Saturday, June 23, 2012
The Top-Heavy Italian Republic
In addition, the tax-and-spend policies of the republican government have been digging Italy into a deep financial pit for decades. It was under the socialist prime minister (no surprise there) Bettino Craxi that the Italian national debt rose to be greater than the entire gross national product of the country -and that was in the 1980's! Things have hardly improved since as the current state of affairs clearly demonstrates. Recently, the European Union mandated that Italy would have to give help in the bail-out of Spanish banks and loan money to Spain at 3% interest. However, due to the fact that Italy herself is quite broke, Italy will have to borrow money to give that loan at 7% interest! What sort of economic and mathematical idiot thought up that "brilliant" plan? With leaders like that, is it any wonder that Italy finds herself on the brink of economic ruin? Probably not, considering that even the largely ceremonial office of President is currently held by a former member of the Communist Party, an ideology not known for creating economic prosperity around the world to say the least.