Italian Prime Minister Matteo Renzi, a full-on member of the country’s political establishment, did what socialist Democrats and their propaganda division, the mainstream media, did—they underestimated their own power.
On Sunday, Italian voters rejected more of the same when they overwhelmingly voted against constitutional reform propose on which he staked his future.
As reported by Agence France Presse, Renzi vowed to quit as PM if he lost the vote on his proposals to “streamline” parliament and other measures, including reducing the role of the senate and taking back power from regional authorities.
In other words, as the election of President-elect Donald J. Trump in the U.S. signals, Italians also rejected the establishment status quo and voted to return power/retain power for themselves.
“The experience of my government ends here,” Renzi said in a televised address to the nation.
As noted by Zero Hedge, Renzi’s defeat has a number of implications:
— He lost by a huge margin
— The blow-out loss is a “confirmation that anti-euro populists are ascendant in Europe,” and that there should be an expectation in the months to come of further backlash in France and the Netherlands, especially, potentially the “two next big dominoes to fall”
— Expect Italy to collapse into a major period of instability, with the prospect of of a prolonged, bitter, electoral campaign to not help stabilize the country or reverse its anemic economic recovery
— Banks and other financial institutions in Italy are likely to suffer as well, and some may even collapse – with the euro dropping to its lowest level against the U.S. dollar since March 2015
Bloomberg’s Flavie Krause-Jackson put it, “Tonight’s stunning defeat of Renzi by a much larger margin that expected throws into sharp relief the challenges that lie ahead for European centrist leaders. At this point it’s almost impossible to discount even more shocks. We expected a close race, what we got was a very clear message that people will not tolerate the status quo and are willing to burn the house down regardless of their interests. And to be clear, the political instability that will follow will benefit very few.”
Zero Hedge further noted that as a result of Renzi’s loss may mean Italy’s government bonds, which have been the EU’s worst performers, may drop even more come Monday.
The point is this: Italy, like the U.S., voted to reject the political establishment, and no one in the establishment saw it coming because they have been too assured of victory, too confident, and too unopposed in the past.
Like most Americans, the Italians are ready to take back their country, their sovereignty, their economy and their children’s’ future from the globalists who seek to exploit them for personal gain.