So now we get to see what happens when folks ARE given the chance to vote against Goldman Sachs etc. Grillo and his talented middle class following gave Italy a chance to vote against "Sachism" and got 25% of the vote. A lot of people owe their livelihoods to Sachism and it IS the conventional "wisdom." This is an incredible total. So a couple of weeks after the elections, this has grown to 30%. The vested interests WILL dump the shit-pile on the Grillini in the press organs and television but since Grillo and friends have already organized themselves around the internet, this shouldn't matter much. The internet was designed to organize communication between members of the educated middle classes—organizing an honest government dedicated solving the problems of the real economy seems like a perfect application when you think about it.
Keep in mind that the writer who wrote the following scary headline is considered the house "liberal" over at Business Insider.
And Now ... A Poll From Italy That Should Terrify All Of EuropeJoe Weisenthal | Mar. 15, 2013
In the Italian election that occurred at the end of February, the big shock was the surprise 25 percent showing for Beppe Grillo's M5 movement.
That movement represented an enormous protest vote against the establishment. It briefly sent shock waves through markets, and although most markets have recovered, Italy has been a laggard, as no party in the election garnered enough seats in parliament to form a government.
It's possible that there will have to be new elections sometime in the next few months. September is a possibility.
To that end, this is ominous.
A new poll (Tweeted by Fabrizio Goria) shows surging support for Grillo. The election only added to his momentum, and he's now at 30 percent. Almost as worrisome for Europe: Berlusconi's PDL has also gained since the election.
These both represent protests aimed at austerity and Brussels. Remember, Italy has gotten its borrowing costs down, because it's engaged in austerity/reforms that the ECB likes. If Italy goes back on them, the ECB backstop becomes less politically tenable, and then you could have surging borrowing costs in Europe's largest debt market.
Europe should A) be very afraid of another election and B) feel a sense of urgency about fixing the economic situation that's causing this much support for rebel parties. more