In a television appearance and in an interview with Il Giornale, former Italian Finance Minister Giulio Tremonti took a little vengeance against Mario Draghi and the financial oligarchy against which he fought during and after the 2008 financial crisis. The financial storm has arrived, and it originates from central banks’ monetary expansion, Tremonti said. Referring to the bloodbath on the European stock markets, he said: “The storm started yesterday. It is evident in the sales volume, in their objects, in their rapidity and in the action coming from the financial market as a whole.”
After listing classic exposure of financial alchemy in Goethe’s Faust, Pinocchio and Thomas Mann’s The Magic Mountain, Tremonti said: “In 2008-2009 they thought that the crisis of globalization could have a financial solution and not a structural one. The Berlusconi government proposed to adopt a Global Legal Standard, going from free trade to fair trade. The idea, supported by OECD, was rejected by the Financial Stability Board, successfully chaired by Mario Draghi – which, unfortunately, produced very little stability. And that is how we went to Plan B: unlimited creation of money from nothing. It is so that in Europe, the ECB has bypassed the two principles of the euro: [contain] inflation and a ban on government financing.”
Inflation, he said, is scarcely contained, as the target of 2% has been left behind, and is now at 8%.
