS ITALY RATING MAY BE CUT IF IT LOSES MARKET ACCESS
- FITCH SAYS ITALY RATING COULD BE CUT TO LOW INVESTMENT GRADE
- FITCH SAYS ITALY IS PROBABLY ALREADY IN RECESSION
- FITCH SAYS MONTI GOVERNMENT MAY REMAIN IN POWER TO APRIL 2013
When The Duopolistic Owners Of The EU Printing Presses Disagree On The Color Of The Ink!
The political pressure on the ECB (and implicitly the Bundesbank's oh-so-stubbornly sensible and correct bankers) to just-print-baby-print is growing by the hour (or down-tick in BTPs and OATs). The cacophony of long-only strategists, Keynesian central bankers, and desperate (under speculative attack) politicians has perhaps reached a crescendo as it appears (from a Reuters article) that the ECB has found a workaround. By lending to the IMF, who are able to do pretty much whatever they want with regard to on-lending and primary issuance support, the ECB denizens can maintain their tough no nonsense anti-monetization stance while providing a leveragable IMF with more support for whatever leveraged buying they deem necessary (cough France Italy Spain cough). And all this as the IMF scrambles to replace its European Director - what could possibly go wrong?
Last time when Jefferies' (which is not MF Global although it is just as a big question market in the TBTF category, and as a reminder is not a Bank Holding Company, being the last pure play investment bank left out there) stock had a $9 handle, it triggered a -20% circuit breaker and forced a short covering squeeze. This time it is far more methodical. At this time Leucadia is underwater on both of its recent purchases, all past and future Jefferies press releases have been priced in and will be irrelevant in the future, and Handler only has half of his original gross sovereign book left to sell (into a bidless market and thus generating more major P&L losses).
And you thought we were kidding: the Anti-Tilson ETF continues to be the best performing asset in the known universe for the past 4 days, up 34% since Friday. Buy GMCR, short NFLX, sit back and retire.