NPR reports the ECB orders Italy to reduce debt; some of Italy’s leaders appeared stunned, confused and then angry, as a list of austerity demands has been presented before it gets seigniorage aid. Tim Sullivan of the Associated Press reports Established democracies face a summer of despair. Democratic government grew under Neoliberalism, but dictatorship wil grow under Neoauthoritarianism.
Whereas Neoliberalism was characterized by wildcat finance, a Doug Noland term, Neoauthoritarianism is characterized by wildcat governance. “It wasn’t easy” Mr. Berlusconi said as quoted in Rachel Donovans NYT article Under Europe’s Pressure, Italy Agrees On $65 Billion In Austerity Measures. After an emergency meeting the Prime Minister announced revenue measures which includes taxes and a crack down on businesses that do not give receipts, reflecting that Italy’s leaders have waived the country’s national sovereignty to the diktat of European Leaders. And Italy’s leaders have given recognition to the reality that Italy has lost its debt sovereignty, and thus must live by the fiscal authority of Brussels, Paris and France in order to receive European seigniorage. Europe’s leaders are effecting a bloodless coup as they are in the process of establishing a federal and feudal One Euro Government. “Our heart bleeds to have to do this, we who bragged never to put our hands in the pockets of Italians,” Mr. Berlusconi said. “But the world situation changed, and we found ourselves faced with the hugest global crisis ever.” And wildcat governance is seen in the Ellen Barry NYT article Offices Of Activist Bulldozed in Azerbaijan.
Neoliberalism was characterized by the Spirit of The Cat In The Hat, whereas Neoauthoritarianism is characterized by the Spirit Of Wilding, as is seen in the David Kirkpatraick article For Egyptians, Riots In Britain Offer Egyptians A Chance To Scold The West.