Victory for the anti-establishment

Among the blogging sites much joy at Beppe Grillo's unexpected 25% vote share in the Italian elections.  Nothing the internet likes more than giving politicians a good kicking. Unless its giving bankers a good kicking. And the Five Star Movement does that too by causing bank shares to fall across Europe following Italy's inconclusive election. So he is welcomed as a new libertarian force, smashing in the old, stale ways. Booting out lazy, incompetent, partisan politicians. Expelling the corrupt, the criminal and the charlatans from government and bringing a fresh start for politics. A rebirth. A whole new way of doing politics. No left. No right. just "the people".

So, good for him and his movement.

However, populism and personality cults have a way of going bad. Very, very bad. The history of the world, from Caesar to Perón, from Danton to Castro and from Lenin to Mao shows they have been bloodbaths. 

Beppe Grillo may not be a dictator in the making. He may be another Gandhi. Or a William Peffer. Italy may be just right for a major shakeup.

As CU posted earlier, the real problem is Grillo has mass appeal but no real ideas. He has managed to get the young and disillusioned to vote, without knowing what they are voting for. A protest party isn't a real party. Its a protest. Very hard to run a country on a protest. Especially hard when the country is in a crisis. 5* are going to have to do a deal. Will certainly be very interesting to see what is agreed and how long it lasts.

Benito Mussolini had three main platforms and goals for Italy.  

1.self-sufficient rather than greatly relying upon foreign imports

2. Increasing the population

3. Strengthening the currency

The battles for births, lira and grain.

If only he'd thought to add free broadband for all?

8 quotes below -4 from Grillo and 4 from Benito

 Can you pick the Benito quotes from the Grillo ones?

{no googling now..just have a guess. Put the 4 Benito numbers into the comments. + Have changed some words as the 80 year old vocabulary gives it away.}

1. "We stand for the sheer, categorical, definitive antithesis to the world of democracy…"
2.  "You have to participate actively in politics: change your habits: eat, travel, think in a certain way,"
3.  "There is no democracy; I decide everything. I'm a democratic dictator."
4.  "Dissent is inconceivable within the Movement."
5.   "It's finished! Give up! You are surrounded!" as banners waved  "We want to get out of the darkness."
6. "I want to use economic power to politically reshape the Italian state to fit our ideological outlook."
7.  "We are a religion"
8. "Every anarchist is a baffled dictator"
   

Sovereign Crisis: Quote of the Day

"Italy ... borrowing at a rate of 7% ... in other words, the markets trust the Italian state – with its own tax-raising powers – less than it does a couple in Kettering who'd quite like a new kitchen."

Aditya Chakrabortty, Guardian


UPDATE: did we mock too soon ?

Enter the Dragon - Again

"There will come a moment - who knows when, but China plays a long game - when some ghastly, Europe-threatening crisis arises (Iran? Turkey? or another financial meltdown?) and Europe is confronted squarely with its own flabby uselessness. Couldn't face down Libya unaided: & certainly can't face this putative future challenge, without contemplating some seriously bloody bayonet-work (and/or precipitous standard-of-living reduction). No stomach for that - and the US has decided it's had enough.

And then ... and then China or India has a quiet word in Brussels. Leave it to us, they say: and all we want in return is ..."

C@W 12 June 2011

"The chairman of China Investment Corporation, which was created to invest a portion of Beijing's $3.2 trillion in foreign reserves, met with Italy's finance minister last week in Rome, The Wall Street Journal and the Financial Times reported, citing unnamed sources. Italian Economy Minister Tremonti confirmed on Tuesday that he met officials from a Chinese delegation last week but declined to comment on the substance of the meeting. The Financial Times reported that Italy had asked Beijing to buy "significant" quantities of Italian debt to help calm market turmoil caused by worries over the sustainability of its €1.9 trillion debt load."

DTel 13 Sep 2011

And ain't Silvio just the man to do a deal ?

ND

OK, maybe we can have an Italy crisis in July.

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Winners 102 Losers

That is a really nasty wake-up call, the Italian Bourse is down 4.5% this morning. That is even worse.

The Euro 'Elite' really need to get going or else there is big trouble Don;t they remember just two weeks ago uncle Wen visited to say he would help out - did anyone write down his phone number?

Also I am changing my opinion on can-kicking, that Greek rally did not last very long did it? This is in itself a bad sign that there is no long term confidence. Without that, there can be no market led recovery. Either more QE is needed to flush the system with inflation or the banks need to be killed as debt is written off - a nice terrible or disastrous set of options. I wonder what Oil Rehn is thinking today...