ITALY REFUSES TO BE THE BANKERS BITCH

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Italy’s Deputy Prime Minister Matteo Salvini has again called for the Italian Central Bank to be eliminated. He adds that bankers involved in fraudulent activity will “end up in prison for a long time.”

This move shortly follows Friday’s warning from Bank of America that predicts the greatest threat markets in the next three years “is an acceleration of global populism via taxation, regulation and government intervention.”

The center of Europe’s street-democracy’s revolt, Italy, responded the next day, with the country’s coalition government slamming their central bank leadership and stock market regulator. The Italian leader hinted at where the global wave of populism is headed next, escalating his attacks on establishment figures ahead of the European parliamentary vote in May.

Matteo Salvini, the head of the anti-immigrant League party, said the Bank of Italy and Consob, the country’s stock market regulator, should be “reduced to zero”. 

Salvini also declared that “fraudsters” (banksters) who inflicted losses on Italian savers will ”end up in prison for a long time.”

This latest broadside against Italy’s financial establishment comes amid speculation that Salvini may hold elections to become the sole leader of Italy.

Meanwhile, the two leaders’ repeated attacks against France which culminated with Di Maio meeting the leaders of the anti-Macron Yellow Vest moment, triggered a diplomatic crisis which saw Paris recall its ambassador from Rome.

Saturday’s latest verbal crackdown targeting of the Bank of Italy comes after central bankers issued more pessimistic economic growth forecasts for this year compared with the numbers underpinning the government’s budget. Italy entered into a technical recession in the second half of 2018, with the Bank of Italy cutting its GDP forecast for 2019 to 0.6% compared with a 1% forecast made by the government.

At the same time, the European Commission slashed Italy’s GDP forecast from 1.2% to a borderline recessionary 0.2% for the full year. This is the European Bank’s retaliatory move against rebellious Italy.

European Central Bank (ECB) head Mario Draghi, a former Goldman Sachs executive, last year warned that central bankers control was under threat by peoples elected governments while not making a direct reference to Italy.

Should Salvini cement his de facto Italian leadership in upcoming elections, it would make life complicated and uncertain for the local central bank. Separately, Di Maio and other Five Star ministers said they want to block Luigi Federico Signorini, the deputy director-general of the Bank of Italy, from renewing his term, according to La Repubblica.

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