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The economies of the world are in a turmoil because of over-lending. The toxic bond capitals of the world are NY and London... with Frankfurt and Paris coming in as far away seconds.

Some money movers are now even looking at socialistoid Sweden as the new Switzerland... a safe haven for their money.

Though socialism is a big drag, the culprit of this crisis is quite solidly Finance Capitalism in cahoots with the social planners... Bubbles, big fat juicy ones. Now one should ask why on earth ancient enemies should suddenly be ass-and-shirt (so to speak). The answer is Globalism.

It’s not enough to say Socialism, because the big fatcat Capitalists are also involved. Why be blind to it?

In my country, this unholy union is manifest. The Communist president appointed Mario Monti, international advisor to Goldman Sachs as Prime Minister. The same Goldman Sachs that was Obama’s number one contributor.

Why would the cigar chomping caricatures of Capitalism join forces with the caricatures of social planning?

“Why would the cigar chomping caricatures of Capitalism join forces with the caricatures of social planning?”

Look at the origins of communist revolution to see that this is nothing new.

Monti is another example of the academic ‘in-breeding’ that, like most in-breeding’, has lead to a less-fit ‘gene pool’. Whereas there are some academic economists who ‘get it’ and understand the importance of free market capitalism, most are theoretical ‘modelers’ who don't realize (or won't concede) that economics is not a science.

I'm very sorry your country is going through what it's going through. In my view, if the US is looking for international trading partners, we should be looking at countries like Italy that actually make high quality merchandise (at least those industries that still survive). Instead, Italy, the US, and the rest of the self-loathing West commit economic suicide while importing lower-cost lesser quality ‘stuff’ from countries whose governments would love to see us fall.