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There is a judge in Trani

di Giulietto Chiesa pubblicato il 26 gennaio 2017 da Sputnik e tradotto in inglese da Giorgio Grosso e Leni Remedios

Giulietto Chiesa
martedì 31 gennaio 2017 15:33

It was the public prosecutor Michele Ruggiero who performed his duty as "public inspector" bringing Fitch and Standard&Poor's to trial. They were two of the three rating agencies that tormented Italy and that played the part of persecutor on behalf of the largest financial lobbies of the entire world. We now know it with all the necessary details, pending a final judgment issued by the court.

The accusations they have been charged of are serious and put in doubt, first of all, the overall arbitrariness of their ratings. It adds up to a long list of outstanding manipulations of available data which seem to have been chosen randomly, in reality having the purpose of setting the stage for a political crisis and of working as means for blackmail. In other words, the two agencies officials worked on behalf of third parties, hit Italian national sovereignty and submitted its people (not only savers) to heavy economic and social consequences in the past years, up to today.

The facts root back to the decision of these strange "judges" - whom no one ever elected - that led to the double downgrading of Italy's rating on January 2012. They are unqualified "judges", appointed by the almighty financial lobbies of the world. They deliberately spread around the world their "concern" for the "too high" level both of Italian national debt and Italian bank debt to foreign creditors, even though all data, including IMF's and EU Commision's, indicated the contrary. Public prosecutor Ruggiero has abundantly demonstrated all that in his nine-hour long closing speech.

Only someone totally naïve wouldn't be able to understand that the emergency program of the sworn in government Monti - wanted by the then President of the Republic Napolitano - was carried out on the ground of those false judgments and data. Indeed, it is astounding the fact that the then Finance minister, Pier Paolo Padoan (also minister under Renzi's administration and under the current Gentiloni's government) decided not to bring civil actions to Trani's trial. It is a case of a blatant political collusion which will hinder the possibility for the Italian state to get even a partial refund which, according to the Court of Auditors, amount to no less than 120 billions of Euros. However, this estimate is underrated in many regards. These gentlemen's judgments not only moved hundreds of billions around but also changed the European financial equilibrium and created political instability. Not only in Italy. One needs only to recall the Greek example to understand the enormous power shifted by the markets from democratic institutions to the banks.

The City of London, a branch and accomplice to Wall Street, took in its hands political power. Those who are sitting - in a figurative sense - in the dock are none other than irrelevant "second rank" butlers of this new political system. We say "second rate" because no one knows their names. We know "the first rate butlers", such as Pier Paolo Padoan or Vittorio Grilli (then Treasury General manager and now back to his real office at the top of JP Morgan). They are not among those who are impeached. For now.

Who ever heard of, for instance, Deven Sharma, Standard&Poor's President, among the five who've been accused and who are facing a possible prison sentence of two or three years? Without the meticulous work carried out by Trani's public prosecutor, we wouldn't know anything today.

We now know that they cooked the books and that the famous "spread"- that they used to trick us - was also a lie.

The most unpleasant fact, however, it is to find out that Standard&Poor's will have to pay - if all allegations will be confirmed - only 4,6 millions Euros. For those who robbed an entire country is tantamount to a pack of cigarettes. This means only one thing: the penal code is fifty years behind. Even if Trani's judgement - due in February - ends up in mild convictions, we have to realize that we now, finally, have the tools to stop subversives.