Forget about changing the European system

"What you see in Italy is hardly ever what you get. This is a country where the pieces never stop moving but where everything remains the same. Remember what the old Prince of Salina says in the classic Italian novel The Leopard: “If we want things to stay as they are, they will have to change.” And if you thought Greece was hard to hold to account, get ready for the main event."

"The system, or myriad systems that govern Italian life at every level, are in fact highly organised and impervious to change. They are almost impossible for outsiders to comprehend. The Milan market was right to be sceptical."

"It goes without saying that these sophisticated and interdependent webs of power and influence are not confined to the world of politics. Corporate Italy also abounds with these structures of tribal capitalism."

These are some of the excerpts from a great article on the FT by Paul Betts (November 11, 20011 page 15) on Italy and why Italy will not change. It gives anecdotal evidence and explains in details some of the “webs” and interconnections dominating Italians power structure.

Italy will not change. As Greece will not change. As Spain will not change. If they want to save whatever appearance of “union” there is in Europe, they will have to cover the continent with money and smoke it with inflation.

One more thought. The Euro is strong because it reflects the commercial strength of the D-Mark, of Germany. Nothing to do with the financial crisis.....yet.

More details in my The Peter Dag Portfolio and my free educational videos on http://www.peterdag.com/.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest

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