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« FIRST MAJESTIC SILVER CORP. (AG) RATING INCREASED TO BUY AT DESJARDINS | Main | Gold and the Italian Vote »
Saturday
Dec032016

Tomorrow's Vote In Italy Will Be A "Wide-Ranging F**k Off", And It's Just The Start...

Submitted by Nick Giambruno via InternationalMan.com,

Tomorrow, December 4, Italy is holding a referendum that will determine the fate of the entire European Union.

Donald Trump’s victory—which shocked Europe’s political and media elite—gives the populists backing the “No” side of Italy’s referendum the political rocket fuel they need for a virtually guaranteed win.

That momentum will be all but impossible to reverse. Anti-elite sentiment is rising on both sides of the Atlantic. And I bet the global populist revolution will continue.

If Italians buck the establishment—and it looks like they will—it will clear a path for a populist party to take power and for Italy to exit the euro.

If that happens, the fallout will be catastrophic for global markets. The Financial Times recently put it this way:

An Italian exit from the single currency would trigger the total collapse of the eurozone within a very short period.

It would probably lead to the most violent economic shock in history, dwarfing the Lehman Brothers bankruptcy in 2008 and the 1929 Wall Street crash.

If the FT is even partially right, we’re looking at a possible stock market crash of historic proportions. This is why we’re watching the December 4 referendum so closely.

The referendum is meant to concentrate more power in Italy’s central government. On that point alone, everyone should oppose it. The centralization of power never leads to good things.

A “Yes” vote is effectively a vote of confidence in the current pro-EU Italian establishment. This is what the global elite wants.

A “No” vote is how the average Italian can give the finger to the faceless EU bureaucrats in Brussels, whom many blame—quite correctly—for their problems.

Trump’s win has been a double whammy for Italy’s pro-EU establishment.


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