The Empire of the Market

We must recover 24 billion in two years. Will it be enough to keep us in the eurozone? Shadows in the operation to rebound from the deficit which seems too influenced by pressure groups.

The Empire of the Market

By Alberto FerrucciPublished on on 01/06/2010

The reliability guarantee linked to belonging to the eurozone has allowed Italy to delay the payment of 1800 billion in debt over the last 7.5 years. Over the next year, "only" 275 billion will be due, and 350 billion will be issued to cover the debt of 2010 – an equivalent to 5 percent of the GNP.

Thanks to the euro, the cost of debt was only 4 percent, 76 billion. But, if the market "decides" that Italian titles are unreliable like those of Greece, in 2011, new titles could reach costs of even 7 percent – 10 billion more in the first year, 20 in the second, 30 in the third and so on. Remaining in the eurozone could be difficult.

How can we maneuver the 24 billion in "two years", in a year of low growth, in order to recuperate the 30 billion we need to return to 3 percent deficit? More than numbers, certification associations look to see if our balance sheet is sustainable over time. For this to happen, we need salaries and productivity of public employees to be level to those of private employees, a retirement age based on life expectancy, less political costs and a fight against fiscal evasion and corruption, and fiscal equity. 

Unfortunately, only some of these measures are going in that direction. Meanwhile, earnings from speculative finance are untouchable, luxury consumption and polluting emissions are not taxed, and there has just barely been the lowering of salaries of politicians and those who are paid to do civil service and carry out political commitments that were once voluntary.

If this is truly what is considered "politically realistic", that means that our democracy is not the one dreamed of by those who even sacrificed their lives. It has become a simple management of public things according to the immediate interests of the majority. In an economically developed country, it is not the minority but the majority of citizens who in some way enjoy the advantages of such a situation. 

If this is not inspired by real statists who have solidarity at heart, it leads people to cling to their privilege, even if it's minimum, and to forget that we cannot long ignore the discomforts of the excluded and the anger that can arise, in our case, from the millions of youth without stable jobs or who are unemployed, who cannot build themselves a dependable way for the future of everyone. 

And states? They have benefitted from globalization, but they don't want to create an authority that regulates financial workings. They’re afraid to lose the freedom of managing the economy. Today, everyone is in debt to save the system, and they end up obeying the "world empire of the market", which they did not elect and which is run by a clique of sly and powerful predators, capable of conditioning their representatives. We hope that the few who are still capable of deciding unite to take action.

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