True colours of the left exposed when it comes to white Sth African farmers


There is something to be said of the left when it comes to compassion. For all of the sanctimony of how we must do our bit for social justice and fight to stop every -ism in the world, whites need not apply. It shouldn’t have escaped many that certain “white” South African farmers are fleeing persecution while their land is being confiscated. Murders, beatings of men and women, children having their faces given the “joker’s cut” with razor blades. It’s truly horrific. Yet some are prepared to cynically fire off “the poor whites…”

Yet because of their skin colour some on the left deem their “white privilege” should be checked first. It would seem in order to restore justice, white South African farmers should get a taste of their own medicine after the oppression of apartheid some 30+ years ago. Surely people in need are indeed just that – in need. Are all white farmers guilty of apartheid? Back of the line. Sacrifice your lives for the sake of equality.

Australia is often beaten over the head for its asylum seeker policies. That somehow asylum seekers kept in detention centres (where they demand Hyatt 5-star  services and amenities) awaiting processing on Manus Island got a raw deal as ‘fellow whites’ get a fast pass. What the media, like The Guardian often fail to do is report the balance. Immigration Minister Dutton fast tracked the visas of 700 Yazidi women who had escaped ISIS rape gangs. They aren’t white. They were in grave danger. Instead of congratulations it wasn’t reported.

On the flip side 12 Iranians had their visas revoked by Dutton’s office for lying in their applications. They had pleaded they were fleeing persecution in Iran yet the first thing they did on receipt of visas was to fly back to the very danger zone they had escaped for a holiday. Was that racist policy or one that is simply preventing visa fraud to ensure integrity in the immigration system?

Asylum seeker policy is a touchy subject. How Angela Merkel was praised for her social caring programme by granting a come one come all refugee policy, one which ended up being the mother of all misguided altruism. Instead of helping the truly needy, the EU tallied that 80% were economic migrants seeking better fortunes in the West. That’s right 80% weren’t fleeing war zones.

Since she started her benevolence, Merkel gagged the media, muzzled the police and silenced those that spoke out about the cover up of the deterioration in public safety, rapes and crime which even now Merkel admits has led to the creation of no go zones which never existed before. She’s now paying for refugees to leave with generous incentives. Yet where is the left’s media outrage? Why not just admit it was a dreadfully executed policy which cost her the worst election result for her party in 70 years and gave the anti-immigrant AfD the second largest following in Germany from nowhere?

Then the folly is extended to the EU which then tried to cover up for Merkel by enforcing migrant quotas like they were cattle. Asylum seekers were mostly making a B-line to Germany yet the EU in its infinite wisdom thought all members had a duty to take a share. If they truly spared a thought for asylum seekers, why would any wish to be allocated to countries like Hungary that held a referendum on the topic and got a 98.4% response against having them? Not a promising starting point.  Then we sit back and wonder why the Italians voted for anti-immigrant, eurosceptic parties? Or why the UK voted Brexit? Or why the Austrians also voted in a government that put a right wing anti-immigration party in charge of immigration? Or The Netherlands? Poland? Hungary? The list goes on.

Yet the media focuses on a drowning 3 year-old boy on a shoreline and tried to shame our collective lack of compassion. Still the media refused to focus on the billion dollar illegal people smuggling industry that lured so many who weren’t fleeing persecution to their deaths. That poor little Aylan Kurdi died, not  because he and his family were fleeing  to safety (they already had been for 3 years in Turkey) but that his life was put at risk without a life jacket in a flimsy vessel for the sake of his father’s own dental treatment.

Why not beat Gulf states over the head for not doing their bit? The Saudis can accommodate 3 million, chair the UN Human Rights Council yet refuse to step up and the media stays silent. Why not smash up Japan for letting in low double digit numbers of asylum seekers? Is it a coincidence that the 98% homogeneous society has such low crime rates, social harmony and safety record the envy of the world? It is not to say that foreigners commit most of the crime in Japan because they don’t (per head of population they do) but Japan is not prepared to throw its culture out the window to get with the times on doing its bit for humanity. Japan would prefer to throw billions in foreign aid to fix the problem at source.

The better narrative is to pick on the West. Shame our white privilege. Mock our colonialist past and tell South African farmers to go to hell.

Compassion for the truly needy should only depend on the danger faced. Skin colour, religion, sexual orientation or any other identity based criteria should be irrelevant. People who are desperately fleeing for their lives should fall over themselves to willingly respect the rules of their new house. They should be only too happy to repay the generosity of those that provide safety and strive to become model citizens. Many Vietnamese fleeing the ravages or the Vietnam War have paid back our support in spades.

Yet too often those who have not escaped persecution end up being the ones that expect society to bend to their culture not the other way around. Our authorities and judiciaries are becoming self annointed justice warriors often turning a blind eye to crime by meting out lenient sentences for armed robbery, rape, child grooming, assault and manslaughter with paltry community service orders. Take this example. Ibrahim Kamara, from Sierra Leone, received a suspended sentence of just over one year, with an 18-month good ­behaviour order, after admitting to five counts, including grooming and having sex with a minor. The ACT Supreme Court judge said “(Kamara) has tried to make a good start on his life in Australia”. Or last week a Sudanese woman, Ayou Deng, was given 80 hours community service for running over and killing a 13yo boy in a car she was driving unlicensed. What message is being sent to the people that we would hope want to integrate in the great Aussie way of life? Do what you please as the worst you’ll get is a slap on the wrist.

Then should we criticize Australia’s asylum seeker policy when we ask for the recipients of asylum visas to sign a code of conduct order which explicitly tells them that rape and sexual harassment of women and children is not accepted? Surely civilized society shouldn’t need to have to force new arrivals to sign a document for common decency but apparently they do. Clearly the immigration department saw it as a requirement supposedly to stem the tide of countless incidents before it was introduced. Then again Canada is trying to remove female genital mutilation from its new citizen’s code of conduct for fear it might offend. You can’t make this stuff up.

So to the left that wants to selectively administer asylum seeker policy based on prejudices. In the quest for diversity they should check their own hypocrisy before asking white South African farmers to check their privilege as they cry for genuine grounds for asylum. The true colours of the left are exposed for what they are. Institutionalized diversity folks is anything but. No one wins acceptance by denying their own identity,

Fasten your seatbelts!


The “Fasten your seatbelts” edition (March 6, 2018) of the High-Tech Strategist by Fred Hickey is best read with antidepressants or a stiff drink. To be honest I hadn’t seen a copy of this research for at least 5 years. Today I’ve read it three times hoping I haven’t missed or misread anything. It is well reasoned and well argued. I would even admit to there being confirmation bias on my side but it is compelling. Usually confirmation bias is a worrying sign although prevailing sentiment or group think, it isn’t!

Perhaps the scariest claim in his report is a survey that showed 75% of asset managers have not experienced the tech bubble collapse in 2000. So their only reference point is one where central banks manipulated the outcome in 2007/8. S&P fell around 56% peak to trough. I often like to say that an optimist is a pessimist with experience. A lot of experienced punters have quit the industry post Lehman’s collapse, hollowing out a lot of talent. That is not to disparage many of the modern day punters but it does experience is a hard teacher because one gets the test first and the lesson afterwards.

Hickey cites an interview with Paul Tudor Jones who said that the new Fed Chairman Powell has a situation not unlike “General George Custer before the battle of the Little Bighorn” (aka Custer’s Last Stand). He spoke of $1.5 trillion in US Treasuries requiring refinancing this year. CM wrote that $8.4 trillion required refinancing in 4 years. In any event, with the Fed tapering (i.e. selling their bonds) couple with China and Japan feeling less willing to step up to the plate he conservatively sees 10yr rates hit 3.75% (now 2.8%) and 30 years rise above 4.5%. Now if we tally the $65 trillion public, private and corporate (worst average credit ratings in a decade) debt load in America and overlay that with a rising interest rate market things will get nasty. Not to mention the $9 trillion shortfall in public pensions.

Perhaps the best statistic was the surge in the number of articles which contained ‘buy-the-dip’ to an all time record. Such lexicon is often used to explain away bad news. It is almost as useless as saying there were more sellers than buyers to explain away a market sell off. In any event closing one’s eyes is a strategy.

Hickey runs through the steps leading up to and during the bear market that followed the tech bubble collapse. It was utter carnage. Bell wether blue chips like Cisco fell 88% from the peak. Oracle -83%. Intel -82%. Sun Microsystems fell 96%.

To cut a long story short, assets (bonds, equities and property) are overvalued. The Bitcoin bubble and consequent collapse have stark warnings that he saw in 2000. He recommends Gold, Gold stocks (which he claims are selling at deeper discounts than the bear market bottom) Silver, index and stock put options (Apple, Tesla, NVidia & Amazon) and cash. Can’t say CM’s portfolio is too dissimilar.

