Poster Comment:
BRICS (Brazil, Russia, India, China, South Africa) has a plan to cancel debts for the Global South. Sergey Glazyev is Minister for Integration and Macroeconomics for the Eurasian Union. He wants to invite the Global South to do two things. One is the use BRICS commodity backed currencies for trade replacing the dollar. The other is to join in worldwide Debt Cancellation when BRICS, the Global South and other possibly interested parties, such as, Italy Hungary, Sweden, Croatia, Serbia, Moldova and Bulgaria refuse to repay loans denominated in dollars, euros, pounds and yen. Their foreign debts will disappear overnight. And that would be very good for them.
Italy is currently using the euro but the Five Star movement is anti-EU and wants to quit the euro. They will have a significant voting block in the new parliament, larger than any of her coalition partners. And Meloni, when she forms a government, will be given a bonus equal to 10% of the seats in the new lower house of parliament. This is to help incoming PMs form a stable government. Italy has had 11 governments in the past 20 years.
Meloni, if she sees the EU crashing this winter, might want to find a soft landing for the Italians from the coming Depression by quitting the euro at the right moment. Italian euro debts would become payable in lira which will be at a discount after devaluation. And she might be able to stop paying back all those euro denominated EU loans when the EU is busy with rioters protesting the lack of heat, food and jobs. That will save Italy hundreds of billions of euros in payments. Italy’s government debt is more than 152% of GDP so Debt Cancellation will definitely boost their economy.
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