ITALY’S SALVINI CALLS FOR END OF ITALY’S CENTRAL BANK AND ...

So many people sent this one, I have to blog about it. But there's another reason I've got to blog about it, and that's because for some time I've been saying "Watch Italy." And there's a reason for that. There is "pushback" against Mr. Globaloney and the technobrusselsprouts in Brusselcratia almost everywhere one looks in Europe: France, Germany, the Netherlands, Austria, Hungary, Poland, even in Sweden. So what sets Italy apart? It's very simple, in my opinion: Italy is the first major economic and technological power in Europe to have that "pushback" actually constituted as a government.  One might argue that Mrs. May's post-Brexit referendum government constitutes such, but it's increasingly difficult to figure out what - if anything - Mrs. May actually stands for amid her muttered obfuscations.

Not so Italy's Matteo Salvini, who according to the following article from Zero Hedge, has allegedly called for an end to Italy's central bank, and jail time for its banksters (we'll get back to that crucial "allegedly" in a moment):

Salvini Calls For Elimination Of Italy's Central Bank, "Prison Time For Fraudsters"

Matteo Salvini, the outspoken head of the anti-immigrant League party, said the Bank of Italy and Consob, the country’s stock market regulator, should be "reduced to zero, more than changing one or two people, reduced to zero", or in other words eliminated, and that “fraudsters” who inflicted losses on Italian savers should "end up in prison for a long time."

As the FT notes, this latest broadside against Italy’s financial establishment comes as the two parties which are increasingly at odds with each other amid speculation Salvini may hold elections to become the sole leader of Italy, prepare to run against each other in the European parliamentary elections in May, a contest widely seen as a proxy for national polls. Meanwhile, both leaders have also increased their attacks against targets including the EU and French president Emmanuel Macron.

In other words, the populist coalition government is breaking down, but that does not mean that that wing of Italian politics is any weaker; it means rather than it's large and strong enough to have factions within it, divided over future direction. We'll get back to this point in a moment.

A little further in the article, there is  this:

Separately, Di Maio and other Five Star ministers said they want to block Luigi Federico Signorini, the deputy director-general of the Bank of Italy, from renewing his term, according to La Repubblica. The newspaper reported that the Italian cabinet was divided on the issue.

As previously reported, in the latest anti-establishment shot across the bow, several days ago the government nominated Paolo Savona, a veteran economist and prominent Eurosceptic who had previously served as minister for European affairs, as the new president of Consob. Savona was last year been blocked as the coalition’s first choice as economy minister by Italian president Sergio Mattarella, following strong pressure from Brussels and a revolt in the Italian bond market.

In other words, if at first you don't succeed in installing people into the bureaucracy who are friendly toward your policy, try try again, and try it somewhere else. All of which is bad news for the Italian central bank and securities markets and their masters in Brusselcratia.

It's that part about "fraudsters" that caught my attention, because it implies a willingness to probe deeply into the wobbly Italian banking system, and why it's so wobbly. A few years ago, when stories began to break that Italy's and one of the world's oldest banks in continuous operations, the Banca Monte dei Paschi di Siena was in trouble, threads began to unravel that took one all the way back to the European Central bank, to Italian Mario Draghi (its current head), and to - you guessed it - that bank that seems to be at the epicenter of a great deal of financial skullduggery and "boondogglty," Deutsche Bank (remember those puts before 9/11?) So when Signor Salvini starts talking openly about dismantling the Italian Central bank and putting fraudsters in prison, I suspect he's sending messages, and they're not just intended for folks on the banks of the river Tiber, but north of the Alps on the banks of the river Main.

And that brings us back to that tricky word "allegedly" that I said we'd get back to. One member of this website, who resides in Italy, pointed out that that Zero Hedge may have got part of its translation from the Italian incorrect, and that the word azzerare does not mean the elimination of the central bank itself, but rather, it means a call for the total replacement of the personnel of the bank.