As Hickey says, “fasten your seatbelts

Domestic Violence & Child Abuse – a global issue


Domestic violence and child abuse – inextricably linked to the breakdown of families. Two distasteful topics to be sure and the stats seem to be getting much worse. In 2015 authorities in the US recorded 3.4mn child abuse investigations from 3.1mn in 2011. For 2015, a nationally estimated 1,670 children died of abuse and neglect, mostly at the hands of their mothers. Alcohol, drug and other substance abuse has been a contributing factor. DV hotlines in America receive approximately 20,800 calls a day according to the National Coalition Against Domestic Violence. In 2016, 57,335 URLs contained child sexual abuse imagery and 2,416 domain names worldwide were linked to this content. This is a 21% increase from 1,991 in 2015. Until recently, most child sexual abuse images were found in the US(57%), but Europe now hosts 60% of all material. 21,000 of these sites are run out of The Netherlands. Internet Watch Foundation (IWF) notes a 258% increase in new website domains being bought specifically to show the abuse of children.

Even in peace loving Japan, domestic violence (DV) has seen a very sharp upturn according to the National Police Agency this week. DV reached almost 70,000 recorded cases in 2016. Between 2010 and 2016, victims of DV have doubled and over 4x since 2005.  The Ministry for Health, Labor & Welfare (MHLW) has 208 child consultation centres which fielded over 88,000 cases in 2014, a 20.5%YoY increase or 22x the level of 20 years ago. Child pornography cases continue to rise in Japan too from 1,342 in 2010 to over 1,800 in 2014 . While a law was passed in July 2014 banning possession of child pornography, sentences only carry a maximum 1 year jail sentence or ¥1mn fine. Sexually explicit manga, anime and computer graphics which display child pornography are exempt because lawmakers view these as outside the scope of real children.

In Australia some 264,000 DV incidents were recorded in 2015.  In 2016–17, about 72,000 women, 34,000 children and 9,000 men seeking homelessness services reported that family and domestic violence caused or contributed to their homelessness according to the Australian Institute of Health and Welfare.

The number of children receiving child protection services in Australia has risen by about 20% over the past 4 years—from 135,000 in 2012/13 to 162,000 in 2015/16. Nationally, emotional abuse was the most common primary type of abuse or neglect substantiated for children (45%), followed by neglect (25%), physical (18%) and sexual abuse (12%). Overall, just over half (51%) of children who were the subject of substantiations were girls (23,000 compared with 22,200 boys). Girls were almost twice as likely to have a substantiation recorded for sexual abuse than boys (16% compared with 8.5%). Boys had slightly higher rates of physical abuse, emotional abuse and neglect than girls (19% compared with 18%, 46% compared with 43%, and 26% compared with 23%, respectively.

According to the American Society of  Positive Care of Children (ASPCC), 14% of all men in prison and 36% of women in prison were abused as children, about twice the frequency seen among the general population.

The Department of Health & Human Services notes that child abuse reports in America involved 7.2 million children. More than one-half (54.1%) of perpetrators were women, 45% of perpetrators were men, and 0.9% were of unknown sex. The majority of victims consisted of three ethnicities—White (43.2%), Hispanic (23.6%), and African-American (21.4%).

According to the American Academy of Pediatrics, children born with fetal alcohol syndrome may develop learning and behavior problems including hyperactivity, poor concentration, and memory problems. The National Institute on Drug Abuse of the National Institutes of Health conducted a study on neonatal abstinence syndrome and determined babies suffering from opiate withdrawal were more likely to have low birth-weight and respiratory complications. 11,000 babies are born to crack dependent mothers each year and cost the state $750mn p.a. to treat. Victims reported with the alcohol abuse child risk factor during their first year, 87.9% of the victims were reported during their first month of life.

These trends are worrying. As an increasing number of countries make it easier to divorce by offering extra support to single parents, responsibility and accountability are being cast aside. The government essentially endorses families to split and get the single parent to marry the state. 40% of White and 70% of black households in America are now single parent. In Japan one quarter of families are now single parent. As we wrote last week, children that grow up in single parent households are far more likely to suffer emotional problems and issues with self-esteem.

