Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

More Economic Bad Vibes From "Over There"


Savings!? Are those people out of their minds!?

According to a week old report by the Italian equivalent of the Census Bureau, during 2004 my "paesani" have grown increasingly unsure of their economic future, and rank inflation as their number one concern. This contrasts with the rest of Europe, where unemployment tops the list of worries by a wide margin. Nearly 60% of Italians are dipping into their savings for new purchases, and 80% reduced their discretionary spending. Eighty-three percent reduced non-discretionary spending by shopping at discount centers.

Most individuals cite the welfare and public health system as a primary source of reassurance, while 54% argue in favor of cutting taxes even at the cost of reduced welfare services. If this seems somewhat inconsistent . . . you obviously are not Italian.

I am proposing the above solely as further anecdotal evidence of the not-so-rosy state of European affairs.

[Editor's Note: A special task-force of the U.S. Federal Reserve has been dispatched to rescue Italians from using their savings for new purchases and provide each adult with at least three credit cards, a 100% mortgage, a home equity (there's an oxymoron if I've ever seen one) line of credit, and an emergency unsecured line of credit to be used only for major electronics that cannot otherwise be paid for.]
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos