International Journal of Legal Ethical and Regulatory Issues

Public Debt, Finance, and Macro-usury”Gold Standard” Government Bonds?

*Fabrizio Pezzani
Department Of Policy Analysis And Public Management, School Of Management, Bocconi University, Milan, Italy

*Corresponding Author:
Fabrizio Pezzani
Department Of Policy Analysis And Public Management, School Of Management, Bocconi University, Milan, Italy

Published on: 2019-03-21


“Behold! Human beings living in an underground cave, which has a mouth open towards the light and reaching all along the cave; here they have been from their childhood, and have their legs and necks chained so that they cannot move, and can only see before them, being prevented by the chains from turning round their heads. Above and behind them a fire is blazing at a distance, and between the fire and the prisoners there is a raised way; and you will see, if you look, a low wall built along the way and they see only their own shadows, or the shadows of one another, which the fire throws on the opposite wall of the cave and of the objects which are being carried in like manner they would only see the shadows. And suppose further that the prison had an echo which came from the other side, would they not be sure to fancy when one of the passers-by spoke that the voice which they heard came from the passing shadow? To them, I said, the truth would be literally nothing but the shadows of the images and now look again, and see what will naturally follow if the prisoners are released and disabused of their error. At first, when any of them is liberated and compelled suddenly to stand up and turn his neck round and walk and look towards the light, he will suffer sharp pains; the glare will distress him, and he will be unable to see the realities of which in his former state he had seen the shadows. Will he not fancy that the shadows which he formerly saw are truer than the objects which are now shown to him? And if he is compelled to look straight at the light, will he not have a pain in his eyes which will make him turn away to take and take in the objects of vision which he can see, and which he will conceive to be in reality clearer than the things which are now being shown to him? And suppose once more, that he is reluctantly dragged up a steep and rugged ascent, and held fast until he’s forced into the presence of the sun himself .When he approaches the light his eyes will be dazzled, and he will not be able to see anything at all of what are now called realities.


Italian Debt and the finance as unconventional weapon

Italian public debt, which is currently under discussion due to its prospective trend, has received an infringement judgment from the EU Commission for excessive deficit that heralds an austerity measure more connected to political force than to rational common sense. To evoke Greece as a similitude to Italy and the threat of financial markets governed by finance without scientific foundations exercised in the form of a supranational “macro-usury” on individual countries is an outrage to intelligence and common sense. The Commission’s position embodies the defence to the bitter end of a management model incapable of deciding whether to govern or be governed by submitting to the irrevocable judgment of its rating agencies expressing a cultural model inspired by the market but asymmetric to the European model based on welfare resulting from its secular history. A monetary union that is subject to using the US dollar and not its euro in most international transactions is a clear manifestation of the cultural subjugation of a model that has erased the universal human rights written in 1948. History is changing and requires a careful analysis to understand how the position of debt depends on external actions induced to weaken the country in a context of a complete redefinition of the global balance of power