Since 2007, the rate of suicide deaths among children between the ages of 10 and 14 in the US has doubled according to the Center for Disease Control Prevention(CDC). Most children under 13 who kill themselves are boys: 76% of those who died in 1999-2015 were male. Since 2014, suicide has become one of the leading causes of death in children aged 10-19 in Japan. 60% of the children and 46% of the young adolescents in the US who died from suicide had problems with friends or family members. School problems and recent crises were noted as common triggers.

Per our previous post, the police department that encouraged school kids to walk up to and communicate with outcast kids as opposed to walking out on school would have far more positive long term impacts. Yet authorities seem more keen on policing political correctness. Running school programs that reinforce ideals of celebrating identity politics that openly discourage traditional families.  Reading through the many years of warnings both school authorities and law enforcement/intelligence authorities had prior to the Parkland, Florida shooter, Nikolas Cruz, committing his schoolyard rampage the egg-shell culture of not tackling his issues head on led to a potentially avoidable tragedy. Yet in today’s culture shaming innocents, scapegoating unrelated organisations, vilifying corporations and pushing expedience after the fact take priority to taking responsibility and looking at ways of preventing the root cause rather than the method.

After reading through these depressing statistics, it is not too hard to envisage things going from bad to worse from here. It isn’t just an American issue but a global trend that only gets harder to treat the longer it festers.

Japanese elderly crime continues to soar


Almost 3 years ago, CM wrote a piece on elderly crime in Japan. It seems the stats are getting worse. The Japanese National Police Agency has reported in its latest report on crime that the elderly (65yo+) are now responsible for almost 40% of all shoplifting in 2016. This is almost double the rate of a decade ago. While much of it is petty crime, there seems a deliberate attempt to ‘break into prison’ as a way to survive. A roof over their head, three square meals a day, no utility bills and unlimited free health care. The only real negative being the harsh prison rules about when one can talk to fellow inmates. To the state, one inmate costs ¥3.8mn to incarcerate and we estimate around ¥300,000 in court and administration fees per incarceration.

Murder in Japan.png

Murder committed by the elderly is also crept up over the last decade to 18.9% of all murders. In absolute terms murders have fallen but for the elderly have remained relatively consistent. Burglary  rates have doubled.

Burglary in Japan.png

Rape statistics also point to a rapid rise in elderly perpetrators.

Rape in Japan

Assault committed by the elderly has also soared to over 4,000 cases with total rates also climbing to new records.

Assault in Japan.png

Intimidation has more than doubled among the elderly too.

Intimidation in Japan.png

Total theft (involving all types) saw elderly percentages jump from 17.5% to 29.4% of the total 115,462 committed that year.

Theft in Japan

Since 2001, the elderly’s representative percentage of the prison population has doubled to be the highest demographic. The Ministry of Justice has expanded prison capacity by 50% over the last decade. One wonders if this has been in preparation for soaring crime rates.

While absolute crime rates are relatively low on an international level, the growing levels confirm a worrying trend.

That’s the retirement sorted then


I guess the brilliance of these scams is that the people who don’t respond can be eliminated and those that do can get gouged for what pittances they probably possess. How could one not fall for the impeccable qualities of Mrs Grace Innocent?

If the status quo is so good why would we vote out the incumbents?


Almost everywhere we look, we’re told by the political class how good our lot is. Our blessed Aussie PM told us, “It has never been a better time to be an Australian.” Boosted asset prices, low unemployment and tepid inflation gives the illusion of real wealth for everyone. As an electorate, if all of that were true, why wouldn’t we be going out of our way to make sure the status quo gets voted back in with similar if not greater majorities? As it stands, more and more incumbent parties are hanging on by their finger nails, being forced to create alliances to stay in power rather than stick to the principles their parties were founded on. The irony is that these grand coalitions are formed on the tenets of ignorant ‘un-populism.’

The latest election cycle shows us that a growing number of people aren’t buying mediocrity. They’re sick of incumbent politicians ignoring them. The current crop of leaders seem to think that being less worse than the opposition is a virtue to be proud of. Yet poverty levels continue to rise and wealth is not trickling down to the masses. Even rising state entitlements have a finite life and the electorate knows it. Being married to the government is not seen as a desirable strategy long term. Deficits keep rising and look increasingly hard to pay down.

