Uno ruota giù dal carro: Il Banca Monte dei Paschi di Siena.

Above, Siena, Tuscany. We are grateful to the journalists, Lorenzo Totaro, Sonia Sirletti and Alessandro Speciale for producing the report that can be found on the link below to the New Zealand Herald.
The New Zealand Herald is a daily newspaper published in Auckland. It has the largest newspaper circulation of all newspapers in New Zealand. It’s founder was a Mr William Chisholm Wilson and was first published on 13th November 1863.
Herewith: http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11764468
Il Banca Monte dei Paschi di Siena was founded in 1472 to offer loans to “poor or miserable persons”. The news that the Italian government is to nationalise it is a sign that the wheels are now beginning to come off the whole Euro and EU project.
We have paraphrased into Italian a line from the comical New Christy Minstrels 1961 hit single – “Three Wheels On My Wagon”, largely because of it’s concluding lyrics, where the Cherokees having captured the wagon are asked and do sing along in the final chorus: “Higgity, haggity hoggety, high. Pioneers, they never say die …”
Under the circumstances, it seems fitting!
The words contained in the bank’s 1472 charter of creation are now rich in irony, if now poor in assets. There are going to be many “poor or miserable persons” this Christmas in Italy.
What is interesting is that the Brussels Broadcasting Corporation has not highlighted this most important development.
But then to paraphrase the late Marilyn “Mandy” Rice-Davies; “They wouldn’t would they?”
This bank failure is NOT going to be the last in Italy or elsewhere in the Eurozone.
As this organ has been repeatedly pointing out for quite some time now, the Eurozone is unsustainable in it’s present form.
Change is not optional. It is compulsory.
Change means Treaty Change.
Legally this should mean that ALL twenty eight EU member states have to agree.
Yes, Dear Reader. That includes the UK.
But it won’t!
The Eurozone will conclude their own inter-governmental agreement to take the necessary measures.
One need only remember the words of the late Charles de Gaul; “Treaties are like roses and maidens. They have their day….”
What this does mean however is that the Europeans have other fish to fry.
What it also means is that even the most Europhile, die hard Remainiac, yes Tim Farron! We mean you! Must now accept that remaining in the EU is now an option considered openly by lunatics.
Warning: We are not only living in “interesting times” but dangerous times. If the Brexit negotiations are not handled sensibly – by both sides – there is a real and present danger that the whole situation could rapidly become out of control. The consequences would spread far beyond the UK and the EU.
The Pacific rim economies including China and Japan could be indirectly affected due to the domino effects that such a European financial crisis would have on the USA.
For the UK that means that Mrs May MUST pursue FLEXCIT when she finally reaches the negotiating table. To do otherwise will, risk bringing the roof down. Not only on the UK, but the EU and elsewhere.