Settimana di risk-off per i principali indici per via dei timori legati all’inflazione persistente e alle prospettive di tassi ancora elevati a lungo. Anche se il report di oggi sull’indice core Pce, la misura molto gradita alla Fed per valutare l’inflazione, ha mostrato un parziale raffreddamento, o quantomeno una stabilità. L’indice ha riportato una crescita su base annua del 2,8%, in linea con le previsioni degli analisti e con la rilevazione del mese precedente. Questo dovrebbe lasciare più margine di manovra alla Fed per abbassare i tassi di interesse nel corso del 2024. Passando al Vecchio Continente, il report sull’inflazione dell’Eurozona ha mostrato un indice al 2,6%, oltre il 2,5% atteso e in accelerazione rispetto al 2,4% precedente.
Cercando su internet diverse opinioni, guardate un po' cosa ho trovato 
ho iniziato da questo articolo del 2006. Qualunque italiano medio sarebbe andato nel panico. Notare gli incontri segreti con un membro della commissione europea, che ha spostato tutti i suoi soldi fuori dall'euro (nel 2006, all'inizio del rally dell'euro, adesso ha perso un sacco di soldi sul cambio)
L'Italia era 5 minuti a mezzanotte !
Monday view: Why break-up of faltering euro could be the way ahead
By Ambrose Evans- Pritchard
Last Updated: 8:40pm BST 22/09/2006
The disintegration of the euro may be drawing closer. Warnings of an EMU bust-up were once confined to a handful of eurosceptic journals: they have since spread to City banks such as Morgan Stanley and HSBC, and are now moving perilously close to the EU core itself.
"Will the Eurozone Crack?" is the latest missive from the Centre for European Reform, a pro-euro think-tank with close ties to the European Commission.
"The single currency was supposed to bring Europe together, but it risks becoming a source of economic dislocation and political division," begins the report, a 59-page demolition of EMU by the centre's business chief, Simon Tilford.
"Italy is the country most likely to trigger a crisis. It is not far-fetched to imagine a scenario in which the country is forced to quit the single currency. It could easily force other members to quit the eurozone and could even precipitate the unravelling of the single market," the paper says.
Those of us who have been thundering ever since Maastricht that EMU is a woefully misconceived idea that will destroy the very Europe it was intended to cement, can only say: welcome to the club. In truth, it is a well-kept Brussels secret that many of the EU's own experts fear the euro will blow apart in the next nasty recession, with Italy, Portugal, Greece, and Spain shaping up as prime candidates for ejection.
As The Daily Telegraph's Brussels correspondent, I used to meet for furtive lunches with a Commission economist who was so worried about the coming smash-up that he had switched his savings into "hard" currencies, choosing foreign accounts beyond EU reach. I joke not. He knew, from his ringside seat, that the single currency had been thrust on Europe by the Delors crowd for entirely political reasons in the face of vehement warnings from the pros at the Directorate of Economic and Monetary Affairs.
"They didn't care if there was a crisis one day. In fact they welcomed it, thinking that it would make it easier for Brussels to gain fiscal powers and create a debt union," he said.
This strategy – the Jean Monnet method – seemed a plausible bet at the time, when the march towards closer union looked unstoppable. They never imagined that France and Holland would spurn the EU Constitution, leaving the euro a stateless, orphan currency without the prospect of political union to back it up. The Centre for European Reform says Italy is now at "five minutes to midnight", running out of options after having squandered the windfall gains of EMU entry.
[ecc]
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/09/18/ccview18.xml
ho iniziato da questo articolo del 2006. Qualunque italiano medio sarebbe andato nel panico. Notare gli incontri segreti con un membro della commissione europea, che ha spostato tutti i suoi soldi fuori dall'euro (nel 2006, all'inizio del rally dell'euro, adesso ha perso un sacco di soldi sul cambio)
L'Italia era 5 minuti a mezzanotte !
Monday view: Why break-up of faltering euro could be the way ahead
By Ambrose Evans- Pritchard
Last Updated: 8:40pm BST 22/09/2006
The disintegration of the euro may be drawing closer. Warnings of an EMU bust-up were once confined to a handful of eurosceptic journals: they have since spread to City banks such as Morgan Stanley and HSBC, and are now moving perilously close to the EU core itself.
"Will the Eurozone Crack?" is the latest missive from the Centre for European Reform, a pro-euro think-tank with close ties to the European Commission.
"The single currency was supposed to bring Europe together, but it risks becoming a source of economic dislocation and political division," begins the report, a 59-page demolition of EMU by the centre's business chief, Simon Tilford.
"Italy is the country most likely to trigger a crisis. It is not far-fetched to imagine a scenario in which the country is forced to quit the single currency. It could easily force other members to quit the eurozone and could even precipitate the unravelling of the single market," the paper says.
Those of us who have been thundering ever since Maastricht that EMU is a woefully misconceived idea that will destroy the very Europe it was intended to cement, can only say: welcome to the club. In truth, it is a well-kept Brussels secret that many of the EU's own experts fear the euro will blow apart in the next nasty recession, with Italy, Portugal, Greece, and Spain shaping up as prime candidates for ejection.
As The Daily Telegraph's Brussels correspondent, I used to meet for furtive lunches with a Commission economist who was so worried about the coming smash-up that he had switched his savings into "hard" currencies, choosing foreign accounts beyond EU reach. I joke not. He knew, from his ringside seat, that the single currency had been thrust on Europe by the Delors crowd for entirely political reasons in the face of vehement warnings from the pros at the Directorate of Economic and Monetary Affairs.
"They didn't care if there was a crisis one day. In fact they welcomed it, thinking that it would make it easier for Brussels to gain fiscal powers and create a debt union," he said.
This strategy – the Jean Monnet method – seemed a plausible bet at the time, when the march towards closer union looked unstoppable. They never imagined that France and Holland would spurn the EU Constitution, leaving the euro a stateless, orphan currency without the prospect of political union to back it up. The Centre for European Reform says Italy is now at "five minutes to midnight", running out of options after having squandered the windfall gains of EMU entry.
[ecc]
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/09/18/ccview18.xml
