Discover and read the best of Twitter Threads about #miniBOTs
Most recents (4)
Thrilled to be on the op-ed page of the @FT! word limit was very tight (my 714 cut down to 615) so here follow a few explainers, expansions, further thoughts... 1/x
I was asked to write about mini-BOTS and assignats. Some would say they're complete opposites: assignats "backed" by land, #miniBOTs by nothing. But what gives money value isn't what's "behind" it but what's ahead--who will take it, for what 2/x
If #MiniBots are introduced, they will be circulate as a quasi-currency in parallel w euros. The anti-EU League Party is making vague #MMT anti #Austerity noises, but DO NOT BE FOOLED. A "parallel" voluntary money will not be good for ordinary people 3/x
I've been asked by several (non-Italian speaking) people for my views on the #minibot affaire over the past few days, so I think the time has come for me to put down all my thoughts in thread form (alert: it's going to be long) 1/
Let's start from WHAT happened exactly. A lot of foreign press has been launching headlines such as "Italy voted for parallel currency" or similar. That is not entirely correct. I want to make this point crystal clear because details matter a great deal in this mess 2/
What happened is that the Lower House of the Italian Parliament voted UNANIMOUSLY (we'll come to that part later on) for a motion, i.e. a document in which Parliament basically ASKS/EXHORTS the executive to do "stuff". 3/
A *very long* thread for those of you who are interested in the intentions of Salvini’s main economic advisors, Alberto #Bagnai and Claudio #Borghi, for Italy and the euro, and the #minibots saga. 1/n
Senator Bagnai gave an interview today in which he declared that the Lega (Salvini’s party, now the largest in Italy) has no intention of leaving the euro: bloomberg.com/news/articles/… 2/n
Shortly after, responding to complaints by many of his Twitter followers (who have been following him for years and voted for him on the promise that he and the Lega would deliver the promised land of monetary sovereignty), 3/n
@AndrewKeinsley Salvini's main economic advisor, Claudio #Borghi, is virulently anti-euro and has been advocating for years the introduction of small-denomination government bonds issued initially as a means to pay the administration's debts toward many domestic creditors. >
@AndrewKeinsley These small bonds (#minibots) would be accepted by the government in payment for taxes. In Borghi's own words, they would create circulation of a parallel liquid instrument that would eventually facilitate the country's exit from the euro. >
@AndrewKeinsley This plan has been known for a while. On May 30, the entire lower Chamber of the Italian parliament voted unanimously in favor of a motion that, among other things, supports the creation of the minibots. >
