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Why have Italians the highest net wealth in the world? I thought they were broke. Why does everyone talk about them on the verge of financial collapse?
Why have Italians the highest net wealth in the world? I thought they were broke. Why does everyone talk about them on the verge of financial collapse?
They are referring to their government who has a large amount of debt I believe, and increasing interest rates on that debt.
And that fact, in a rounadabout way, explains the Italian citizenry's quite-logical behavior.
The term "inflation" as originally used referred to the government's tactic of printing more money (and thereby debasing the currency) to scape responsibility for its actions. It's only over the past forty years that Americans have used it to refer to the symptom rather than the disease.
When you understand that the fools in command of the printing press can devalue those savings pretty much at will, you convert at least part of your personal assets into things that hold value -- real estate, art, collectibles, etc.
It's a lesson with which most successful Europeans are well-acquainted -- and one a lot of Americans might be about to learn the hard way.
They are referring to their government who has a large amount of debt I believe, and increasing interest rates on that debt.
I know, I was referring to the Italian Government. Why don't the try to take it from their citizens first, before they demand help from the rest of Europe?
That is really mindboogling. Monti talks about possibility of help from the ESM and EFSF (i.e. beeing bailed out by Germany).
No wonder resentments towards Southern Europe in Germany start to grow.
Last edited by itsjustmeagain; 07-27-2012 at 03:38 PM..
I know, I was referring to the Italian Government. Why don't the try to take it from their citizens first, before they demand help from the rest of Europe?
i hope you are joking?
Government's job is not to steal from people and redistribute wealth, or at least that's not how I want to see the world.
Then Germany shouldn't have gave up their freedom and joined the Euro.
They should leave now and end the nonsense.
Germans weren't asked to join the Euro. The political Elites in Germany proposing the theory that if Germany leaves the Euro, then there will be war in Europe. Angela Merkels mantra of "If the Euro fails, Europe fails" is very indicative of it.
Plus, you realize that an abandoning of the Euro by Germany will lead the Global Economy into an Depression, right?
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