Searching through the St Louis Fed database, civilian employment under Obama managed to grow 2.5% on pre-crash levels. So the US loaded up on $9 trillion in short term debt to create 4 million net new jobs. That works out at $2.25 million per worker. Hardly an achievement. Yet despite that economic growth has dithered at the lowest post recession rates ever. As much as we might want to celebrate record low unemployment these are not proud statistics. The quality of jobs keeps going down. $8.4 trillion of this federal debt load needs to be refinanced inside 4 years. $12.3 trillion inside 10 years. While politicians can call the average voter stupid, the daily struggles of the average punter shows how out of touch the law makers are. This was the grand mistake made by Clinton. While she hung out with her elite mates at $1,000 plate dinners in Democrat strongholds in LA, NY and Chicago expecting a coronation, Trump hit the little people and had crowds flocking to see him.

While Trump’s trade tariffs seem daft on the face of it, it was done for the forgotten people who voted for him. He is not concerned about the consequences. That’s the point. So much of his platform appears abhorrent but he is the only politician in danger of being raked over coals for keeping his promises. That’s why he was elected. The status quo had failed to deliver over decades. 80% of the population didn’t benefit from the asset bubble post GFC. The 1% took 42% of those gains. The average Joe and Joanne see this. While they might not fully comprehend it they know enough to see their situation is not much better.

Take a look at Trudeau’s India debacle. Apart from the embarrassing wardrobe saga, the bigger problems came when he blamed the Indians for letting a known terrorist attend a state dinner. The Indians, unsurprisingly, were most unhappy at the accusation. Many look to Trudeau as the posterchild of the left, pushing peoplekind. Telling Canadians that he will convert returning ISIS fighters with haiku poetry, podcasts and comparing them to Italian migrants at the end of WW2 is utterly preposterous to his constituents. Telling his veterans they’re asking for too much flies in the face of love of one’s country. No wonder his popularity continues to dive. His speech to the UN – where he rattled off how Canada was ticking all the UN diversity boxes – was only a quarter full. Not even his own liberal mates rallied to show unity in numbers. It was telling that virtue signalling is all about appearing to do good rather than doing it.  Yet the day before Trudeau presented, Trump spoke of America First and the audience was packed. They might have hated every word that dripped from his tongue but they didn’t miss it for the world. It is hard talk. Not carefully prepared politically correct nonsense.

Take the recent European elections. Germany gave Merkel the worst ever performance of the CDU post WW2. The SPD was even worse. The anti-immigrant AfD stormed to 16%. Is it any wonder that when Merkel’s misguided altruism  showed up on Election Day even she finally conceded we have a problem with “no go zones”. Some may wish to look at the Merkel miracle of growth and low unemployment but the public service in Germany has exploded from 9% pre 2008 crash to 16% today. Not private sector growth but public sector.

The Italian election showed over 60% of the vote went to eurosceptic parties. While volatility has always been a feature of Italian politics, this results showed the discontent underbelly of Italy which has seen poverty jump 50% to one third of the population since Lehman collapsed. While M5S said it wouldn’t form a coalition, all bets are off if it tied up with League. There are plenty of overlaps on the party platforms but the M5S would have to insist on the PM role. The EU would go into a tailspin on such news.

Austria voted in a wunderkind who put the right wing anti immigrant FPO in charge of immigration. Holland saw Wilders claw more seats. Nationalist Marine LePen in France doubled the number of seats ever attained by the Front National. Even Macron is changing his spots looking to introduce national service and take a harder line against migrant crime.

Whether the real statistics of migrant crime are wholly accurate or not is beside the point. It is increasingly seen as an election issue and more EU countries have had enough. They feel their lot is getting worse and view forking out billions in aid for people to settle here is pennies out of their pocket. If the stats are as the government sugar coats them to be in terms of the prevailing prosperity surely the citizens would overwhelmingly back them. Sadly the opposite is true meaning politicians aren’t selling their “compassion” effectively. Too many examples of gagging the police and muzzling the press have surfaced.

That is the thing. If the economy was rosy and bullish and more people felt secure there is a likelihood they would look at the immigration debate in a more positive light. All they see now is millions flocking to Europe as poverty is on the rise and the economy is on the back foot at ground zero. European EU-28 GDP hasn’t grown since Q4 2015. Despite a quadrupling of ECB assets net jobs created post GFC numbers 4 million, labour force participation remains below the peak. However we should not forget that Romania and Bulgaria joined in Jan 2007 and Croatia in 2013 which would add (at a 50% employment ratio) c.20mn meaning that employment in the EU on a like for like basis as a whole is down 16mn jobs ceteris paribus. Even if only Croatia was included then net jobs creation in EU-28 would be a paltry 2mn, or a smidgen above 1%. Anemic.

