Spengler dissects the problem of Italy. An excerpt:
Every Italian businessman famously keeps four sets of books; one for the tax collector, one for the bank, one for his wife, and one for himself. The cost of dealing with the predatory incompetence of the Italian government keeps firms in the family. That is why there's very little that is worth buying on the Italian stock exchange: the best firms remain closely held, many with superb technology.
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