De-globalisation revolution hurtles towards Italy, Austria

For anyone with a sense of history, the de-globalisation revolution is moving at astonishing speed. The next global wanker rejection is scheduled for December 4 in Italy and Austria, from the Express:

THE EU’s days might be numbered with Italy about to vote on a referendum which could send shockwaves across the continent.Analysts believe the outcome of the ballot on constitutional reform could have massive global implications.

With many European leaders already coming under severe pressure from anti-EU parties ahead of elections next year the significance of the Italian result is huge.

Defeat for Italian Prime Minister Matteo Renzi could lead to even deeper social turmoil in countries already struggling with austerity, immigration problems and a growing contempt for Brussels.

Maria Paola Toschi, global market strategist at JP Morgan Asset Management told CNBC: “The upcoming Italian referendum this December may create volatility across markets as the year draws to a close.”

Ms Toschi said the referendum is widely considered as political test for Italy and its leader Matteo Renzi.

She said: “A victory for Yes could reinforce the empowerment of the current coalition on an ambitious program of reforms.

“A victory of No could open a period of uncertainty on the political stability of the current coalition that has been always strongly committed on reforms.”

Polling is firmly with the “no” vote:

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And momentum is all for rejection:

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The “no” vote led by the anti-euro Five Star Movement is surely going to get a big boost from the Trump victory. The spread between Italian and German bonds keeps widening despite QE:

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Same day is the third run-off for the Austrian presidency with the Nazi-rooted FPO’s Norbert Hofer now favourite:

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Also from the Express:

The FPO strongly opposes the “Islamisation of Europe”, and have proposed a full ban on the burka.

Mr Hofer has promised he would call a referendum on EU membership if Turkey becomes a member of the bloc.

He has said “I am fully certain that Austrian people will not accept Turkish membership in the bloc, as well as the situation where Austria is deprived of its powers in favour of the authorities in Brussels.”

Mr Hofer has promised an EU referendum if Turkey join the bloc.

The party has also called for stricter border controls and a clamp down on immigration, in line with its slogan “Austria first”.

Earlier this summer, the FPO made headlines when it released a video warning migrants to “keep your fingers off our women”.

The clip, which was subtitled in Arabic, featured politician Armin Sippel explaining “what is and what is not allowed” when it comes to everday interaction with females.

Austrian spreads are still contained:

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Neither event is going to trigger crisis but it ought to pressure European bond spreads a lot more. What’s more, it will confirm the European exit gauntlet for next year as fabulously treacherous:

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There is no way that the ECB can pull back QE, unless it wants to unleash exit crises across the Continent. More upwards pressure for the USD.

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Comments

  1. Plenty of young Italians in London. Graduates and non graduates. They like the idea of “open Europe” and the opportunities it brings(ie travelling & living in London!) but know the EU in its present incarnation cant be the future.
    Most of their concerns pertain to the Euro, but they too have concerns over democracy – remember the EU essentially sacking Berlusconi and replacing him with a EU technocrat, and EU banking rules preventing Italian government from bailing out Italian Banks(rightly or wrongly – a lot of Italian families have fixed income investments in Italian banks)

    The fact a lot of young Europeans are still coming to the UK post Brexit to live/work/study shows where they think opportunities lie in Europe long term.

  2. “The next global wanker rejection”
    So what is your point exactly H´n N? They already elected two wankers and it is possible two more will come along.This is not a revolution against globalisation, this is what happens when society enters, globally, a new scheme due to a multitude of trends: unprecendented reduction in fertility rates (finally), concomitant population aging, global information access, changes in energy production, an approaching scientific singularity, etc. Your concept of history as a repetition of past events doesn´t apply in this case, and if it did, well, it was a nice world while it lasted.

    • I have no idea if this is a repeat of history yet. But it sure does rhyme. Your argument is basically that just because it has wheels, an engine, seats and a boot that doesn’t make it a car. Fair enough. But it might be one!

      • Srinivasa Ramanujan

        I have no idea what JasonMNan is even saying – but I will tell you what is happening.

        This is not conspiracy, or fantasy, it is straight up clear as day fact. Global elites on the left have long dreamed of a united world where poverty is eradicated in emerging worlds, we bring those worlds technology, and create an even, fair, unified world where no matter your race, colour, nation we all have the same opportunities.

        Sounds lovely.

        Meanwhile global elites on the corporate / right side have seen a world where they can transition their businesses out of high cost (labour) , highly regulated, highly taxed western nations and exploit the emerging nations, fundamentally trashing the environment, setting up sweat shops, trashing the western job security and taxation bases.

        Both the left and the right were complicit in this, while middle and upper classes joined in the chorus for cheap goods and executive wages – while the working class and poor got absolutely smashed.

