Italy’s December 4 referendum

[Eric J (Viking)]

This could be interesting...


Global markets are down ahead of Italy’s referendum vote coming up on Sunday which polls show will fail leading to Italy’s exit from the EU to return to it’s own national currency.

Following an Italian exit from the EU, France will be next triggering the collapse of the Euro, which is the “economic glue” of the EU, and hence the end of the EU itself.

This is the latest narrative being pushed by globalist bankers and being reported by the corporate media.

Of course, the same threats of economic Armageddon were promise should the U.K. decide to leave the EU.

By all means it may well have provided the catalyst for Italy now and France next to leave the union.

But the stock sell-off was a knee-jerk reaction as the markets were forced to come to terms with the reality that leaving the EU is better for Britain in the long term.

Full article here...
http://alexanderhiggins.com/december-4th-trigger-violent-economic-shock-history/

Viking

[Baby Steps]

I am hearing that markets are not expecting the Euro to survive. This is part of why the Dollar remains strong.

[sheme]

Wonder why the press is keeping quiet about this bombshell- not, best not to trust our press at all they just manipulate us ruthlessly , when will they tell it like it really is? Thanks Viking.

[mgray]

Here's my take (https://mgray12.wordpress.com/2016/12/02/its-italys-turn-to-run-for-the-exit/) on the vote

[Ashy67]

It's only a matter of time before the EU implodes and TPTB's grip on the people of Europe is no more. We are definitely living in interesting times :sun:

[Deega]

Quartz Website has the ''No'' vote at 52% to 54%, anxious to see what will happened. Ordinary people are sick and tired of the manipulative governance of today. If the ''No'' has it, another state may well exit the EU.

http://qz.com/851663/italy-referendum-polls-websites-are-dodging-a-ban-on-voter-polls-by-disguising-them-as-horse-races-car-reviews-or-vatican-gossip/

[indigopete]

Looks like it's a big no.

http://www.zerohedge.com/news/2016-12-04/renzi-loses-italy-referendum-wide-margin-euro-slides

[Hervé]

Italy’s PM Renzi cedes defeat, plans to resign after decisive ‘No’ vote in constitutional referendum (https://www.rt.com/news/369180-italy-referendum-renzi-defeat-resigns/)

Published time: 4 Dec, 2016 23:36
Edited time: 5 Dec, 2016 01:10
Get short URL (http://on.rt.com/7wv0)




https://pbs.twimg.com/profile_images/564496462025728002/T_yKRTbR_bigger.png Europe Elects ‏@EuropeElects (https://twitter.com/EuropeElects)

Italy, constitutional referendum, IPR exit poll: Yes: 40.9% No: 59.1% 40% counted


https://pbs.twimg.com/media/Cy3ghsYXgAUmlbx.jpg
Italian Prime Minister Matteo Renzi speaks during a media conference after a referendum on constitutional reform at Chigi palace in Rome, Italy, December 5, 2016. © Alessandro Bianchi / Reuters

Italian Prime Minister Matteo Renzi says he takes full responsibility for the crashing defeat at the referendum he proposed, which would have reduced the powers of the Senate. Renzi intends to send in his resignation on Monday.

“The experience of my government ends here,” Renzi said in a televised news conference, adding that his defeat was “extraordinary clear.”

“I have lost and I say it out loud,” he said, the Guardian reported.

“Tomorrow I will gather the Council of Ministers, and I will go to the Quirinal Palace to resign,” Renzi said, confirming his plans to tender his resignation to the country’s president, Sergio Mattarella.

According to Italy’s Interior Ministry, some 70 percent of Italy’s eligible voters took part in the referendum, after more than two-thirds of polling stations reported their results. An exit poll conducted by the Piepoli Institute/IPR for RAI television estimated that 40.9 percent voted “Yes,” while 59.1 percent voted “No.” RAI projections indicate that voters in only three of Italy’s 20 regions cast ballots to approve the reform, while in 17 regions the proposal was rejected.

Ahead of the referendum vote, Renzi promised that he would step down if his proposed constitutional reform was not approved.

While the referendum result will be widely seen as a personal failure for Renzi, it is also being perceived as a heavy blow to EU bureaucratic elites.

RT’s Paula Slier talked to voters in Rome, who shared the notion of this being a vote more broadly linked to EU policies.

“The mainstream media is likely to present this as a personal defeat, a vote of [no] confidence against Renzi and against the leadership. But it should be seen as a much more symbolic vote… it is also a vote against the European Union, against the EU policies and against the EU establishment,” Slier said, citing voters’ opinions.

The founder of the populist Five Star Movement, former comedian Beppe Grillo, who campaigned against Renzi’s proposed reform, arguing that it could undermine political balance in the country, said that “democracy has won,” praising the vote.

