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Europe and the crisis

Editorial

of Nane Cantatore

The panic over the U.S. financial crisis seems to send confusion in Europe, including national solutions, collapses securities and questionable choices in various ways. But the situation is actually quite mixed, and perhaps the random order is the best way to deal with it. The European situation is very different from the U.S., for several reasons. First, the crisis affecting U.S. financial institutions heavily exposed a reality, with a loan portfolio heavily overvalued and excessive floating in the market, a situation aggravated by a heavy national commercial liability, by excessive private debt and a deficit that among tax cuts, war, social spending (the Bush administration has significantly increased spending for education and health) and 700 billion dollars of the Paulson package has grown to monstrous levels, we add a strong loss of competitiveness due to the obsolescence of infrastructure and de-industrialization and reduction of investment, which will only aggravate the crisis. In Europe the situation is markedly different, both because different countries are also in different situations, with a strong direct exposure in Britain, Ireland and Spain, where the race to easy credit and real estate has created serious risks, the Netherlands Belgium and weighed down by indirect risk, because their banks, far too large for national economies, have happily caught in the international market of derivatives, while France, Germany and Italy are much more away, beyond the indirect risks for some large banks such as Dexia in France (already stored to an ad hoc intervention) in Germany, Deutsche Bank and Unicredit Italia.Questa diversity is reflected in also in the differences between the measures taken by governments and the solution adopted, including thousands of controversy in the United States provides for the purchase of so-called toxic loans from the state, effectively restoring the banking assets at the expense of taxpayers, the European proposals, in fact France and Germany, would be the creation of guarantee funds on deposits. This means that there will be no actual outlay, but only that the depositors will be protected in If the banking crisis, which would bring a double benefit: first, would avoid the rush to withdraw their money from banks at risk, strengthening the confidence of savers and making the transition from less immediate crisis for financial institutions to collapse who are in dire straits, and secondly, because it is a measure for the benefit of depositors and banks, it would not help at all unfair to banks managed cheerfully, which explains the green light received from 'Antitrust in Europe. So we understand why it is preferable to a national approach to the establishment of a European fund, since the goal is to intervene on behalf of the holders all, therefore, citizens and businesses, rather than defending the banks, that is, persons who may issue shares and bonds in different markets. Moreover, the focus of prudential measures, which aim to avoid undue widening of a crisis that, as heavy, does not directly affect Europe, but only the various bubbles produced around the world due to excess liquidity finance cheerful. In short, is a way to make hay in the barn in front of the risks arising from lack of liquidity next venture and fluctuations in financial markets, and both governments to restore the function of protection and control of the economy which had substantially waived if not explicitly renounced in the name of neo-liberal dogmas. In other words, the purpose of this maneuver, and many other discrete measures taken by central banks in Europe, China, Russia and Japan, is to set out a sort of cordon sanitaire around the American economy that, in recent years, the artificial growth of the U.S. had trailed the rest of the world, now risks turning into a sort of black hole that sucks the money all over the world.

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The cat and the lion

The Italic

Stefano Rizzo

Towards the presidential elections in the U.S.

