Can anyone please explain how raising the interest rates to Italy will help anyone?
I think people need to understand that the Emperor, Wall Street, has new clothes. In both Italy and Greece they have made loans impossible to pay off by raising interest rates. But, they don't lose at all. Either the EU bails them out-Wall Street gets paid, or, the nation defaults and Wall Street gets the spoils. And, to get bailed out, the nations must meet all kinds of requirements-lay off workers, loosen regulations and be indebted to international corporations or risk chaos.
This is also done to consumers. Those who are having financial difficulty get their credit card interest rates doubled, and more. Does this make sense? Does it make sense to raise mortgage rates when a consumer is on the edge? Why would it make sense to raise rates on a nation? While Obama is trying to ease rates for consumers, Banks are doing everything they can to increase fees and keep rates high.
Clearly, Wall Street knows they are in a win-win situation. They will always get their money and they get to dictate public policy. Is this really so hard to see?