Yet the political class still doesn’t seem to be learning, especially the EU. Poland and Hungary have formed a pact to reject proposed quotas on migrants. The EU has failed to address the most important question. The wishes of the migrants themselves. It is one thing for the EU to appeal to voters as saving asylum seekers from war torn lands (when 80% are economic migrants by the EU’s own numbers), it is another to forcibly send them to countries that flat out don’t want them. Ask for a show of hands of asylum seekers looking to stay in Germany or head off to Hungary to settle and the likelihood is 100:0. Trying to make Hungarians or Poles feel guilty for being incompassionate is a price they’re clearly willing to pay with losing EU membership. Would we take kindly to a neighbor telling us how to arrange our furniture in the living room or sign a petition to prevent us building extensions even though it is not even in their way? Of course not. Still wagging fingers in disapproval is only likely to steel their resolve.

Flip to the Southern Hemisphere and Australian politics is also exposing the sordid state of the swamp. 5 PMs in 10 years. Now the Deputy PM has had to resign to the back bench and in a last ditched effort to claim some sort of moral high ground with the staffer he was having an affair with. He claimed he would still look after her even though a paternity test might show the kid wasn’t his. What a grub and a slap in the face for his partner to imply she may have been promiscuous. Once again the popularity of the incumbent parties in Australia continues to sink to all time lows. The Labor Party looks to have the next election in the bag but even then the popularity of the opposition leader is woefully tiny.

While the world seems to be in this state of blissful tranquility on the outside, we needn’t probe too deep before seeing how bad things continue to be on the inside. The little people may not have any financial fire power but at the ballot box they have an equal opportunity to stuff those that aren’t listening. Once again Italy shows us it wants change. Call it populism if you must but it is truly a reflection of just how bad things really are and how little ammunition to deal with any future crises remains. The little people are raising their voices. Best heed their words. It is the same reason why as zero chance as Trump looks in 2020, don’t bet against another 4 years in the White House. If the Dems hope that celebrities that talk of #METOO and gun control (all the while they attend Oscars semi-naked and collect their millions doing action films full of explosions and automatic weapons fire) will sway them to a return to the swamp they’re sorely mistaken.

Italy votes – will it mimic the referendum?


Remember the 2016 Italian referendum which was to decide on  whether to grant more power to the incumbent party to accelerate decision making? Well it ended up being a vote on ousting then PM Renzi who put his resignation on the ballot if it failed. The split between the yes/no was largely decided by economic condition. The poorer southern regions were distinctly red while a smattering of wealthy areas voted green (yes).

It is kind of telling that the furthest province in the north (Bolzano/Bozen) had the highest YES vote (63.69%) in the country while the Province of Catania (south-east Sicily) had the highest NO vote at 74.56%. Bolzano/Bozen was diligent with a 67.41% turnout vs 57.41% in Catania. It is a rich/poor divide by the looks of things. If you wish to dig into the details look no further than this site for who voted how.

The last poll showed Beppo Grillo’s eurosceptic M5S party leading with 28%. Berlusconi’s centre right Forza Italia alliance with the anti-immigrant The League is expected to get around 29%. The incumbent PD is looking at around 20%.

Since the collapse of Lehman in 2008, Italy has added 3mn to poverty (now 18mn or 29.7% of the population; EU average is 25%) with the unemployment rate above 11%. Since Merkel’s open door policy 600,000 illegal immigrants have flocked to Italy from Libya.

Italy is the 3rd largest economy in Europe and 30% of corporate debt is held by SMEs who can’t even make enough money to repay the interest. The banks have been slow to write off loans on the basis it will eat up the banks’ dwindling capital. It feels so zombie lending a la Japan in the early 1990s but on an even worse scale.

Monte Dei Paschi De Siena, a bank steeped in 540 years of history has 31% NPLs and its shares are 99.9% below the peak in 2007. Even Portugal and Spain have lower levels of NPLs. The IMF suggested that in southern parts of Italy NPLs for corporates is closer to 50%!

However one views the rising wave of nationalism in Europe, Italy will likely follow the pattern of Austria, the UK, Germany, Holland, Poland, Hungary and France. A growing number of European citizens want to be first in line rather than feel they have an EU directed obligation to bow down to political correctness. How else do we explain the AfD’s surge past the SPD?

If the eurosceptic/anti-immigrant patties get up  we shouldn’t be the least surprised. More Europeans want their own countries to be made great again. The house of cards is crumbling.