Brussels' Worst Nightmare----Italy's Populist Coalition Going For Parallel Currency, Immigration Halt

Immigration and economic opportunity are two sides of the same coin, politically.  This link gets stronger the worse the economic conditions are.  When you have a sclerotic democratic socialist system like in most of Europe and then add a technocratic bureaucracy on top of it you have a powder keg of political revolt.

And once the bond vigilantes call Mario Draghi’s bluff, which could be as soon as Monday, many, if not all, of these fictions will be revealed overnight.  At that point Salvini and Di Maio better be ready to move quickly from studying their parallel currency to printing it.

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.