Mish's Global Economic Trend Analysis

---

Venetian Protesters Demand Independence From Rome; Polls Show 70% Favor Independence Posted: 06 Oct 2012 04:10 PM PDT Its not just regions in Spain that are sick of centralized government. Take a look at Italy where Venetian protesters demand independence from Rome. The rally, which was organized by the separatist Indipendenza Veneta party, drew large numbers of energetic protesters. "The situation here is almost explosive, so today we have thousands of people who have gathered in front of the regional government and we're going to present to them a resolution signed by thousands of participants to have a referendum for independence," Chairman of the separatist Indipendenza Veneta Party, Lodovico Pizzati, told RT. "The main reason is economic. We are in a situation worse than a colony because the tax rate in Italy is the highest the world and our services are extremely poor. We have 20 billion euros missing from our regional resources each year and that's unbearable," Pizzati said. And while some question the region's ability to stand alone, Pizzati says the goal is completely attainable. "It can more than survive on its own. It will be the second richest country in Europe," he said. Veneto is the latest in a number of European regions to rally for independence, including Catalonia and Scotland. And according to Pizzati, the trend isn't going away anytime soon. "Sicily and Sardinia have strong movements for independence too…soon after us, it's going to happen to other regions of Italy…and probably in other places in Europe like Belgium or Spain," he said. 70-80 Percent Support Independence Similarly, The Telegraph reports Mass rally in Venice to call for independence from Italy Inspired by the nationalist aspirations of Scotland and Catalonia, pro-independence campaigners will hold a mass rally in the heart of the lagoon city on Saturday, calling for an urgent referendum to be held on the issue. It may sound fanciful, and it will be fiercely resisted by Rome, but activists want to carve out a new country in north-eastern Italy which would comprise Venice, the surrounding region of Veneto and parts of Lombardy, Trentino and Friuli-Venezia Giulia. The "Repubblica Veneta", as it would be known, would encompass about five million people. A poll conducted by Corriere della Sera in September found that 80 per cent were in favour of independence. A more recent poll by Il Gazzettino, a local newspaper, found a slightly lower but still overwhelming level of support – 70 per cent. The political movement was formed in May and shortly afterwards presented a petition with 20,000 signatures to Luca Zaia, the governor of the Veneto region. Video Chairman of the separatist Indipendenza Veneta Party, Lodovico Pizzati: "Situation worse than a colony and services extremely poor ... Situation is explosive." Link if video does not play: Venice and Veneto region seeking independence from Italy Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

"Unbelievable Numbers" Says Former GE CEO Jack Welch; Another Look at Jobs Including Government Jobs and Self-Employment Posted: 06 Oct 2012 10:02 AM PDT Political charges flew on Friday following the unexpected drop in unemployment rate by three-tenths of a percent. Former GE CEO Jack Welch led the way with a Tweet "Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers". In two of the last three months the unemployment rate fell solely because of people dropping out of the labor force. This past month, people came back in the labor force but part-time hiring and government hiring went up even more. Parttime employment went up by 582,000 as noted in my report September Jobs +114,000; Unemployment Rate 7.8%; Part-Time Workers +582,000; Initial Reaction and Election Impact. Government hiring went up by 187,000 in September, something I failed to mention yesterday. Household Data Detail click on chart for sharper image Taking a closer look, seasonally-adjusted, the number of government workers went up by 681,000 since June. (20.619 million in September vs. 19.938 million at the June low point). That's a lot of jobs (and jobs the economy can do without in my opinion). Also note that self-employment rose in the last month by 118,000. How much of that number is trinket selling on Ebay or other self-employment with no real income? Regardless, unless the BLS changed its survey methods or survey questions, as wild as the numbers seem, charges of political pandering are likely to be misguided. Did the BLS make adjustments to how it asked questions? If so, someone would probably have spilled the beans already. Summary Items of Note (Numbers May Overlap) Self-Employment +118,000 Government +187,000 Part-Time +582,000 This was not as strong a report as it first looked, whether one considers it "unbelievable" or not. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

You are subscribed to email updates from Mish's Global Economic Trend Analysis To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610