Saturday, June 15, 2019

EU Leaders Terrified Italy's Parallel Currency Threat Could Collapse Eurozone

By Robert Wenzel

Is the Eurozone about to be tossed on the ash heap of failed statist experiments?

There is growing concern among leaders in Brussels that a proposed parallel currency in Italy could come into effect and topple the eurozone, reports The Express.

Earlier this month, the Italian Parliament unanimously passed a proposal to look into the creation of mini-bots - which would act as a parallel currency to the euro.

The idea, put forward in response to the increasing economic debt crisis in Italy, has been suggested as a way for the Italian government to pay off its exploding debt.

Italy’s public debt stood at 132.2 percent of GDP in 2018, more than double the EU’s 60 percent limit.

According to The Express, European Union finance ministers have agreed to pursue plans to penalize Italy for its high debt with a £3 billion fine.

Of course, the mini-bot plan is simply a monetary inflation method to pay down the debt at the expense of Italian consumers who will experience accelerating price inflation. This workaround the restrictions of the bankster-controlled eurozone is one evil plan fighting another.

That said, the Italian plan could crush the entire eurozone and provide an opportunity for individual countries to return to a gold standard. This would be the long-shot ideal outcome.

Robert Wenzel is Editor & Publisher of and Target Liberty. He also writes EPJ Daily Alert and is author of The Fed Flunks: My Speech at the New York Federal Reserve Bank and most recently Foundations of Private Property Society Theory: Anarchism for the Civilized Person Follow him on twitter:@wenzeleconomics and on LinkedIn. His youtube series is here: Robert Wenzel Talks Economics. More about Wenzel here.

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