You know it’s bad when… Italy’s new prime minister Matteo Renzi has decided that around 1,500 non-essential government official cars will be sold off (via eBay). As La Repubblica reports, the cars (among them dozens of BMWs, Alfa Romeos, Lancias, nine Maseratis and a couple of Jaguars) have come to be a symbol of wasteful government spending. Renzi noted, via Twitter, “Why should an under-secretary have an official car? The undersecretary should go by foot.”
The big question is… why sell all this non-essential crap when your yields are at record lows implying that everything is fucking awesome?!!!! (oh wait, what’s that red line)
Yeah, QE will really help eh?!
via Zero Hedge http://ift.tt/1hEcxPl Tyler Durden