And that, in the context of my speculation that Signor Salvini is sending messages - very strong ones - makes sense: if one is going to clean out (and investigate) fraud, it makes no sense to keep the very people one intends to investigate in their positions of management and policy-making. In effect, what Salvini is proposing is a kind of "central bank governing board packing scheme."

Which brings me to the end of my high octane speculation twig: suppose for a moment, just suppose the most wild scenario: that Salvini intends to let Italy's Guardia di Finanza, its financial police, loose to do a top to bottom investigation. You might recognize that name; they're the same guys that arrested those two Japanese gentlemen back in 2009 on the Italian-Swiss border. The gentlemen were said to be carrying, in the false bottom of a briefcase, $134.5 billion dollars in US bearer bonds, some of which were denominated in billion dollar bonds. (See my series: Japan: Connecting some Dots: Parts one-six, 2012). There was such a hue and cry over the story that President Obama had to deny their authenticity in a press conference later that year. Funny thing, though, the two Japanese gentlemen were not arrested by the Guardia di Finanza for counterfeting, but rather, inexplicably released, whence they disappeared. So I have to wonder, are these stories of Salvini's call for prison time for central bank fraudsters and that strange story from 2009 connected? Well, of course, there's no evidence that they are. But at the time of the Japanese Bearer Bond Scandal, it was pointed out that the amount of the bonds in question - $134.5 billion - was equal to the amount of assets in the USA's "Troubled Asset Relief Fund," and hence, there may have been a connection between the Japanese Bearer Bond Scandal and the whole mess of mortgage fraud, robo-signing, fraudulent accounts and mortgages, and the financial bailouts of 2008.

So while there's no evidence connecting Signor Salvini's statements to a much wider, and deeper, picture of fraud, consider only this: do you believe for a moment that the Guardia di Finanza simply walked away from the whole story, investigated no further, and washed its hands of the affair? I don't. And if they therefore have continued quiet investigations of the whole thing in the last ten years, doubtless with considerable assistance from Italy's old "financially connected" families, they might have built up quite a (top secret) picture by now. And Signor Salvini may have access to much if not all of it.

See you on the...

... oh, did I mention, Italy has invited always-byzantine-never-to-be-trusted-Russia's evil-super-genius-criminal-mastermind-master-conspirator-who's-behind-it-all-Mr. Putin for a state visit? What do you want to bet that they might be "comparing notes"? Remember the Russian economist Tayana Koriagina, who published an article in Pravda in July 2001 that the USA would shortly be attacked on its own soil by an international cabal with assets in excess of $300 trillion dollars? And how, one wonders, did she come by that figure?

Anyway... see you on the flip side...

17 thoughts on “ ITALY’S SALVINI CALLS FOR END OF ITALY’S CENTRAL BANK AND ...”

  1. The day a major nation takes on the bankster/mafia and
    ‘gets away with it’ I will be worried. As that would mean to me that the all wise and powerful (evil) captains of industry (piracy) are abandoning ship and handling the power to the people as it all goes down and they ‘get away’.

  2. Just wondering if Savini organizing a financial coupe against the four Reich frontmen in Brussels. He will need the best insurance policy to pull it off.

  3. The PTB have one unforgivable sin : messing with their control of the worldwide financial system. Think of JFK, Libya’s Muammar Gaddafi, and now Venezuela’s Nicolás Maduro. Italy’s Matteo Salvini has to know he is playing with his life at this level of ‘affront’…

    So, I suspect Salvini has a “releasable upon my untimely death” stash of material that is very pertinent to the PTB. A life insurance policy , as it were. (Putin may or may not have ‘contributed’ to that stash.) Salvini has to have a bigger ‘gun’, or he is a dead man walking. Plus, I suspect that he has the backing of ancient family lines – more ancient than Rothschild lines – with ancient ‘dirt’ on every aspect of more recent PTBs.

