On Sunday
the conservative Sicilian electorate voted for a completely new political party.
This party, called the 5 Star Movement, champions “alternative” solutions to
Italy’s problems. Crazy ideas like; investment in local business and
infrastructure to make a vibrant sustainable local economy based on ecological respect
and political transparency. However immediately
after the regional elections Fitch Ratings downgraded Sicily to little more
than junk territory citing possible “political turmoil” for its loss in value. Hey
Fitch! What does junk territory actually mean? Since when was a democratic choice
for change political turmoil? What are your motives?
Fitch, it’s
true, the property in Sicily is currently ONLY useful as HOMES for FAMILIES to LIVE
IN. These homes will not dramatically increase in value nor maintain any
inflated value given to them in the past any time soon. If junk territory means
Sicily is not a location for speculative property investment then that pretty
much sums up the situation since the economic collapse in 2008. However, on the
plus side, when a property is a home the owners tend to be part of and contribute to the local community. I know no one gets rich quick from such
humble existence but the sustainability of such a “life-style” is priceless. For
example when I go out the front door of my junk Sicilian property I can go to
my local baker. They make fresh bread every day from the famous “black” flour
made in this region. This specialty bread that costs me just 1 euro a kilo. I
can go to the farmer who sells his organic veg from the back of his little 3
wheeled van on the side of the road. I can pop to the sea side and get fish
straight from the fisherman. Somehow my property doesn't sound like junk any
more. Especially considering prime property in Manhattan is sitting under water
right now.
Fitch, you
lie when you say “political turmoil” is your motivation for downgrading Sicily’s
credit rating NOW. Before the election results on Monday the region had been governed
by two consecutive presidents who left their posts when prosecuted for
corruption and mafia connections. One of these presidents now resides in a junk
property called JAIL. For the last ten years the region has been mal-governed
and dragged into debt by a political plutarchy that’s sole objective has been
to get rich quick. Why didn't you down grade Sicily when this criminal
behaviour was at its height? What happened on Monday was a vote to change this destructive behaviour by a political elite. The 5 Star Movement, or as you call it “protest” party, is a real concrete step
towards a healthier political environment that puts citizens back in the driving
seat. For that last 10 years the politicians in Sicily have been on a wage
higher than Barak Obama. The new party has come into office cutting their wages
immediately to be in line with the rest of Europe. One day after being elected the
new candidates were broadcast on the internet answering questions made by the public
in a live twitter feed. They are listening to the problems of and gathering the possible solutions from the people that live on this island. They want to create a
program that promotes a healthy local
economy.
Fitch, I
think you, the banks, the old-school politicians and the corporates are the
only people who are feeling any turmoil as a result of this election. After all
the future proposed by the 5 Star Movement will make it harder for big corporations
to come into Sicily and suck out profit, if those pesky Sicilians keep buying
local produce, it will be more difficult for the markets to make money
speculating on a stable and sustainable economy and it’s true, there won’t be
any housing bubble to profit property portfolios in a region where houses are
used as homes. To me this this “turmoil”
feels more like “hope” here in Sicily. If a triple BBB credit rating makes
people feel this good then perhaps you should bottle it and sell it.
