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Lest anyone doesn’t understand the latter-day financial concept of “too big to fail,” look no further than the farce that is one of the nation’s oldest, proudest nations – Italy.  Yes, the nation where a convicted tax cheat – who will likely go to prison shortly – nearly won April’s Presidential election; as did a career comedian, who just happens to have more sense than all other candidates combined.

Anyhow, for those not closely following the horrific plight of Europe’s fourth largest economy; which sadly, is the WORLD’S FOURTH MOST INDEBTED NATION – after the U.S., Japan, and Germany…

Source: Zero Hedge
…it has been riddled by scandal after scandal; in a slow motion economic train wreck nearly on par with more well-publicized PIIGS like Greece, Spain, and Portugal.  However, the “granddaddy” of such scandals is what is currently going on at the nation’s third largest bank, Monte Paschi.

MP has already been bailed out three times in the past four years – and believe it or not, is seeking a fourth bailout as we speak.  Per the below chart, it appears MP – perhaps EUROPE’S MOST INSOLVENT BANK – has been using its “bailout” funds to purchase one of the world’s worst investments – i.e., Italian sovereign bonds; and thus, the necessity to continue “rescuing” it…

Source: Zero Hedge
Frankly, this scheme is so transparent, it’s hard to believe ANYONE still owns Italian bonds; or, for that matter, Monte Paschi stock – which believe it or not, still has a value of €0.20/share.  For the European Commission – via the ECB, I’m sure – to continue funneling PRINTED MONEY into Monte Paschi so it can support Italian government bonds is the ultimate “PONZI WITHIN A PONZI”; and thus, it’s only a matter of time before the ENTIRE scheme – from MP to the ENTIRE Italian government’s finances – will come CRASHING down in a heap of smoldering ruins.


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