Luca Ciarrocca, editor in chief and founder of www.wallstreetitalia.com, a leading independent Economy & Politics website, is now totally committed in being the evangelizer of Positive Money in Italy.
The task is easier after Luca last November published a book with two entire chapters dedicated to Positive Money explaining how to restructure the monetary and banking system. A proposal entirely based on Andrew Jackson and Ben Dyson volume “Modernising Money”.
Luca’s essay “I padroni del mondo – Come la cupola della finanza mondiale decide il destino dei governi e delle popolazioni” (translated: “The masters of the world – How the global finance elite decides the fate of governments and populations”) already in the 4th print in Italian, was center stage on May 10th at Turin’s Salone del Libro, the second largest book fair in Europe.
In front of a large crowd Positive Money’s ideas were very well received. Italy is a country with a behemoth over $2 trillion public debt, hit by a 3 years recession generated by the Troika (ECB, IFM, UE) austerity measures imposed to PIIGS in the euro area (Portugal, Ireland, Italy, Greece, Spain). Clearly for many Italians the plan to join the campaign to reform the banking system and reduce the power of private banks is truly exciting, one week before the Election for the European Parliament.
“Financial capitalism does not work anymore because governments have given the responsibility for the creation of money to commercial banks”, Ciarrocca explained in Turin to a young and motivated audience, quoting Positive Money’s cornerstone principle. “By taking away the special and medieval right to create money out of nothing from the banks, the dominance exercised by an oligarchy of a few thousand people on the rest of the population will be defeated”.