Turn on most business news stations and you will still hear Brexit being talked about, although now it is mostly as an excuse by companies who failed to make their estimated earnings for the last quarter.
But want to hear these paid tools discuss the black swans of Deutsche Bank and the insolvent Italian banks? At best you better tune into the late night European Squawk on the Street to even catch a glimpse of this.
Yet these pale in comparison to an upcoming event that will make even Britain’s exit from the Eurozone little more than a casual summer storm. And what is this potentially earthshaking event?
The Italian Referendum… which current Italian President Matteo Renzi has staked his entire political career upon.
For the European Central Bank, Italy has long been a linchpin for its survival, especially since like with Greece, its inclusion into the EU was done using manipulated financial data at the hands of none other than Goldman Sachs. And it is why following the scandal that threw out the duly elected Italian leader Silvio Berlusconi, the European Commission planted a banker in the office of Prime Minister (Mario Monti), and implemented austerity measures that ensured that Italy would be under the dominion of the ECB for decades.
But like with Britain’s referendum vote, and the rise of political candidates such as Bernie Sanders and Donald Trump in the U.S., and Marine Le Pen and Beppo Grillo in Europe have provided Prime Minister Renzi the cover he needs to trust that the nationalist frequency shift taking place across the globe will be on his side in breaking Italy’s deadlocked parliament, and allow the Italian people to potentially do in finance what the UK did in geo-politics.
One thing is for certain, the crumbling of the European Union is well under way, and should the Italian Referendum succeed as it did North of Gibraltar in Britain earlier this summer, then that end for the EU, as well as the Euro, will come much faster than anyone could anticipate.