In Naples, riots against Renzi resulted in clashes between police and demonstrators. On Wednesday, Italy’s government had to address the plight of Italian banks which now seems to be significant as both houses of parliament blessed in a crisis meeting, voted to create a state fund for bad loans from. Resistance to Renzi’s idea was very limited. In Naples there were serious riots against it. In reality, Italy’s government has survived a vote of confidence in this decree involving a bank rescue. The Senate rushed together late on Wednesday afternoon. In the House of Lords, the vote was 171 for the plans, 105 against. This is now all about state guarantees for banks that could collapse under the weight of bad loans and that day is coming rapidly as all the QE efforts of the ECB do nothing to reverse the crisis in banking or the economy. Nonetheless, the House of Representatives had already passed the decree while Prime Minister Matteo Renzi had only a very thin majority in the Senate. The crisis appears to force the measure through demonstrating how bad the banks really are in Italy.

The new plan envisages that banks can bundle their bad loans into new financial products, and then sell them. But who will buy them? On Tuesday it was announced that the government plans to fund the money houses buy the bad loans. The decree also provides for the formation of a holding company to merge the 371 small credit unions. Therefore, it is placing the bad loans outside the banking system. The EU rules for bail-ins are breaking down. Each country is beginning to ignore Brussels and proceed in their own manner demonstrating that the ECB is really losing control.

Obama is calling for tax reform worldwide the same as his socialist IMF candidate Christine Lagarde. Obama said “There is no doubt that the problem of global tax avoidance generally is a huge problem.” This whole issue always focuses on people not paying whatever the government demands. It never addresses government squandering money. Obama went on to say “We shouldn’t make it legal to engage in transactions just to avoid taxes.” He further added that “the basic principle of making sure everyone pays their fair share”. These statements are so dishonest and Orwellian it is frightening for the less educated cheer. If one of your parents was American and you were born in Canada and paid taxes their your whole life, the IRS is after them because all Americans owe taxes to Washington even if you never lived here or used any services to justify paying your “fair share” or something you do not use. This statement is so twisted because it is government who sees whatever you earn as their’s and it is they who want a share of your earnings regardless if it is fair. They rob us of money we pay into Social Security and never allow the average person to earn money for retirement. The “rich” get rich from investment, not wages. They rob the citizen of that money and then promise to given they payments in the future never investing anything.

When will the ignorant wake up?