On the one hand, a modest politician who to scratch a minimum electoral stake in favor of his political part and his head of government there is no scruple about bringing up the dead of a martyred region of the pandemic; on the other, a stupendous response from fellow savers who invested in the new sovereign debt security issued in order to finance the revitalization of the national economy in the post-pandemic phase. The issue lasted a few days, from 18 to 21 May. In the first phase reserved for investors retail (private savers) 383,966 contracts were concluded for an equivalent value of 13,997,606 million euros. In the second phase, dedicated to institutional investors, 746 membership proposals were defined “for an equivalent value of € 8,300,000 million, against a total required of € 19,546,876 million (allocation coefficient equal to about 42.5 percent) “(source: MEF – Department of the Treasury). The collection exceeded 22 billion euros. It was as if, sixty years after the time John Fitzgerald Kennedy, president of the United States of America, pronounced the famous exhortation: “Do not ask yourself what your country can do for you, ask yourself what you can do for your country”, a first handful of Italians found the desire, courage and enthusiasm to respond: “I There are”.
Financial analysts, who are not fond of heart, have attributed the choice to buy Italian also on the government securities market the fact that the yield of the five-year Italian BTPs was particularly attractive. The closing interest rate is 1.40 per cent per annum, slightly higher than the yield of the ordinary five-year BTP, traded on the secondary markets at 1,241 per cent. We like to believe that it was not that zero-point difference that convinced savers to help the country. Arguably, the idea that fresh money was needed to activate the recovery did not find citizens unable to move their savings insensitive. We said it in unsuspecting times that to put a large part of the public debt back into the hands of Italians would have been the right way to regain weight and credibility in the world and towards ourselves. In the recent past this has not been the case, the Italians have moved away from investments in national government bonds. The public debt in the hands of Italian savers, it went from 57 percent in 1988 to 6 percent in 2018 (source: Bankitalia database).
Agree globalization and the single market but the gigantic disproportion that has increased in the last decade is one of the causes of the hostility that the “brother” countries of theEuropean Union demonstrate towards the requests of the Italian government to receive non-refundable financial aid to deal with the emergency. Although our aversion to the unjustifiable arrogance of the so-called states is known “Northern Front”, for intellectual honesty it is up to admit that the objections raised are not entirely unfounded. The reasoning it is simple and raw: if not even its citizens believe in Italy why should we believe it? But after this unexpected boom in purchases, other countries will also have to start changing their minds. We will not be the Japanese but we have started betting on ourselves again. We hope that the government will continue to promote other issues by studying new purchase incentives. Maybe you won’t be able to cover it the entire financial need required to give a concrete boost to the recovery but it is still an effective insurance policy against financial speculation excited by the extra deficit that the Italian government is creating to satisfy the liquidity needs.
Also because we remain deeply skeptical of the idea that the money we need can rain from the sky, perhaps from a helicopter that has flown from Brussels. However, we cannot forget the downside, which is that political class unworthy of guiding us in the storm. This is not the single MP who, in search of his quarter of an hour of celebrity, shot her big by calling into question the dead. There is the disgusting behavior of a Matteo Renzi who has sold off his party’s self-styled ideal patrimony for a subdued subpower gracefully promised by the premier in exchange for renouncing to torpedo the Minister of Justice Alfonso Bonafede, otherwise indefensible for his inadequate management of justice . It is a story as old as the world: when there is money to be made, like the illusion of boarding schools, the first thing that flies away is the defense of non-negotiable values. The Renzian guarantee of pride lasted the time of the chat that Maria Elena Boschi, the prom queen at the “Italia Viva” party, exchanged with Prime Minister Conte.
A minute later, the standard-bearers of the rule of law converted to the ascari of the executioners. After all, it sounds good as a slogan: armchairs in exchange for justice. If the Italians will remember him, in the ballot box. They are still times of darkness, but it will be up to seek the light. The awareness of having to build a new world is born from this huge tragedy, which has happened to us despite ourselves. We must not be hypocritical: it is not said that by changing we will necessarily be better. In many respects, we may find ourselves worse than we were before the Coronavirus plague arrived. That’s not the point. We must accept the idea of change, in all aspects of our lives, especially in the working ones. In this regard, the article that Renato Brunetta wrote in the Huffington Post to celebrate 50 years since the entry into force of the Workers’ Statute is striking. A beautiful piece, at times moving, which however can be defined as vision.
Brunetta ventures a proposal, evoking the spirit of the Pequod crew, the sailing ship of Captain Ahab of the story narrated in “Moby Dick”, the masterpiece of Herman Melville, which calls into play the merit of people in the production system of tomorrow, where the capital-labor division and wages themselves are surpassed by the guiding principle of participation. So, for the future paradigm shift: “move from the wage and employee society to the participation society”. It is a brilliant idea to discuss, but it is also the right method to face the crisis of trust that has appeared in our homes and places of our humanity. A high and deep way of thinking big. But then you look around; you take a look at this political class and you cannot escape the question: but where do these useless inept think they are taking us?