The comparison between the two candidates for the vice presidency, Biden for Democrats and Palin for the Republicans, has not seen twists: they were very cautious and disciplined, and have prevented the attacks broken. But the "second" McCain appeared fuoriposto compared to world politics, where the old Democratic senator playing at home. is not as beautiful as Liz Taylor in the film by Richard Brooks in 1958, but it is certainly pleasing. As "Maggie the Cat" (the protagonist of the film) she is of humble origins and was suddenly catapulted into the world view of power (money in a case, politics in the other). In common, the two women, the other a fictional true, also the roof, which precisely sheet, and not to burn have had to develop considerable skills of cunning and cynicism. We speak of course of Sarah Palin, the pitbull with lipstick as she called herself, Sarah Barracuda, as they called her friends to play volleyball on the fields of: the current governor of Alaska, now the vice-presidential candidate U.S. thanks to a brilliant coup de theater (media-brilliant) John McCain, who chose, or rather of his crafty advisers, who made gliel'hanno choose. And we talk about the debate last night in St. Louis, Missouri, the first and only between the two aspiring vice, between you and the Democrat Joe Biden, a veteran of the Senate, where it sits for 32 years. Biden has been chosen by Barack Obama because in his long business experience International and its origins in the working class in Pennsylvania could offset the two major "weaknesses" that are alleged: the inexperience in foreign policy and the intellectualism of a university professor. There was a long waiting list for discussion at the headquarters of Washington University, which lasted an hour and a half, covered in minute detail given to each contestant, the TV shots, in the presence of the public and the choice of moderator, Gwen Ifill, a journalist PBS (public broadcasting service), as African-American woman like Obama and Palin. The wait time was not justified by the event itself, since the debate between the aspiring vice never had great weight in presidential elections, what issues from "theater" and to boundary: the battle between an old lion and unscrupulous politics and a young cat, just as unscrupulous, promise to be a show of success, particularly given the character traits of the two contenders. From Biden, known for his verbosity and also for his gaffe, but also to be a solid parliamentary experience and preparation, we expected to see if he could hold his populist rhetoric, and especially if it avoided appear condescending toward his young rival, falling into the trap in which she hopes to attract. As for Palin, in days immediately following his appointment had been the darling of the media, always eager for new spectacular, which many praised the freshness, spontaneity and ability to address the common people. It was presented as a right of Hillary Clinton, but more engaging and less marked by the long political career, which would have won the hearts of ordinary Americans, especially American schools. But then had come the first statements and interviews, "no network" that had brought out all his lack of preparation, his ignorance of the facts, its verbal approximation. To many commentators, including conservatives, and many commentators who saw in her a version of a new "feminist right" had come to suspect that behind those glasses, carbon inside those brightly colored suit (not like the sober pantatailleur Hillary) over those high heels, there was nothing. So the curiosity about how it would behave in his first national prime time, under the eyes of nine million viewers, was very high. How did it go? We must start by saying that there were no shots of the theater, bars effect, or answer withering, then those that run on youtube for days. The two candidates were very cautious and disciplined, have prevented the attacks and broken, as they say, to bite the jugular. Those who expected broken bones and bloodshed, as all'autoscontro, were disappointed. In the end, something more is understood of their character, their programs and candidates they support. Biden has paid attention to the recommendations of his advisers, even when he could (and would have been easy for him), avoided a catch in foul his opponent for not giving enough of an impression. It 'been sober, responsible, contrary to his habits, not too lengthy; stated facts, names, numbers, leaving the viewer the impression of facing a serious candidate and prepared. His criticisms of the McCain has focused on the candidate and not on his deputy. Sarah Palin is hard to say. After the disastrous interview last week with Katie Couric of CBS, in which - according to the consensus-was that a lot of nonsense, and most had said the wrong, the expectations were very low. Started from so low that he could hardly do worse. The best hot comment at the end of the debate, was a journalist of "The Politico, an influential piece of Washington:" It's not too bad, so it went pretty well. " The fact is that Sarah, with all his inexperience on the national scene, is accustomed to such situations. The "format" knows well and has practiced several times. He built his entire political career on the model "a young and enterprising woman of principled conservatives seeking a mature politician, possibly liberal and spendthrift, on the bite to take his place." So did to win the seat of mayor of Wassilla, so he has done to undermine the governor of Alaska and other political notables. Thursday night, he recited the same script with Joe Biden, who has succeeded to a certain point, because Biden is indeed a liberal spender "(according to the views of Republicans), but it is not and has not done PIVELLINA outwit. To do this, the young Sarah has used all the tricks with which Republican has won the people: a folksy language to everyone, a wink to the camera, sent a kiss to the public at its entrance into the hall, constant references to his status as a mother who discuss real politics - not that the politicians - around the kitchen table. In conclusion, it has moved with skills on a hot tin roof of the policy, without falling and without getting too bad. But like the cat in the film, could not avoid giving the impression of having been catapulted into a world that is not his and which is woefully inadequate.

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The missing piece there is no

Viewpoints

Carla Ronga

Interview Emiliano Brancaccio, Professor of Macroeconomics at the University of Sannio