        The problem with BOTH the corporate right and idealogical left is that BOTH of them were selling not just decades but centuries of nation building which was not theirs to sell in order to achieve their own selfish goals.

        This is the crux. We build a great nation with its institutions, ideas, services, infrastructure, societies, courts, laws, and everything and it takes literally hundreds of years. It is these things built by each progressive generation which creates the environment for which refugees, immigrants want to move to and well meaning leftists want to give to them for a better life – but it is NOT THEIRS TO GIVE AWAY !

        Same with the corporate right. It is this society built over centuries which provided the economic, technical, legislative, social cohesion, peaceful means to create the great industrial,business and manufacturing of the west – it was not theirs to simply give away.

        So now we have a situation where the middle class are losing their ground, not just the poor and working class. And they are pissed. Their countries have been taken away from them and handed to the impoverished second and third emerging worlds.

        “Here take our manufacturing so the you may grow” they said ” we no longer need them as our jobs are in high tech computers, banking and finance”.

        But then those jobs were also outsourced to Asia, or simply never arrived for the masses.

        At the same time the bureaucrats started handing themselves insane wage rises. People who were once on trifling wages in the public sector heading up some stuffy office serving the people collecting data, providing public housing, reading the news, a simple principal at a school, looking after the local parks, the state sewerage, electricity etc were now all on $200-700k dollar packages in order to “compete” with the private sector which was reaping the rewards of using sweat shops for labor.

        Its not racism, its not xenophobia, its not bigotry.

        People are completely outraged that their nations, their childrens future, their entire life has been sold out from under them to foreign nations and their workers, while those same people who had NO RIGHT to do that reward themselves with insane salaries and wage rises, absolutely insane wages.

        And anyone who questions their country being sold out for a few cheap beans is labelled a BOGAN, a RACIST, a XENOPHOBIC BIGOT !!

        It really is absolutely disgusting what is going on – absolutely disgusting.

        .

      • Srinivasa Ramanujan

        C-suite Bonus remuneration in equitys—-> Workers with 401K – super plans needing profitable stocks —-> CEOs squeezing workers to increase profits —–> Squeezed workers rely further on more profitable stocks to fund retirement —–> More management squeezing workers. ~~~~~

        Disheveled Marsupial…. just a fun fact…. is almost like a financial Saw movie thingy….

      • H´n H, right now it just tastes like chicken.
        Ramanujan, you above all else should understand what I said (unless your avatar is BS), but I think you do based on the scenarios you present.
        However, apart from these two scenarios (choices L and R) there is one reset button (war), that we invariably press whenever we reach point of choosing L and R. My point is that even if people go for complete balcanisation there is no “going” back unless they follow it by destruction of the excess productive base (both capital and people). It is unavoidable, as anybody who produces anything can tell you that they have excess capacity or the ability to increase it rapidly and cheaply. The jobs are not coming back and growth on the back of other countries is also pretty much gone (see China). It is a fact that the middle class is annoyed, I get that and I see that (seen 2 recessions) but out of two scenarios, I think we can only choose one to avoid the reset. The rest is just jingoism backed by fear, ignorance and bigotry.

      • Srinivasa Ramanujan

        A very good summary of the situation. I would also add that we are consuming the capital accumulated by past generations by selling our infrastructure to overseas interests, since the funds will be used for current consumption or for schools and hospitals to support the population ponzi, as well as to pay for imported goods.

      • Jumping jack flash

        Srinivasa Ramanujan, a very interesting analysis. Thank you.

        Don’t forget the debt. The banks have taken our money, and then they give us debt to make up the shortfall.

        And we eagerly take it.

      • Good lord, don’t tell me you’re still peddling that boilerplate as being something other than copypasta ?

      • Forgery of what ?

        It’s boilerplate screed from far-right white nationalists, most of which is at best inaccurate and at worst deliberately deceptive.

      • Its not spam from a person who is well acquainted with John Podesta. The document speaks for itself. Others can read it for themselves and make up their own minds. It is from Hillary’s echo chamber. Strange place to find a right wing document.

      • Its not spam from a person who is well acquainted with John Podesta.

        On what do you base this statement ? It doesn’t even open with a “Hi”, let alone an “after on our chat over dinner last week, I reckon this might be of interest to you”.

        It is from Hillary’s echo chamber.

        Of course. That’s why there’s only one other email there from that sender, sent at exactly the same time, and with identically themed content.

        Strange place to find a right wing document.

        What ? You don’t think Trump’s campaign got lots of email from butthurt bleeding heart liberals ?

  3. The system is clearly not working. We are getting tired of voters getting in the way of what we are trying to achieve!

  4. The FPO are also big believers in keeping Austria out of NATO and floated an idea to split the EU in to two different currencies – a southern and a northern Euro. They also aren’t Nazis, what a ridiculous assertion for a blog that’s trying take the emotional rhetoric out of the migration debate.