Financial fallout beginning after Italian voters rejected another globalist leader

On Sunday nearly three-quarters of Italians went to polling stations to cast “yes” or “no” ballots on a complement of “constitutional reforms” proposed by Prime Minister Matteo Renzi. Ahead of the voting, Renzi said he would resign as PM if his proposals went down in defeat.

They did.

Nearly 60 percent of Italians rejected the globalist Renzi’s bid to essentially concentrate more power in the central government, while reducing the role and power of the Italian senate. And in keeping with his word, on Monday Renzi stepped down, throwing the country’s political system – and the European financial system – into chaos.

The euro fell at one point to $1.05 against the U.S. dollar, the UK’s Independent reported, the lowest level since March 2015. In addition, the news site noted, Renzi’s loss “has implications for the country’s struggling banks and has raised questions over its membership of the [European Union].”

The vote in Italy was another sign of rising populism in the West and a rejection of globalism embraced by establishment politicians in Europe and North America. Britain, you may recall, voted in favor of a “Brexit” – to leave the EU – in a stunning referendum earlier this year. While that vote caused only minor, short-term ripples in that country’s financial structure, Italy’s economy is much more fragile. Nevertheless, it led to the resignation of then-Prime Minister David Cameron, who staked his political future on a vote to remain within the EU.

And in France, President Francois Hollande—the least popular president since World War II—announced he will not seek another term in 2017.

But the Italian vote may signal the beginning of the end for the EU, as more Europeans reject the globalist policies of mass immigration and outsourcing of industry to the Global South. As reported by the UK’s The Day, the anti-establishment Five Star Movement is polling well in Italy and will likely have a big voice in who the next Italian leader will be. The movement’s leader, former comedian Beppe Grillo, has said that Europeans have “entrusted our lives to people who know nothing about life.” The political organization would likely favor “a wholesale overhaul of Italy’s political and economic institutions,” The Day reported.

And, like Italy’s two other major political parties, the Five Star Movement favors leaving the EU. If that happens – Italy is the Eurozone’s third-largest economy – it would likely trigger the largest default in history, leading many banks on the continent to go bankrupt.

Plus, there are signs of rising populism—which Western political Leftist establishments are incorrectly labeling “right-wing nationalism”—in other EU member nations as well, particularly in France and in the Netherlands. The Day reports that if France votes to leave the EU next year, some geopolitical analysts think that the EU and the euro would be finished by the next morning.

Instead of labeling Europeans, the Left-wing globalist leaders of the current EU structure should pay more attention to why so many millions in the Eurozone are disgruntled. Grillo lamented the “corruption” of the current system (something most Americans voted against when they selected GOP nominee Donald J. Trump over establishment Democratic nominee Hillary Clinton last month). At the same time, the Eurozone has seen a number of debt crises (like the U.S.), controversial bailout deals (like the U.S.), a stagnant economy (like the U.S.) and high youth unemployment (like the U.S.). Many also fear the impact of the refugee and migration crisis on their culture and society (like the U.S.), The Day noted.

Idiotically, some analysts are predicting that the current wave of populist rejection of what are incorrectly billed as “centrist policies” (they are not; they are far-Left) will “burn out.” The cite the rejection of right-leaning Austrian presidential contender Norbert Hofer, who just lost an election he was supposed to win, according to polling. But this is misguided, because there has been a steadily increasing populist movement for a number of years, causing a doubling down on every detested policy the political establishment in the U.S. and Europe have pursued. As the doubling down increased, so, too, did the rise of populism.

People don’t mind being ruled so long as they feel they actually have a say in their political fate. The problem with globalist policies is that those who pursue them do so without regard for those they govern. Populism, therefore, is the logical response to political leaders who have ignored the masses for too long.

Sources:

Independent.co.uk

TheDay.co.uk