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Alberto Ferrucci

Head Director of the newsletter The Economy of Communion: A New Culture

You can find below some of my articles published in Cittá Nuova

L'impero del mercato

There is no translation available

I 24 miliardi da recuperare in due anni riusciranno a farci rimanere nell’Eurozona? Ombre nell’operazione di rientro dal deficit che pare troppo influenzata da gruppi di pressione

L'impero del mercato

di Alberto Ferrucci
pubblicato su cittanuova.it il 01/06/2010

La garanzia di serietà legata alla appartenenza all’Eurozona ha permesso all’Italia di dilazionare in 7,5 anni le scadenze dei suoi 1800 miliardi di debito: nel prossimo anno scadranno titoli “solo” per 275 miliardi e se ne emetteranno per 350, per coprire anche il debito del 2010, pari al 5 per cento del prodotto interno lordo.

Grazie all’euro, il costo del debito è stato solo del 4 per cento, 76 miliardi; ma se il mercato “decidesse” che i titoli italiani sono poco affidabili come quelli greci, nel 2011 i nuovi titoli potrebbero arrivare a costarci anche il 7 per cento, 10 miliardi in più il primo anno, 20 il secondo, 30 il terzo e così via. Difficilmente potremmo rimanere nell’eurozona.

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Rating. An Unbearable Conflict of Interests

A storm on the market and on the world economy. The responsibilities of credit rating agencies

Rating. An Unbearable Conflict of Interests

By Alberto Ferrucci
Published on cittanuova.it on 10/05/2010

Two years after the explosion of the crisis originating from having cancelled all the laws that governed the financial market, we have talked a lot about changing the rules, but nothing has been done. One of the "side effects" of this lack of decision, due to the powerful strength of who opposes it, are three poor employees who suffocated by fire smoke in an Athens bank, among whom a pregnant woman.

During the original outbreak of the crisis, one of the aspects that immediately seemed the most scandalous was the fact that credit rating agencies maintained the evaluation of maximum trustworthiness to Parmalat, Enron and Lehman Brothers until a few days prior to their failure. Not only were they paid by whom whose titles they were offering to the market, but also their major shareholders were large investment funds that operate on the very same market.

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La Fiat e il Marchio Italia

There is no translation available

La casa automobilistica torinese intende realizzare un vero e proprio salto di produttività. Dalla separazione in due diverse società alla riorganizzazione della produzione, i principali cambiamenti

La Fiat e il Marchio Italia

di Alberto Ferrucci
pubblicato su cittanuova.it il 26/04/2010

Che la Fiat si separi in due diverse società per azioni – il settore auto e quello dei grandi trasporti, macchine agricole e simili – può essere utile per alleanze diverse nei due rami: nel caso delle auto è già un fatto quella con la Chrysler, con Marchionne amministratore delle due aziende. Unico problema è come le due società si divideranno i debiti: entrambe ne saranno subito responsabili in modo solidale, ma quando si deciderà come spartirli questo inciderà sul valore delle azioni, che saranno però entrambe in mano agli attuali possessori.

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The Entrepreneur: a Law for Work

By Alberto Ferrucci
Published in Città Nuova n.7/2010

When it was understood that Greece had rigged its deficit from 12.7 to look as if it was at nearly 3 percent, and the risk of speculation was noticed on titles of other European countries, including ours, the prospective of an exit cliff from the shared currency made every hypothesis of increased public spending in favor of work disappear from political debate. A right decision as tactic, but one which cannot become strategy. We need a tomorrow in which, thanks to a working relationship that is as a stable as possible, youth can start families.

Businesses aspire to having work relationships like this, but today these need to be reestablished. In Italy, for example, it is easier to divorce your wife than to end a working relationship, despite the excess of personnel or scarce yield. In businesses that have more than fifteen employees, if one is fired, he has the right to prosecute. And if he wins, he has the right, besides contractual fines, to receive his stipend for the entire period of the process: at least three years, with eventual reintegration into the business.

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It´s no longer time for cleverness

The European Union´s decision to concede a 30 million Euro loan to Greece makes stock exchanges happier, but Athenians need to give up the improper behavior of the past.

It´s no longer time for cleverness

By Alberto Ferrucci
Published on città nuova.it on 14/04/2010

On January 1, 2001, Greece agreed to the economic and monetary union established three years earlier by the eleven countries that were most convinced about a united Europe. Since then, savings, titles and actions made in Dracme (the Greek monetary unit) include a fixed tax when converted to Euro, and the Greeks, like the Italians, Spanish, Portuguese and Irish before them, were becoming richer thanks to the solidarity of more efficient European countries, whereit was becoming less expensive to get their products and services out in those promising markets.

The monetary union, which favors investments in weaker countries where money costs less, is based on the Maastricht Treaty on which the value of the common currency depends. All participating countries commit themselves to rigorous management of the state budget so that the difference between annual expenditures and income do not exceed three percent.

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Like a tax on air

Investing on work, not on subsidies

Like a tax on air

Published on Cittánuova.it on 23/01/2010

The first article of the constitution reads that "Italy is a Democratic Republic, founded on work". While elaborating the text, the constitutional fathers could have founded it on solidarity, fraternity, liberty or equality. But evidently their cultures encountered a significant unifying moment that remains as a precious inheritance, thinking of how much they gave their life for those results, on the value of "work".

"I don´t want subsidies. I want work". Words that we hear on the lips of fathers, young diplomats and graduates, the self-employeed and entrepreneurs. Before receiving income, then, one of human nature´s fundamental needs is to be in the position to provide for oneself and others through work.

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Banks and unfair priviledges

By Alberto Ferrucci

Published in Città Nuova N.23/2009

In 1933, after the Stock Market crash of ´29, the United States deliberated the Glass Steagall Act which imposed a clear distinction between commerical banks (which deal with savings) and investment banks (which gather capital through their securities for great financial operations, with higher profits and higher risks). This was a law that was effective for 66 years, until it was abolished in 1999 by a Republican majority and a Democratic president in order to make the economy more free.

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An inheritance not to betray

By Alberto Ferrucci

I have few memories of the second world war, but there is one that I will never forget: that of a young, curly-haired, brown-faced Sicilian, an official in the Italian army who, in the moment of the army´s ruin on September 8, 1943, had decided to go up into the mountains to organize bands of partisans.

I was seven years old, and my father was prisoner in Australia. My mother, siblings and I had been evacuated to Piemonte, in a town called Trinitá. I had been peeking at the young man through the legs of adults while he dignifiedly left the farmers the guarantee that, at the end of the war, his brigade would pay back the flour and veal taken. I saw him again through the persian blinds while being dragged, staggering, through the main street by German soldiers towards his execution by a firing squad. He hadn´t wanted to betray his companions even when they bashed his chest in with rocks.

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