‘Let’s buy back our debt’, and this is where Europe collapses – Libero Quotidiano


Sandro Iacometti

Password: Don’t panic. L ‘Italia It has strong foundations and is able to withstand more violent turbulence than the clumsy ballet of the European Central Bank in its next monetary policy moves. Even a recession should not frighten you too much, because the country, whether it is interest rates or not, will prove that it knows how to grow even in an unfavorable context. But the message Carlo Messina delivered yesterday is something more different than a few handfuls of optimism thrown in there to calm spirits. Facing yet another attack by speculators on government bonds and public debt, according to a survey published yesterday Bank of Italy, in April reached a new record of 2.758 billion, number one in Intesa Sanpaolo, who was usually careful not to infringe and measure words, and decided to speak frankly, go straight to the goal and clearly follow the direction of liberating the country once and for all from the slavery of the Central Bank European markets. “This should be a clear message,” said the director, speaking at the Young Factor conference organized in Milan by the permanent observatory Giova ni -Editori. Then the rush: «The issue, however, is whether we want to be free and independent. That we are only talking about energy and food independence and not about financial independence seems to me absurd.”

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sovereignty Someone, obsessed with sovereignty, might turn up their noses. But the reasoning is impeccable: If we are clamoring every day for the need to gain our independence in energy, raw materials, and food supplies so that we don’t end up being blackmailed, why not do it on the financial front as well? ? Let us immediately clear out the possible parallels with the old statements against the EU, against the euro, and against monetary institutions that keep us in check. In Messina’s words, there is nothing destructive, but only pragmatism, which does not hurt, a little national pride. He explained that “Italy is strong, it has the strength and the structural conditions to do things independently, and it should do things independently without being linked to the Frankfurt Union, especially given that it is a country with savings of ten trillion. Plans are needed to accelerate growth, but reduce dependence on the central bank European. Let’s start with what we have in our country, always with the aim of achieving sustainability and independence.” And in Europe we must remain there, but we must remain there as a leader, because otherwise “we will be completely marginalized and Europe will become so,” and therefore “only China and the United States will remain.”

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To avoid this, we must also stop, as many in the government do, including Mario Draghi himself, from asking Brussels for help with a hat in hand. Because “to have too many expectations about the fact that other countries, which are perhaps less wealthy than us as structural conditions, and to imagine that these countries can support and that our public debt is not befitting of a country that wants to be a leader in Europe.”

Freedom As for how to regain our freedom, the plan is clear. The spread, with Italy fundamentals being “strong, even very solid in terms of family savings and on par on the company side”, should be at 100-150 basis points. If he’s traveling a lot above 200 and threatening not to stop, it’s because we’re clinging to the ECB’s moves, not always the right ones, which after two years of BTP purchases have a large chunk of our public debt in the belly. And here is the solution, instead of relying on Lagarde’s anti-price shields, which we risk paying dearly, we use a portion of our $10 trillion private fortune to buy back our debt. And with it our freedom. It is a call to Italy and the Italians, the call of Messina, but also to the banks, the insurance companies and the government, which should help, facilitate and accompany this path of freedom from financial speculation. Perhaps by doing the opposite of what someone wanted to put a nice increase in taxes on government bonds into the fiscal mandate. Messina is not the first to launch the idea of ​​returning debt to Italy. But perhaps if some biased politician or economist is suggesting he is the head of Italy’s first bank, there is a chance that someone will take the hypothesis a little more seriously than in the past.

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