    Should be an interesting show…

    1. this is what gives me patience to listen to tommy williams podcasts – rants about manna world holding trust. when the giant predator we’re all used to seeing move so confidently starts hesitating, one wonders what’s giving that predator doubts they didn’t used to have? does that predator have a predator?

      it’s clear rottenchildren are weaponizing bankruptcy and reorganizing. examples are rife – pg&e is best. have also heard plenty rumors of dead banksters with huge custodial life insurance policies held by rots. what’s holding them off from their usual and worsening plots? why are we being allowed to see lady rothschild and david brock talking while killery fails? why are we able to see r’s seagrams pet, clare bronfman’s involvement in nexium? why is jeffrey epstein a public name?

    1. Robert Barricklow

      Yes, ZDB the video implies May is decidedly a Trojan Horse.
      Again, the will of the people will NOT be represented.
      What do these people think their governments are? Democracies/Republics?
      Hear the globalized leaders resoundingly LOL!
      Continuous, never-ending laughter, at the peons expense.
      i

  4. Banking can not function without clearing. No system can. Clearing is the center of any conceivable system.

    Originally, clearing was provided in a sacrosanct space, surrounded by tripwire. This is what fasces symbolizes, by rope and fence pickets.

    Down the Druidic memory lane, the axe ment, that fault transaction was beheaded – in tit for tat.

  5. You are so right WalkingDead writing ” Now you have the criminals in the courthouse and positions of power, short of a total reset, how are you supposed to “legally” rid yourself of the problem. All those who have tried have died in very public executions.” I think we did have in the past “partial” resets. It is called war.

  6. Well everybody as I pointed out in a Community post the other day (with a similar post to Catherine on her website) the ZH and FT articles are full of disinformation, there is no “seizing” involved. Here is a little summary:
    – December 2018. Mr Borghi, Chairman of the Finance Commission of the Chamber of Deputies, put forward a bill for a new law specifying that Italy’s gold reserves belong to the Italian State, i.e. to Italy, the central bank would continue to act as depository (for that part of the gold that is not – you guessed it – in the NY Fed and the Bank of England!);
    – Shortly after, a high official of the Bank of Italy, Mr Rossi, issued an angry communique stating, for all intents and purposes, that the European Central Bank has some sort of lien on Italy’s gold;
    – February 2019. Mr Salvini and Mr DiMaio, the main political figures in the government, said that the management of the Bank of Italy should be changed because of serious mismanagement of their supervisory function, especially considering that the current Governor has served since 2011 and has to step down anyway.
    – February 2019. The Financial Times, echoed by Zerohedge, said that Salvini wanted to “do away” with the central bank. This is due to the (deliberate?) mistranslation of the Italian word “azzerare”, literally to “reduce to zero” but which in common political parlance just means to replace the top management.
    – February 2019. The bankster-oriented politicians started the fake rumour that the government wants to use the gold to “pay off current deficits”. Which would be both unnecessary and against everything the leading economists have been saying.
    – 11 February 2019. Mr Borghi interviewed in the major daily “La Stampa”, patiently explaining that Italy’s gold belongs to Italy and everything needed to safeguard it would be done. English language version of that should come out.
    Conclusions: the “Borghi Law” has infuriated the ECB bankster oligarchs (who however wouldn’t dare say anything about French or German gold!). The government forces have been trumped for now by the bankster media offensive. Mr Grillo, though founder of the 5Stars, counts very little in the current debate and is known for over-the-top statements on just about everything.
    The government will certainly not back down (as it has not backed down over Macron’s antics in recalling the French Ambassador) and indeed, once the Bank of Italy’s Governor has been changed, we might well be hearing questions to the Fed and London about the Italian gold (presumably) stored there.
    I hope that clarifies things a little.

  7. Robert Barricklow

    Absolutely loved it: technobrusselsprouts!
    Is May a Trojan Horse?
    Salvini joins an elite group of dead presidents in his stance against the money masters.
    They’re zeroing in on the devil’s details.
    This is getting real down & dirty!
    Love it!
    Let the Sun Shine In!

