Is the Italian Referendum the Next Nail in the Euro's Coffin?
For the past two years we have been warning that the was a major trend change coming that would affect the global economy, global currencies, politics, & your family's financial well-being. We highlighted that the driving theme of these major changes would be the loss of confidence & rising distrust in Government.
After the shock of the Brexit vote in the UK in June, we noted that the American political elite was in for a real wake up call as the swelling anti-establishment movement was about to cross over the Atlantic & flow onto the US shore.
Just like with the Brexit decision, the Trump victory was a shock to the pollsters & mainstream media. The mainstream media does not seem to understand that with social media, the masses don't care about who the Wall St Journal thinks should win. In today's world, the masses don't care about the media's opinion, they can read what Trump & Clinton say on Twitter & decide for themselves who they want to believe.
You have to believe that every standing incumbent in political office is shaking in their boots right now. The status-quo, political elite establishment now have a target on their back, & the masses are gunning for them.
Next up is the referendum in Italy, where Prime Minister Matteo Renzi, frustrated with the chaos, & inefficiency of the Italian political system, took a gamble that the people would support his proposed changes to the system. Renzi has stated that like David Cameron ii the UK, he would resign if the referendum were to be rejected.
The proposal is planned to streamline the government, which on the surface, the country truly needs. Italy is a basket case, with an economy that has been even worse than Japan's.
Renie's apparent mistake was that in his eyes, the referendum was a way to reform Italy's ineffective politics, while in the masses eyes it has become a proxy for the status quo, & a vote for Euro unity. The two Euroskeptic political parties, the conservative Northern League & the Five Star Movement are jumping all over this, pumping up the masses.
The leader of the Five Star party, former comedian Beppe Grillo, proclaimed: "We are the barbarians! The real idiots, populists & demagogues are the journalists & the establishment intellectuals."
It seems to be working as demonstrations have become more & more violent.
Although Renzi made a statement that a vote for no "means nothing changes," the reality is that if he resigns, or receives a no confidence vote, that could open the door for the Euro- skeptic bloc to take power, & that would be a big change.
This vote has huge ramifications for the Euro & all major currencies. Italy is the third largest country in the EU, & if Italy delivers a "no" vote, & the Euro- skeptic bloc takes over power, that would be a massive blow to the Euro, a blow that we truly doubt the Euro could survive.
Martin Straith - http://www.thetrendletter.com
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