Brace Yourself For Italy’s Bankruptcy

When Charles Gave of Gavekal chooses to express displeasure over an economic trend, an asset class, or what have you, he does not mince words. Right now, Charles is exercised about Italy.
When Italy adopted the euro in 1999, Charles argued at the time that Italy would change from being an economy with a high probability of many currency devaluations to one with the certain probability of eventual bankruptcy. Now, he says, the fateful moment is not far off.