The shutdown doesn’t worry me. A collapse of Italy does. Failure to raise the debt ceiling scares me!
As if today’s government shutdown was not enough bad news, watch out for Italy. Sore-loser Silvio Berlusconi, who hasn’t been funny since his famous “boom-boom” comments, looks like he is pulling out of the ruling coalition. He just ordered five cabinet ministers to resign, who promptly did as told. This is just what Italy and Europe don’t need. The Italian stock market is down sharply, and their interest costs are rising rapidly, which is critically important. If he must go to jail, this ego-centric and egotistical politician appears willing to take his country down with him.