Milan, during the stormy 70s, when Italy seemed to give in to terrorism, steady conflicts, and strong inflation. “Time” used to talk about our country as a lifeboat supplied with spaghetti, mandolin, and a Walther P38, sailing towards Africa. During those tragic years, Bocconi did talk about bottom-up strategy, and encouraged enterprises to take advantage of crisis through reorganisation; it also talked about the importance of social justice, and the chance to replace US management pattern with a new one, more suitable for the Italian model. We overcame crisis because majority’s needs had been fulfilled. 

 

I would like to say it as a laic, catholic man believing that the Word turns into Flesh to live among us as justice and fairness, setting aside clergy’s meditation. I would like to say it because I’m deeply persuaded that democracy means to manage people’s welfare properly and to everyone’s advantage, because it is a free gift to us. Of course, I’m talking like that because Mario Monti comes from Bocconi too, goes to mass on Sundays and is the Prime Minister of a democratic country.  

 

I must grant him this is an extremely difficult moment, we have to hurry up because we are at great risk. That’s true.  But I do not agree to solve the crisis by “listening to market” or “satisfying it”. Dear Monti, you do go wrong: because of financial economy, what really matters to markets is not to solve crisis, but to nourish it by stating, for instance, that western countries are risking losing the AAA. It is not a coincidence that after a one-day truce, on Monday, Standard & Poor’s threatens to cut rating of 15 European countries, causing the fall on Stock Exchange and the increase of spread. Because of this improper and unpredictable event, the Italians will have to face a further “added value” on their debt! They understand it perfectly, but they cannot understand who allows it to happen without punishment! 

 

All reasonable, middle-class people understand that national system must be rationalized by cutting wastes, decreasing injustice, fighting privileges and unfairness, but these values and government’s measures lack coherence.  I’m persuaded that current financial market’s speculative logic and Stock Exchange as its under-system do not suit economy, Christian principles or democratic system. For instance, Stock Exchange is a mere speculative game: shares’ value doesn’t reflect enterprises’ capitalization and real value. Guido B., a friend of mine working in this field, used to write: “There are things about high frequency trading that people just ignore, even if it concerns 70% of transactions of North America”; it is a speculative technique allowing to buy and sell considerable parcels of shares damaging society and increasing wealth of people who carry it out, tax-free! 

 

And it is not the only way! There are only a few operations showing a direct link between price movements of shares and enterprises’ values. You are absolutely right, dear Guido. Our citizens do not know anything about it, and our Premier avoids carefully to explain how he wants to stop this really damaging usage immediately: how he means to tax such incomes, to block rating societies and their speculative games, and to make them pay for all damages due to their “mistakes” causing “tears and blood” measures. These forces escape from any sort of democratic control, even USA influencing strongly real democracy and justice cannot do anything. They are the real power – every day we are paying really heavy taxes to Moloch. The current system makes the poor pay more than the rich; therefore the poor are getting poorer, whereas the rich are getting richer, as data concerning wealth distribution in western countries have shown. 

 

Dear Monti, instead of thinking about how to please markets, you should begin thinking about how to fulfill fundamental needs of our citizens as young Bocconi’s students did successfully during the 70s. Our fellow-citizens can understand only if we tell them the truth, with no reserves; if we explain them the several independent and dependent variables of the system; if we make them understand that the current financial system is unbalanced, and that we must act on different fronts, inside and outside EU, if we really want to get some decisive results. It is a long and cruel war, but in the meanwhile higher incomes should be surcharged, instead of the lower ones, as it is happening to pensions. It sounds like the famous saying: “You kill a dead man”. Fornero bursts out crying, while we are going to chicken out. I cannot believe Italian economics hasn’t succeeded in finding 2-3 billions to support lowest pensions - up to € 1.400,00. Shortly this depressing manoeuvre will call for new measures to launch again production! 

 

Dear Mario Monti, catholic, democratic, Bocconi’s professor. We have been living our lives with opposite ideas concerning Bocconi, Christianity and democracy: your ideas have turned into an ambiguous behavior. How do you think Italian people can understand and agree with measures that do not satisfy vital needs, but market-Moloch’s speculative necessities? You belong to banks and market, that’s why I guess they can understand you better than us. I would like to say  that I was wrong as soon as possible.

 

Anyway, merry Christmas to us, poor citizens!