We don’t always have to be negative and saddened (“sudden deaths”, Gaza, Ukraine, migrants occupying the center of Milan), what is there positive to talk about? The stock market, BTP yields and financial wealth! In Italy we have reached 411 thousand millionaires and 1,356 who have more than 100 million. Some will say: “But I don’t have a lira (euro… ok), in fact I have debts, tax bills…”. Yes, but maybe your daughter marries one of the 441 thousand millionaires, since there are so many around, you just need to find them. In short, you also have to see things from the positive side.
The Western world and Italy know their misfortunes: such as dying at 35 for reasons that medicine now says it doesn’t understand; or be destined, demographically, for “replacement” thanks to Pakistanis, North Africans, Indians, and other more prolific ethnic groups who find the borders half open (155 thousand landings in 2023 in Italy). However, the “sudden” deaths are a few thousand a year, just a small war. And migrants as low-cost labor are necessary for the development of capitalism. And above all what matters is something else.
Financial wealth in Italy has exceeded 5,300 billion euros and we are eighth in the world. As discussed in more detail, in the area of savings we are actually also lucky, because we have BTPs that yield 3.8% (and it was even more a month ago) and inflation has now fallen to 1%. This does not happen to the French and Germans, who now have higher inflation (3.8% and 3.2%) and lower yields on their government bonds. For example, a poor German saver if he buys a ten-year government bond will receive 1.9% with inflation at 3.2%. And in fact they don’t buy them.
Furthermore, there are many Italian companies that have really made money in recent years. Because the 2021-2023 inflation was from profits, not from wages (like that of the 70s and 80s with the escalator and the unions that obtained contractual increases of 10% per year). Indeed, statistics indicate that Italian salaries net of inflation, they have fallen by 9% since 2020. And here the capitalists don’t know how to thank the Italian unions that deal with the “sex of angels” and not only that, but not with wages. Ultimately, it is thanks to the unions that the increase in profits is due.
The GDP also increased significantly, from 1,700 to 2,000 billion. And what is it due to? Increases above all in turnover, large and small, from artisans, to restaurateurs (finally) and above all to large companies.
In the global market economy, one person suffers while another enjoys. And today in Italy many enjoy it. Therefore, in the reality of the facts, not in the newspaper headlines and in the comments of social whining, capitalism wins in Italy! And he doesn’t give a damn about everything else. Perhaps this was not the government’s objective and programme, we know that, but if you look at the data it is so.
Paolo Becchi and Giovanni Zibordi, 3 January 2024
The article Happy New Year, Capitalism! comes from Nicola Porro.