20190408-Italy moves to get gold back from central bank


Jsnip4（Italy moves to get gold back from central bank for their people）:

-Italy’s ruling populists pushed ahead this week with efforts to seize control of the central bank and its gold reserves.

-The anti-establishment '5 Star Movement' and the nationalist 'League', depict the central bank as a symbol of a technocratic elite aloof from the needs of ordinary Italians.    They accused that the central bank is to blame for the lost of billions of the hundreds of thousands of small individual investors.

-And this week saw Italian lawmakers from 5 Star asking Parliament to pass two draft laws:

-One law would instruct the central bank’s owners, most of them private banks, to sell their shares to the Italian Treasury at prices from the 1930s.

-The other law would declare the Italian people to be the owners of the Bank of Italy’s reserve of 2451.8 metric tons of gold, worth around $102 billion at current prices.


-As The Wall Street Journal concludes, the 5 Star Movement and the League support public ownership of the gold reserves, and with backing from parties comprising 60% of lawmakers, the draft law has enough support to pass. Lawmakers from 5 Star also support nationalizing the central bank, while the League hasn’t decided yet, leaving the bill short of a majority with around 40% support.



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