"In the absence of global leadership alternative, you run the serious risk of a deadlock in the international monetary system. And if so, the profile of evolution of the global financial crisis could take really dark and unpredictable characteristics. To identify the roots should evoke a ghost: the conflict between capital and labor. " American liberals denounce the absence of rules in finance, others point the finger at the responsibility of the Federal Reserve and in the rules of Bretton Woods. These are all interpretations that contain elements of truth but none of them gives us a clue about the earthquake in general act. We spoke with Emiliano Brancaccio, Professor of Macroeconomics at the University of Sannio, member of the council's economic FIOM and expert from the Italian banking. We can say that behind the financial crisis that is rocking the foundations of the world economy there is a cause, social origin? This economic earthquake that may find its roots in the crisis of social work and its representations? The explanations that have been given of the current crisis are numerous. The liberal Americans for Thurow to Krugman, denounced in particular the deregulation of wild finance, and others have drawn attention to the responsibility of the Federal Reserve, past and present. All these interpretations contain elements of truth but none of them seems to offer a key to overall earthquake in progress. The point is to find the roots of the crisis should evoke a ghost: the conflict between capital and labor. latita A conflict that is not there?. Exactly. In fact, the current crisis can be read as a reflection of the almost total absence of that global conflict. Everything starts with an observation: the weakness of the labor movement has meant that was created a world of low wages. This world, however, is structurally unstable, and now beginning to realize. Let me explain. Each country now aims to hold down wages and domestic demand, and then look outside its borders an outlet for their goods. This mechanism has worked in the past decade due to the fact that the U.S. has acted as a "sponge absorbing" the excess production of all other countries. However, this "sponge" worked not because the wages of American workers were high, but because the U.S. mounted a huge private debt, unable to finance any excess of expenditure over income. The expansion of debt has gradually involved all social classes population. It was passed by the directors to executives of the American system, up to the employees of the fringes of cities, often already insolvent and seized. The system had become so addicted that allowed a worker to pay the debts of turning on a new mortgage loan, and repay only the interest on the loan by activating a credit card, and so on. In short, to paraphrase a great economist, Hyman Minsky, we could speak of "ultra-speculative working poor", that is, despite their poor transformed into ultra-speculators. He could never hold such a fragile castle of debt? No, it was more like a time bomb and the bomb went off in the end. The problem is that to pay the consequences could be once again employed, while the masters of Wall Street, which manufactured the bomb, they could even get to make money. Take for example the Paulson plan, which was undermined by the U.S. Congress, but later it was approved. It provides that the State purchases the risky securities from investment banks and in return they give in fresh cash, with the possibility in a second phase to sell those securities back to the banks, once the storm has passed. Well, if the federal government acquired at prices high enough, the bankers would eventually end up with a capital gain achieved at the expense of the public budget. Moreover, symptoms distributive effect of this scandal are already being felt in the presidential campaign. Obama, in the scent of victory, has already hinted that the increase in public debt caused by the bailouts could force him to shelve plans for financing health care public. And this is in fact a really bad way to present a candidate on which, even here in Europe, liberals are placing a lot - perhaps too much - hope. The current crisis is a watershed that will change the life, the social and economic paradigms in the near future? Much will depend on the length and depth of the crisis. At present, the establishment is gattopardesca adopting a strategy of change so that everything remains as is. The Paulson plan is an example of this strategy, since it consists of an exchange between debt and cash aimed at the least possible impact on the ownership and control of bank capital. The same variant of the sale to the government of preferred shares, which limit the right to vote at one such line gattopardesca. But if this conservative approach fails, it is possible that in America and Europe, individual governments are forced to take significant stakes in both banks and business in commercial banks. And if the financial crisis while the economy to be extended real, it is possible that by then the governments decide to use the acquired positions to launch massive programs of public intervention in support of production and employment. In fact this kind of evolution of the situation few would have bet, until a few months ago. But now many economists who are facing these scenarios, and some even come to admit the possibility of an unemployment rate of U.S. two-digit by the end of 2009. He therefore failed ideology of liberalism, capitalism and yet have "counted the centuries? This expression, Giorgio Ruffolo, is ironic and funny, but would be very naive to take it seriously. Taken literally become similar to that of the Soviet Union who once assigned the task to trace the path of the future for all humanity. In short, to use philosophical, in both cases I smell teleology, destiny, and what intrigues me is not at all. At the same time, curious if anyone would find it advanced the idea of \u200b\u200bheroic imminent end of capitalism. I do not see how this could eventually materialize, as the labor movement is the great missing an appointment with this colossal disaster. Rather, I see the possibility of a shift powers, from financial to political lobbies, and also lobbies in U.S. politics and Western Asia. We could really say about the decline of American empire, this time? Despite appearances, and beyond the temporary thrills and jolts, the American decline has been ongoing for at least a quarter of a century. This decline is symptomatic of the long-term trend of the dollar in the past two decades from the equivalent of one euro and a half to about two-thirds of a euro. This creates distrust in the fall against the greenback, and probably prevent the U.S. to once again play the role of "sponge" of surplus production other countries. In the absence of global leadership alternative, you run the serious risk of a deadlock in the international monetary system. And if so, the profile evolution of the crisis could take really dark and unpredictable characteristics. Italy and the crisis: the government uses soothing tones, but the risk that the banks end up in the vortex exists. An opinion? confidence between banks is at its lowest in the world, and therefore also in Italy. The fear that a bank may be insolvent suddenly pushes the entire system not to grant credit. Euribor rates - to which European banks lend money to each other - have hit these days extremely high peaks. The lending rate for maturities of one week reached its highest since early 1994, well before the advent of the euro. It 'clear that in this climate, even the Italian banks suffering from the situation of mistrust and are therefore subject to strong tensions. However, compared to Spain and other southern European countries we are being a bit 'better, and this situation of relative minor weakness stems from the fact that Italy's debt is mostly public, and is therefore more secure and private. It means that the much-reviled public debt in this case is helping us? Exactly. But this is nothing new: greater financial stability conferred by a dominant share of public debt than private debt is a fact widely acknowledged by the scholarly community. Only the cheerleaders of free hard time recognizing him. The problem is that liberals in this country the Pasdaran have shaped the consciousness, coming to shape not only people's opinions but also the policies of the vertices of the state. I refer to the recent externalization of President Napolitano. In a time when all countries are scrambling to swell the national debt to stabilize the system, he said that the cuts to the school are required to follow the direction of killing the public debt. This Frankly, the more sudden than that you die.