“Times have changed,” Grillo said in a statement. “Sovereignty belongs to the people, now we are starting to really apply our Constitution. The main winners are the citizens who raised their heads and went to vote en masse, forgetting about the TV and newspapers, to reject the Constitutional reform.” The Five Star Movement leader called for snap elections to be held “as soon as possible.”

Renzi’s plan to limit the Senate's powers has drawn strong criticism from the Italian opposition. Matteo Salvini, of the right-wing Northern League, hailed the “No” vote, calling it a “victory of the people against the strong powers of three-quarters of the world.”

France’s far-right presidential candidate, Marine Le Pen, leader of the National Front, has also welcomed the Italian referendum result, congratulating “our friend” Salvini, who shares his Eurosceptic stance with Le Pen, on the “victory.”

Rome’s first female mayor, Virginia Raggi, who hails from Grillo’s Five Star Movement, welcomed the “No” result, saying that “our revolution does not stop, in Rome and in Italy.”

“Italians have won. Now we rebuild the country,” she wrote on Twitter.

The proposed legislation envisaged a significant reduction in the powers of the Senate, the upper house of the Italian parliament. Under Italy’s 1948 constitution, both chambers of parliament, the Chamber of Deputies and the Senate, have equal importance in the adoption of any legislation. Before a bill can be made into law, it has to be passed by both chambers.

Italy’s current legislative system was devised in the years after WWII. The wartime years also saw the toppling of fascist dictator Benito Mussolini. The new Constitution, introduced in 1948, granted the two chambers of parliament equal powers, aiming to prevent dictatorships from taking over in the future.

However, the system has not been functioning smoothly, as the government was often caught in a deadlock, unable to implement crucial reforms. Renzi’s proposal was aimed at dismantling this system and enabling reform to go ahead.

The constitutional amendment put forward by Renzi would have capped the power of the Senate so the government would no longer need its approval on an array of laws, including budget issues.

The Senate was set to lose much of its authority with the number of senators reduced from 315 to 100, and 95 of those would be appointed by regional assemblies.

[KiwiElf]

You can add Austria to that - and US (Kiwi's). NZ's Prime Minister, John Key has suddenly resigned... three in one day - gotta be a record!

[Eric J (Viking)]

Genie..exciting times...change is unfolding each day...the drums are rolling. The dawn of a New Paradigm...let's hope.

Viking

[Eric J (Viking)]

Just wondering who's next...

Italian voters have embraced the global trend of rejecting the established world order, but the “no” vote on Sunday has plunged global financial markets into a state of utter chaos. The euro has already fallen to a 20 month low, Italian government bonds are poised for a tremendous crash, and futures markets are indicating that both U.S. and European stock markets will be way down when they open on Monday. It is being projected that Italian Prime Minister Matteo Renzi’s referendum on constitutional reforms will be defeated by about 20 percentage points when all the votes have been counted, and Renzi has already announced that he plans to resign as a result. When new elections are held it looks like comedian Beppe Grillo’s Five-Star movement will come to power, and the European establishment is extremely alarmed at that prospect because Grillo wants to take Italy out of the eurozone. In the long run Italy would be much better off without the euro, but in the short-term the only thing propping up Italy’s failing banking system is support from Europe. Without that support, the 8th largest economy on the entire planet would already be in the midst of an unprecedented financial crisis.

I know that I said a lot in that first paragraph, but it is imperative that people understand how serious this is...

Full article here...

http://theeconomiccollapseblog.com/archives/global-financial-markets-plunged-into-chaos-as-italy-overwhelmingly-votes-no

Viking

[mgray]

How global markets see this vote as positive is beyond me. How I see it here (http://wp.me/ppklu-KN).

[bearcow]

money flow in the us markets has been clearly negative this last month, despite the fact the market is rallying. This suggests the markets are being artificially propped up since the election. I suspect the pattern will stay the same until trump is sworn in. Then they will pull the rug out from under the average persons 401k after the lions share of the market makers positions have been liquidated. Any way you slice it, the probability of a world financial meltdown is higher now than any time since the crisis of 2008.


http://online.wsj.com/mdc/public/page/2_3022-mfsctrscan-moneyflow.html?mod=mdc_uss_pglnk#weekly

[Ashy67]

There is definitely a back lash against the 'elites ' at the moment. I think this trend will continue next year with the French election and also Germany have an election too. In France the far right with Marine le pen is obviously against European control over the country and want a Frexit but I think in Germany it's different because although there is discontent in Germany with the Eurozone they fear the fact that they are the ones propping it all up with their tax payers money, possibly same result just different reasons maybe. We will see :clapping: these are historic times we are living in.