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And the Italian central bank should permit this for what reason?

The alternative is to stop all cross-border transactions which would also result in a total collapse of the economy. But the savvy investors will park their ill gotten gains in safe havens long before that will happen. As always, it is the average Joe that's going to foot the bill.
Savers have no macroeconomic function.

Savings are necessary to fund industrial production.
Money can be printed.

Wealth cannot be printed. Printing money destroys wealth.
But if you just want cheap paper money to paper your walls, I dare say, the money printers have a point.
by The European on Mon Mar 11th, 2013 at 08:08:06 AM EST
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