Jim O’Neill, head of Goldman Sachs Asset Management, thinks Beppe Grillo and his Five Star Movement is a greater threat to Europe and the euro than the trials of little Cyprus. That’s because Grillo received more than a quarter of the votes in February’s election in Italy and has since gridlocked the political system by refusing any dealings with the established parties. A government can’t be formed.
Journalism gyrates dizzily between the dolorous grind of falling revenue and the Internet’s vast opportunities of a limitless knowledge and creation engine. On the revenue front, no news is good. The just-published Pew Center’s “State of the US News Media” opens with the bleak statement that “a continued erosion of news reporting resources converged with growing opportunities for those in politics, government agencies, companies and others to take their messages directly to the public.” Not only, that is, is the trade shrinking, but those who once depended on its gatekeepers have found their own ways to visibility.
Two movements, fundamentally opposed, are at work in the world: corruption and anti-corruption. The marketization of the economies of China, India and Russia in the past two decades has exacerbated the corruption in those countries. Businesspeople and politicians, often hardly distinguishable, become billionaires in tandem.
Hugo Chavez’s popularity was not confined to Venezuela; it was a global phenomenon. He pulled together a coalition of forces into a kind of “Chavez International,” an alternative to Western hegemony. It was an amalgam of allies whose comradeship was historically weird – communists, Islamists, Soviet holdovers, Western idealists and far leftists – but politically potent. And in the end, irrelevant.
“The servant of God’s servant departs in peace,” was the headline on an article by the British novelist Piers Paul Read this week. The piece was a eulogy to Benedict XVI’s papacy, in which Read argued that the pope had left the Church much richer in doctrine – conservative doctrine – than he had found it. Watching the televised images of Benedict touring St. Peter’s Square in his Popemobile ‑ smiling, waving, embracing the babies passed to him from proud parents as he went, speaking about the joy and light he finds in God ‑ you would be inclined to agree.
In a parliamentary election this week, a majority of Italian voters – some 60 percent – chose parties that even a cursory glance could tell had no coherent idea of how to run an advanced and complex state (let alone Italy). Forty percent voted for two groups that have a recognizably sensible approach to governance, the largest of which is mainly made up of the Democratic Party, heirs to the former Communist Party of Italy. In one of the smaller ironies of the election, these heirs of an anti-capitalist, anti parliamentary revolutionary ideology were regarded, especially by investors, bankers and politicians of both the center-right and center-left, as Italy’s greatest hope for constitutional and market stability.
“I’ll be back” has been Silvio Berlusconi’s frequent slogan since he first departed from the political field two decades ago. His first government, in 1994, lasted a mere year. It ended in semi-farce when his main ally, the Northern League, pulled out. Prosecutors announced an investigation into alleged corruption while he hosted a G8 meeting in Naples. But he was back in 2001 through 2006, when he lost by a whisker to the left; then back again in 2008, when a stumbling left government lost its majority.