    1. Robert Barricklow

      Here’s another example of Orwellian governance:
      Independent UK
      Clicking On Terrorist Propaganda Even Once Could Mean 15 Years In Prison Under New Law.
      “… a single click is now illegal.
      Journalists, academic researchers or people who had ‘no reason to believe’ they were accessing terrorist propaganda are exempt.”

      Like Alice In Wonderland’s.
      I don’t think.
      Then you shouldn’t talk[click].

      It would be extremely rare just to find something, almost anything from corporate news, that isn’t propaganda.

  8. Salvini fires the next salvo!

    Salvini Proposes Seizing Control Of Italy’s Gold Reserves From The Central Bank

    Salvini prompted fresh shocked gasps in Brussels and Frankfurt when he raised the possibility of seizing Italy’s massive gold reserves away from the country’s central bank.

    “The gold is the property of the Italian people, not of anyone else,” Salvini said in comments to reporters on Monday, according to the FT.

    Earlier in the day, Italy’s populists called on lawmakers to pass legislation stating that its gold holdings belong to the state, Bloomberg reported.

    The gold ownership bill presented by euroskeptic lawmaker Claudio Borghi of the League adds to an already tense relationship between the Bank of Italy and the coalition government. It’s also sparked criticism from opposition politicians, and some national media argue that it may allow the government to raid the gold reserves to fund spending promises.

    Borghi has rejected the accusation and said he’ll ensure Parliament has ultimate power. His concern is that ambiguity of ownership means that a victorious legal action against the central bank — for inadequate supervision, for example — leaves open the possibility of a claimant getting compensation in gold.

    “My bill only aims at making clear that the gold belongs to the state, not to the government,” he said in a telephone interview on Monday. “If there are doubts on our intentions, we can also pass another law saying none of the gold reserves can be sold unless there is a majority of two thirds or more of both houses of Parliament.”

    According to Bloomberg, Borghi’s bill, being examined by the Lower House’s Finance Committee, calls for an explicit interpretation of legislation that the institute “holds and manages as deposits” the gold, while the state has ownership.

    “Nobody wants to sell the ingots, in fact, quite the opposite, we want to prevent others from having their hands on it,” Mr Borghi wrote on Twitter after Mr Salvini’s comments according to the FT.
    The idea to liquidate Italy’s gold in order to fund higher state spending appears to have emerged from Beppe Grillo, the co-founder of Five Star, who last September wrote that “It would allow us to finally put an end to this annoying story about the fact that ‘there is no money’”, adding “why do citizens have to sell their necklaces and not the state?”

    If Salvini is indeed serious to monetize its gold, it would bring in a healthy chunk of change for Italy’s populist leadership: the Bank of Italy has the third-largest central bank holding of gold reserves in the world after the US and Germany, owning 2,452 tonnes according to the World Gold Council, which at today’s prices would amount to just over $103 billion.

    Of course, even that amount pales in comparison with Italy’s total debt load of €2.35 trillion, which would suggest that if Salvini is indeed focused on tearing up the legacy constraints of his country with some financial establishment, the next step would be declaring the country’s sovereign debt “odious” or null and void, followed ultimately by the Italeave, and the the return of the Italian lira.

    https://www.zerohedge.com/news/2019-02-11/salvini-suggests-seizing-control-italys-gold-reserves-central-bank

  9. The banking system of virtually the entire earth is built upon fraud. The use of their bank notes, essentially IOU’s, which were never intended to be honored, has de-valuated the “money” supply world wide resulting in catastrophic inflation, corruption of entire governments, and allowed the banksters to, essentially, buy up all the corporations and virtually everything else for pennies on the dollar through their engineered boom and bust cycles. Now you have the criminals in the courthouse and positions of power, short of a total reset, how are you supposed to “legally” rid yourself of the problem. All those who have tried have died in very public executions.
    .

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