Former Italian PM Silvio Berlusconi is writing some funny things on his Facebook page today.Arguing that the eurozone crisis has become a “recessive spiral,” he calls on Germany to get on board with more activist measures or get out of the currency union.
In particular, he advocates that the European Central Bank step in by printing money, following a new mandate, and becoming the lender of last resort.
While others have thrown around this idea in the past, we find the disgraced Italian politician’s assault on Germany somewhat amusing, not only because it is unlikely to happen, but because German Chancellor Angela Merkel and other international leaders showed continued exasperation with the Berlusconi prior to his resignation late last year.
I can’t remember a time in my life more difficult than this. People are really hopeless. What move can change the recessive spiral?
The economic crisis is not resolvable internally. The Government must pick up where we left off and change its political line.
We have to go to Europe to say emphatically that the ECB should start printing money. So change the economy. The ECB must change its mission, must become the guarantor of last resort debt and begin to print currency. Otherwise, we should be strong enough to say “bye, bye” to the euro and therefore leave the euro, while staying in the EU, or tell Germany to leave the EU if they don’t agree.
My crazy idea is that the Bank of Italy should either print euros or print our own currency. I invite you to explore this idea.
A huge thanks to Mark Dow, Christine Sciarrino, and Mauro Bottarelli for providing us with a more accurate translation of Berlusconi’s Facebook post.
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