“My Government Ends Here” Renzi Resigns After Losing Italian Referendum: The Full Rundown – Zerohedge
To summarize, this is what has happened so yet another major blow to the European political status quo:
- Italy PM Renzi lost by a huge margin, with the latest estimate somewhere around 59% voting “No” to Renzi’s proposed constitutional referendum.
- In a speech moments after the results were announced, Renzi confirmed he would hand in his resignation tomorrow, adding he isn’t available to lead a caretaker government in a blow to many sellside forecasters he would do just that
- As Bloomberg notes, the scale of the loss and how quickly it happened cast a huge shadow on the fate of the continent headed into 2017.
- Italy’s opposition parties, from Grillo’s Five Star Movement to Calvini’s “Northern League” to Berlusconi’s Forza Italia, seem to be aiming for early elections as soon as possible, “after making a few tweaks to the current electoral law.” Grillo said this can be done in “one week.”
- The blow out result of the referendum is a confirmation that anti-euro populists are ascendent in Europe. Expect more long nights in the months to come, especially in France and the Netherlands which are the two next big potential dominoes to fall.
- What’s next? According to Bloomberg, “Italy is in for a period of high instability. The prospect of a prolonged, bitter electoral campaign won’t do any good to the country’s already anemic recovery. Not to mention its battered banks who may have to ask for public aid.”
- The EURUSD dropped to the lowest level since March 2015, sliding uner 1.05 briefly, but has since recovered some of its initial losses.
Nationalism has become a dirty word for the Leftist pundits and politicians and of course, their constituents eagerly parrot the same. Nationalism is not the same as jingoism. There is nothing wrong or racist or xenophobic or whatever “ism” the Left is currently using about having pride in one’s country or having a national culture. It doesn’t matter if it’s the United States or Italy.
But the most important element in Brexit, the election of Donald Trump and now the Italian referendum is accountable government. The most accountable and honest government is local government. That will never change as long as people are people. And it’s why the Democrats and to a lesser extent the Republicans are fighting it tooth and nail. Globalism means corporations, bankers and other unelected bureaucrats ruling us and I’ll be damned if I’m going to live in a world where some stuffed suit arbitrarily gets to rule over me.
All three of these actions are an antidote to the New World Order. The tide is turning, don’t stop fighting.