1. Attualità e leggende
Parte II

2. I Paesi “virtuosi”
Il principio secondo cui uno Stato deve risparmiare per poter
spendere in futuro, principio divenuto legge con i trattati stipulati,
inizia a scricchiolare.
A (parziale) smentita di questa famiglia di principi di “salute della
finanza pubblica” universalmente riconosciuti, passiamo in rassegna i
rapporti deficit/PIL dei principali paesi europei.

8. I “PAESI VIRTUOSI” IN RELAZIONE
ALL'ENTRATA NELL'EURO.

9. Current Account 1996
4.0%
3.0%
2.0%
1.0%
Percent of GDP
0.0%
-1.0%
-2.0%
-3.0%
-4.0%
Portugal Italy Ireland Greece Spain Germany France

10. Current Account 1997
4.0%
2.0%
0.0%
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
Portugal Italy Ireland Greece Spain Germany France

11. Current Account 1998
4.0%
2.0%
0.0%
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
Portugal Italy Ireland Greece Spain Germany France

12. Current Account 1999
4.0%
2.0%
0.0%
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
Portugal Italy Ireland Greece Spain Germany France

13. Current Account 2000
4.0%
2.0%
0.0%
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
Portugal Italy Ireland Greece Spain Germany France

14. Current Account 2001
4.0%
2.0%
0.0%
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
Portugal Italy Ireland Greece Spain Germany France

15. Current Account 2002
4.0%
2.0%
0.0%
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
Portugal Italy Ireland Greece Spain Germany France

16. Current Account 2003
3.0%
2.0%
1.0%
0.0%
-1.0%
Percent of GDP
-2.0%
-3.0%
-4.0%
-5.0%
-6.0%
-7.0%
Portugal Italy Ireland Greece Spain Germany France

17. Current Account 2004
6.0%
4.0%
2.0%
0.0%
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
Portugal Italy Ireland Greece Spain Germany France

18. Current Account 2005
6.0%
4.0%
2.0%
0.0%
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
Portugal Italy Ireland Greece Spain Germany France

19. Current Account 2006
10.0%
5.0%
0.0%
Percent of GDP
-5.0%
-10.0%
-15.0%
Portugal Italy Ireland Greece Spain Germany France

20. Current Account 2007
10.0%
5.0%
0.0%
Percent of GDP
-5.0%
-10.0%
-15.0%
-20.0%
Portugal Italy Ireland Greece Spain Germany France

21. Current Account 2008
10.0%
5.0%
0.0%
Percent of GDP
-5.0%
-10.0%
-15.0%
-20.0%
Portugal Italy Ireland Greece Spain Germany France

22. Current Account 2009
6.0%
4.0%
2.0%
0.0%
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
-14.0%
Portugal Italy Ireland Greece Spain Germany France

23. Current Account 2010
8.0%
6.0%
4.0%
2.0%
0.0%
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
Portugal Italy Ireland Greece Spain Germany France

24. Current Account 2011
8.0%
6.0%
4.0%
2.0%
0.0%
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
Portugal Italy Ireland Greece Spain Germany France

25. Il debito pubblico italiano
Sfatiamo qualche mito circa il debito pubblico italiano, di cui sentiamo
parlare ogni giorno.

27. Il debito pubblico italiano
Nel periodo della “spesa allegra”, come viene chiamata oggi, lo Stato
creava ricchezza al netto per i cittadini, creando direttamente ed
indirettamente lavoro.
Questo circolo virtuoso aveva molte conseguenze nell'economia
italiana:
 negli anni '80 la Sip era la prima società di telecomunicazioni al
mondo. Primato nell'innovazione tecnologica e nella copertura
capillare del territorio;
 l'accesso al credito per le aziende ed i privati era abbastanza
semplice e, di fatto, garantito per legge;
 i treni arrivavano sempre in orario e le strade di sera erano sicure.

29. Le “confessioni” di Greenspan
- Are US treasury bonds still safe to invest in?
- Very much so. I think this is not an issue of credit rating. The United
States can pay any debt it has because we can always print money to
do that, so there's a zero probability to default.