An astonishing outburst from Silvio Berlusconi, the embattled Italian prime minister, being reported on Bloomberg. Here's a taste of the flashes we are seeing:• The euro 'hasn't convinced anyone'.
• The euro is a strange currency.
• Italy is the 'most solide' EU country after Germany
• Austerity measures won't work without growth
• Financial markets 'don't forgive' Italy for its large public debt
In the mean time
• Markets slip as euphoria over EU summit deal fades - it's all a fraud, the deal is fake!
• Italian bond yields close to danger levels despite crisis plan (the plan is a fake)
• German court suspends bail-out fund decision committee
• Eurozone bail-out fund chief warns, no quick China deal
Euro was invented to facilitate the taking over of the European energetic capacities as well economic resources in general by Russia. It was hard to do so having 27 different currencies! Now, Germany is taking over the administration of governments just as it happened before WW 2. Long live the 4th. Reich !
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Next week it will be Nicolas Sarkozy in the director's chair as the leaders from the G20 group of developed and developing nations gather to discuss the worryingly poor state of the world economy. The corniche in early November will look a less glamorous place than it did in the spring, when the A-list Hollywood celebs were sashaying down the red carpet.
No question, this is the most significant international gathering since the London G20 summit in April 2009, but with one key difference. Then, although few realised it, the world had started to clamber out of the deep pit into which it had dropped after the collapse of the American investment bank Lehman Brothers. Now the fear is that there is about to be a sequel to that horror movie, Nightmare on Growth Street II perhaps.
Those looking back through a list of past winners for the top prize at the Cannes film festival can find plenty of apt metaphors for the current state of the world: Coppola's Apocalypse Now (1979); Antonioni's Blow Up (1967) or Clouzot's The Wages of Fear (1953). Given the current state of the Italian economy, and its potential to wreck hopes of a swift end to Europe's debt crisis, Fellini's La Dolce Vita (1960) is unlikely to capture the mood
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