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Alitalia

Pentagram

Santina Sammarco

The activities of the national airline, whose losses on specific problems and where rivers of ink have been spilled in recent years, beginning May 5, 1947, the day of the inaugural flight carried out with a Fiat G.12 Alcione, piloted by Virginio Reinero on the route Torino - Roma - Catania. If you're already asking when did the problems began for Alitalia must not go too much there. The trouble begins in 1947 when DC decided to enter the administrative and economic as satisfy the criterion for Italians to work through politics. Among recommendations from either side Alitalia still manages to impose itself on the national and international markets but obviously when you take more to the pleasures for the true needs first to suffer are the speakers. In the early 70 'the financial statements of Alitalia were strongly negative, however, began the worst crisis since 1988, from which year onwards Budgets were constantly red and the political culture began to dominate the market and the rules of' economy. Later, in 1996, the then managing director Domenico Cempella, pursuing an ambitious business plan that made pin alliance with the Dutch airline KLM and the opening of the new hub at Malpensa. The agreement with KLM had two joint ventures in the passenger area and cargo in the plans of the manager, had to be a prelude to an actual merger. In 2000 the Dutch company, however, unilaterally broke the alliance. The lawsuit brought by Cempella ending two years later, when the international arbitration to pay a criminal conviction KLM Alitalia net 250 million euro. In 2001 he attended the International Civil Aviation crisis for the political turmoil of those years and for the fierce competition of low cost airlines and Alitalia seems to pay more the other companies this fall in demand. All this brings us to today with the decision to privatize the company in 2006, selling 30.1% (later raised to 39.9%) of the capital stock, thereby triggering the mandatory tender offer for new buyer. On October 8, 2007, the Board of Directors of Alitalia meets and promotes a list of the six best candidates who give the airline. The short list includes: Air France-KLM, Lufthansa, Ap Holding (parent company of Air One), Aeroflot, Texas Pacific Group (private equity fund) and NewCo. On December 27, 2007, the Council of Ministers gives the green light to exclusive negotiations Air France-KLM for the sale of majority stake of 49.9% of the airline and March 16, 2008, the Board accepted the binding offer for Alitalia by Air France-KLM, which provides for a 'public exchange offer on 100% of the shares of Alitalia with an exchange of 160 shares for each share of Alitalia Air France-KLM, and a 'takeover bid for 100% of Alitalia convertible bonds. 'S offer, however, depends on reaching an agreement with trade unions and a solution for Alitalia for the elimination of risk in relation to litigation with the SEA, which asked 1.250000000000 euro in compensation for cutting flights at Malpensa. Alitalia will maintain an independent role, however, Italian identity and brand, logo and livery. Expected between the 'other redundancies for 1600 units. If the Ministry of Economy will join the offer, the Italian state has a share of 1, 4% stake in the Franco-Dutch group and the Italian Council for six years on the Board of Alitalia. Alitalia's fleet will shrink to 149 aircraft. The new group will be based on three hub, Amsterdam, Paris and Rome. Then March 31 came a "no" almost unanimous proposals of Air France by CGIL, CISL, UIL, UGL and SDL, but also by the pilots dell'Anpac. The government, meanwhile, urged the Sea (which manages the airport of Malpensa) to withdraw the appeal because if it did "not take risks that may result." In these events we have witnessed three stages in which they appeared ever more concrete risk of having to carry books to court and finally closed with a bankruptcy court. From a time, the three phases are crossed, and draft business plans have followed one after the other, the conflicts have increased, strikes and inefficiencies (real or imagined) have eroded the trust of the public. Still are entering a new phase in comparison. It will be the right one? With the summer begins and the CAI consortium of entrepreneurs with them a new business plan to relaunch of the company. These entrepreneurs are driven by Roberto Colaninno who already was involved in some business affaires, as the purchase of Telecom and the acquisition of Piaggio in Pontedera .. The new business plan to separate, with a special decree of March, the old society with the aim to create two. A healthy activities will be built with the old, the other debt, will be brought to the police station and failure, in short, a reinterpretation of history Cirio, Parmalat, Argentine bonds. In this new company off into banks and industrial finance, with around one million euro, the new company. The new Alitalia will acquire part of Air One, its principal competitor in the domestic market, with the aim to recapture and reposition itself on the domestic market. The redundancy of work units will be deployed early retirement with an appropriate plan and / or program. Enter-in the new company with a minority stake in a foreign partner, yet to be decided based on who offers more.