The European Union, run by a group of people, many whom who have never seen on TV nor have heard their names. In Brussels, there are over 90 buildings that manage every commission and governing body of the European Union. Recently a news crew from the UK walked around this small city of EU buildings asking where key figures, the ones who decided what Europeans buy, sell, export and even eat, were located. This monster of an institution had information desks that could not direct a film crew to the right location. This Super State called the EU has grown to gigantic proportions – punishing rogue states that do not fall in line. Italy is the new target.
The newly elected government of Italy has drafted a budget, one that will produce a budget deficit of 2.4 percent of GDP for the year 2019. This triggered an uproar in Brussels, who quickly demanded that Italy obey the European Commission, and make revisions. Of course Italian bond yields ticked higher on fear while the equity market broke down, sending investors running.
The European Commission, hidden in a building somewhere in “EU City” has demanded that substantial adjustments are made to the draft of the Italian budget. But exactly who are these people? The European Commission Vice-President for the Euro and Social Dialogue, Valdis Dombrovskis, has spoken for the Commission saying that Italy has only three weeks to come up with a new budget or else. Or else what? Will Brussels send an army to invade Rome?
At Classiarius, we think this is the beginning of the end of the EU. Italy will kick it of and other states will follow.
More to come