One of my Twitter followers sent me a, frightening, chart which illustrates GDP trends since the second quarter of 2010. It is not a pretty picture as you will soon see. Italy’s Prime Minister Matteo Renzi insists that Italy is not finished, though the chart implies the complete opposite.
Meanwhile, Italy’s leaders, many of whom are responsible for dropping Italy into the brown and smelly stuff, continue to bicker over what they like to call reforms. The measures being contemplated, sorry, argued over, will arrive several decades too late. They are unlikely to have any effect and Italy, with its massive virtually unsustainable national debt, can’t afford them either.
As a matter of interest, the USA, after the credit crunch disaster, moved swiftly and by February 2009, the American Recovery and Reinvestment Act of 2009 economic stimulus package was law. It is now 2014 in Italy and the nation is still unable to get its act together.
The US economy is now starting to move back on track, as the chart illustrates, so the swift action of the US government paid off.
Here’s the scary GDP chart which shows what happens when governments (I’m looking at you Italy) don’t govern:
What does Italy need to do to get itself out of this mess? Well, it’s much easier said than done, but Italy needs to completely change its management. Will it happen? No.
Kiss goodbye to la dolce vita, Italy. Don’t believe me? Well, read this article: Why Italy Will Not Make It – one of many.
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