Mario Monti Generously Offers To Stay On As Italy's Unelected Head!!!
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12/23/2012 12:30 PM
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Yesterday, the man planted by Goldman to be Italy's unelected leader in November 2011, officially stepped down and shortly thereafter his government was dissolved in advance of the February 25, 2013 elections. Yet Monti, under whose helm Italy has been in deep recession since the middle of last year, where consumer spending is falling at its fastest rate since World War Two and unemployment has risen to a record high above 11 percent, and whose candidacy is vastly unpopular with the Italian population, moments ago generously offered to continue being Italy's unelected leader: just the way Europe's political masterclass and its central bankers want it, if not so much Italy's people.
After all, the only thing that has stabilized in Europe, however briefly, is its peripheral bond market, which is merely a function of Draghi's willingness to risk future monetary instability and runaway inflation in order to bring sovereign bond yields under control: yields which are only hit record highs because the local governments have proven time and again unable and unwilling to make hard structural reforms (and where austerity continues to be a widely misused synonym for government corruption and incompetence). And as long as yields represent not reality but the motives of a few unelected central-planners, nothing will truly change for the better in Europe.
[link to www.zerohedge.com]