Italy's PM Renzi Resigns after NO Vote

a reply to: loam

It's the second story on the World page.

a reply to: loam

It goes to Renzi's resignation.

a reply to: AugustusMasonicus

But does the link on the first page still read ---> Crucial constitutional vote for Italy?

originally posted by: loam
But does the link on the first page still read ---> Crucial constitutional vote for Italy?

Yup.

a reply to: AugustusMasonicus

So they put Austria's rejection of the hard right guy as the lead story, then bury Renzi's resignation behind a headline that doesn't even say he resigned.

originally posted by: loam
So they put Austria's rejection of the hard right guy as the lead story, then bury Renzi's resignation behind a headline that doesn't even say he resigned.

Oh, I totally get it. This kind of stuff is only what the dimwits vote for.

EuroUSD sets new low.



Link.

What does that chart tell you?

a reply to: loam

What does it tell you??????????????

a reply to: loam

This is good veery good. What they wanted to do over there had me worried already. Again they packaged it as if it was intended to give the people more control by "taking control and power away from smaller groups because that was just messy"

It really looks like people are waking up on global scale and all this subtle wording and packaging of words is not working anymore. Good on you italy en EU !

a reply to: Darkmadness

How healthy the EU is....

They've done a bang up job, don't you think?

Six or so hours later and CNN still hasn't changed their page. Too damed funny.

originally posted by: loam
Tomorrow's reaction from Merkel and Brussels should be very interesting.

Will the EU react? They'll stick their heads in the sand and pretend it's business as usual. Just like BREXIT.

The worry for the EU is whether anti-EU parties will end up in power after an election. Then the EU might stir from its groupthink, but there seems to be too much denial going on at the moment in Brussels.

a reply to: loam

#freedomwins

The new global phenomenon is people taking back their rights from overreaching Globalist scumbags.

Go Italy!!

This is neither a victory for the anti-establishment nor for the EUro#ers. It's just maintaining the status quo. The referendum in itself didn't contain anything about the EU, even though it contained a few things about free market and stock market nonsense.

Good for the Italians. It really feels like the EU is starting to crumble.

originally posted by: loam
a reply to: Darkmadness

How healthy the EU is....

They've done a bang up job, don't you think?

To be fair Angela merkel ruined it mostly on her own. Her original plan was for most western EU countries to join in on her plan and open their borders. None of them liked the idea and none of them joined in. The problem for the EU was of course that as soon as germany opened their borders anyone who entered that way was from then on free to traverse through europe unimpeded.

Rather than 'ITEXIT' could we call the potential of Italy leaving the EU 'QUITALY' '? Got a more poetic ring to it....

Please allow me to explain the meaning of this vote. I'm not English mother tongue, please accept my apologies for my bad English.

Italian constitution establishes two houses: senate (upper house) and the lower house. The Senate has 315 elected members (plus five appointed by our President) while the lower house has 630 elected Members (note that Italy has roughly 60mn citizens).

The houses have THE SAME powers (perfect bicameralism): to pass a law must be approved by both the houses. In addition both the houses have the power to initiate a vote of no confidence toward the government and therefore to make it resign.

This set-up, together with the fact that in Italy there are a lot of parties , has determined a very ineffective political system:
1) costs are very high due to the high number of congressmen (ironically the need to reduce cost of politics has always been in Italy a political refrain of populist movements)
2) the executive power (the government) must have the majority in both the houses
3) law making process is very slow as the consent of both the houses is needed.

Just to give you some examples: did you know that in Italy in 60 years there have been only one or two (can't remember now) government that have lasted for a full mandate of 5 years and that (as far as I can remember) no strategic decisions have ever been taken by an elected government (all were taken by governments appointed by our President and composed by technocrats).

The objective of the proposed law was (among other thing) to get rid of the senate in its current form and to replace it with an upper house composed by local constituencies (e.g. Regions max 100 members) whose power was to be limited to laws influencing local matters.
In the minds of who proposed this changes the objective was to streamline the law-making process, reduce costs of politics and give more power to the government at the expense of the parliament.

However, in my opinion, this vote has not been seen as what it actually was (i.e. The possibility to make Italy more efficient) but rather as a way to protest against the government and the establishment. Basically IMHO the same forces underlying Brexit and the election of Mr. Trump acted in Italy.

The end result however is that Italy will perpetuate the same Political system that led Italy where it is now. The Irony is that a change in constitution with the reduction of the number of congressmen has always been the objective of italy's populist movement rather than the establishment.


Thank you for the attention

a reply to: Maldo

Thanks for the post.

originally posted by: Maldo
However, in my opinion, this vote has not been seen as what it actually was (i.e. The possibility to make Italy more efficient)

Efficiency of government power is something that should always be viewed with suspicion. Consolidating power into the hands of the executive or federalizing power away from the local should be looked at with even MORE suspicion, not less.
I'm sorry, but I completely disagree with the 'Si' side of the argument.

...but rather as a way to protest against the government and the establishment. Basically IMHO the same forces underlying Brexit and the election of Mr. Trump acted in Italy.

Why do you think they protest against the government and establishment? What needs aren't being met? Why should they support a system's desire to become more 'efficient' when that system's objectives run counter to people's actual concerns?

Italy's unemployment, immigration and corruption problems have made it a complete mess. The structure of Italy's executive and legislative branches have little to do with all three, imo. Those issues are really more of a cultural problem, if we are being honest.

Italians should be focusing on that.

My, my! What is going on in this world???

New Zealand's PM resigned. The one in India just died and they forced out a guy in Brazil!

theaustralian.com (.au) - N ew Zealand dollar hit by PM John Key’s resignation,
BBC.com India politician J Jayalalitha dies at 68 (the Barzil outage is also front page news).

It is so surreal. I feel like there should be a voice over. Like, "People were always asking me if know Tyler Durden..."

One of these stories is enough but 4 on one day?!