by Joseph P. Farrell, Giza Death Star:

Many people sent this story in, and for good reason. I said a few years ago when all globalist eyes were adoringly fixed on Murky Merkel to watch Italy. It’s all the more interesting these days as Murky Merkel’s government seems hell bent on creating … well… hell, and Mad Madam Macron (nota bene: after much serious discussion, we on the editorial staff of the Giza Community have transferred the prestigious title of Mad Madam from the recently demoted Murky Merkel to Mm. Macron because of his/her extraordinary competence in prostituting France to the desires of the globaloneyists) is pressing ahead with the destruction of France, the most recent feather to be added to his globaloneyist plumage being the removal from the French national school curriculum the study of the Battle of Verdun, with a new concentration on the Battle of the Somme, because the latter was “an international effort” whereas Verdun was solely a “French thing.”

Yes, it’s that ridiculous, folks; the guy/gal who once said that there is no such thing as French culture now apparently cannot deal with the fact of a French victory during that battle. (See Removal of WWI Battle of Verdun from French curriculum sparks outcry)Well, if “international participation” is the criterion for studying battles, then why not study Trafalgar, since it was a joint Franco-Spanish effort (oops, didn’t win that one), or Caporetto, since it was a joint Austro-German effort. And speaking of Trafalgar, across the Channel, Prime Minister May, for whom we lack a fitting epithet, flops like a fish on a beach. I could invoke similes of mackerels on moonlit beaches that both shine and stink, but you get the idea. One cannot help but recall the story of a frantic Member of Parliament rushing into the Commons in the 19th century, as Disraeli was holding forth at the dispatch boxes, and cried “a tragedy! A tragedy! Mr. Gladstone has fallen into the Thames!” To which Disreali replied that the tragedy would consist of anyone rescuing Gladstone. One suspects that in the current climate, were Mrs. May to fall into the Thames, that the reaction might be rather Disraeli-esque. And there’s no telling what Labour would say!

All of which makes watching Italy very interesting, because instead of the usual globaloney insanity, there’s a government that actually intends to do something, and the something it intends to do looks increasingly like nationalizing its central bank, and therewith its gold, and in addition to that, jailing a bunch of banksters:

“It Belongs To The People, Not The Bankers” – Italy Moves To Seize Gold From Central Bank

Now, I’ve blogged about this story before, but this time there’s something new, and it probably has them burning the midnight oil in a lot of places in Europe. Let’s go back to February of this year to this article at Zero HedgeSalvini Proposes Seizing Control Of Italy’s Gold Reserves From Central Bank). Note this statement which occurs in the context of the amount of Italian gold being worth about $`102,000,000,000:

Of course, even that amount pales in comparison with Italy’s total debt load of €2.35 trillion, which would suggest that if Salvini is indeed focused on tearing up the legacy constraints of his country with some financial establishment, the next step would be declaring the country’s sovereign debt “odious” or null and void, followed ultimately by the Italeave, and the the return of the Italian lira.

In other words, seizing gold would be a logical step if one was planning to repudiate sovereign debt, leave the EU, and restore the lira.

And that brings me to today’s high octane speculation, or perhaps, in this case, it’s merely medium octane speculation. The current Italian coalition government, for all the denunciations in the globaloney media, is not naive. It knows two fundamental things: (1) banksters tend to take a dim view of countries asserting their sovereignty, and tend to “send in the troops” when they don’t get their way. The problem is, the banksters might be running low on troops to send in: America won’t do it; the French won’t, the Dutch won’t; the German’s won’t (because, thanks to Murky Merkel, they don’t have very many to send anyway, and what troops they do have, don’t have any operable weapons); in fact, very few countries in Europe would probably be willing to enforce the Encyclicals of the European Central Bank or its sprouts in Brussels. But just in case the EU and/or Swampington technocrats do decide to “get rough”, the coalition government has already stolen a march on the situation by signing that Memorandum of Understanding with China just a a few days ago.

But that turn to China portends the second fundamental thing that the Italian government knows: (2) it knows it cannot sustain the massive debt without producing and trading its way out of it. As the former German finance minister said some years ago, the debt-finance model is dead and there’s no way forward that is not a reform. Hence, the turn to China, to trade, and thus to production.

So where’s the medium octane speculation here? It consists in this: I suspect that the turn to China was really a signal to the other players in Asia: Japan, Russia, and India. The current Italian government is looking at its own rickety banking system, and thus, in my opinion, cannot help but to have noticed that weak points of the Chinese economy. And there’s one country in particular in that list which, in spite of all efforts of Western sanctions to bring down its economy, has merely taken that opportunity to become more self-reliant, and that’s Russia. I recall a few years ago that when the west imposed sanctions on Russia, that the Italian agriculture minister undertook a journey to Moscow to see how and where Italy could circumvent those sanctions. And that was with an Italian government more or less compliant with the dictats of Brussels and Swampington, D.C.

So my prediction, regardless of what happens to Italy’s central banks, is to watch for Italian overtures to those countries, and particularly, Russia…

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