Comments
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NBGreat format. Looking forward to more.
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PGWow!! This is amazing! I love original conversations that are not boarding
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MSLooks good... save Europe! No more EU, no more mass immigration.
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GBWhat a great idea, Grant - take economics out of the boardroom and down to the street. The quality of the production is superb, kudos! - with exception of the two football hooligans blocking the view from above the Arno. Stephen makes a powerful point about the reality of the European Union - it is NOT primarily a fiscal union but a belief system. How is it possible that so many brilliant minds knocking about Brussels cannot see the trees for the forest? They have an irrational belief in the supremacy of the EU project, damn the cost and the tiresome hoi polloi. Democracy never had firm root in Europe (with exception of the UK) and the two World Wars created an illusion of a greater project. The cynical, unelected pols in Brussels have no interest in compromise which is a necessity of any noisy democracy. The US will mobilize political antibodies to subsume the Trump virus, having learned important lessons about the dangers of elitism in a democracy. In the EU, the tumor lurks beneath the surface: an Italian departure will expose it. BTW, I didn't see any segments parking tips whilst in Florence....will that form part of the outtakes?
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JBReally good idea for a new video series! Bravo!
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MDDiggle makes some points that could benefit from fleshing out. Why Italy has high rates and a weak economy, for example, could use better explanation. With editing, I think the RV team could stop the dialogue at important points and providing the background in a smart, concise way
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JBI think if you're going to take this path, you need to apply more journalistic rigour. Polling an investor for their opinion on the market or what their next trade is one thing, but going down the well beaten track of political-economical insight is another. For example. My italian wife (roman) doesn't recognise the such strong emphasis on strong regionalism mentioned. It's like saying yorkshiremen are stalking people from lancashire down dark alleyways. sure we take the p*ss and apply the usual stereotypes but if asking for directions, they still get a civil response. Also laying cause at the door of "brussels" i think is a biased opinion. There is is sound econmoic policy behind the rationale of making governments spend within their limits. The italians do have a tendency to be profligate in their spending and bureaucracy which was hidden in their currency devaluations. The 1000 lira note?) . Populism has inflammed peoples desire to find a scapegoat and of course "brussels" is a candidate but not necessarily the root problem. I agree their haughty attitude doesn't win friends and may well accelerate the europoen project's demise. You'll need to check for bias, distinguish between fact and opinion and get more local input to present more balanced research. Perhaps get a research assistant (fact checker / find alternative views) with a few more local interviews and also portray counterpoints to your thesis - who are the main detractors and is their any weight in their argument.
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AAFantastic! Great combination of history, politics, culture, and finance.
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ABBeing an Italian I’m utterly disgusted by the superficial way my country and Europe are portrayed in this video. Two English men in their 50s bashing the European project while drinking coffee in Florence. Such an idiotic anglosaxon cliché. The video is full of misleading statements and complete lies. Not all 5 stars and northern league voters are against the euro. Nobody wants their pensions in lira. Europe a belief system? Yes, probably because none of your grandparents was imprisoned in a nazi camp. Don’t get all the buzz around Grant. Constantly complaining about central banks, fiat currencies and the euro. If only his p&l was as big as his mouth. It would have been good to actually show what’s happening by interviewing locally entrepreneurs, politicians and ordinary citizens. Thumbs down.
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sBWell done guys that was brilliant. Biggest problem of Italy ain’t Bruxelles it’s their political system that allow corruption and bureaucrat to thrive. They don’t need fiscal spending they need a complete revamp of their public processes. The Italian topography also makes hard for the south to compete with the north which is at the crossroads of west/east/northern Europe. On that front Bologna is one of the most interesting 2nd tier city at the moment buying real estate there.
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CBAbsolutely brilliant. Creative, smart, crisp articulation all around. I learned a ton
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XPBravo Grant! As an emigrated Catalan-Spanish I wish someone would do a documentary like this in my country. Many strong parallels with the Italian situation and an economic basketcase too.
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PGFantastic! My inner history nerd appreciated the background story of Florence and Italy!!
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BBSimply brilliant!
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RRReally enjoying this series. Quite insightful. Still, in the cafe scenes, I keep waiting for Jim Carrey or Aaron Rogers to photobomb you guys. One can only hope.
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MRCan't wait to binge on this properly! Steve Diggle / Artradis was on of the first accounts i covered when started my career Day1, he and his team always very humble, professional and even spent a few of their minutes telling me why they where doing what i was executing, and expected outcomes. David Pitcairn taught me a lot about trading DLC equities and i had a few trades with Mr Diggle himself! will always remember them and try to stay in touch when i can. Incredibly clever and some of the nicest people i have had the pleasure of broking for in this industry. Masters of vol trading :)
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VMThis is why I have been with Real Vision from the beginning... insight not just recommendations
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SHAn excellent perspective on a highly complex situation. As always there are no right or wrong answers, just insights based on experience and observations which are invaluable. Great to hear from Stephen offering his thoughts.
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FMThis was an AWESOME series. It’s Nial Fergusson the Ascent of Money meets Top Gear. Fabulous educational entertainment. Such an awesome combination make Messrs Diggle and Grant.
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RLAnalysis of the Euro and budget deficits etc by Steve is totally conventional and incorrect. There's no 'problem' or 'punishment' from having a stable currency while trying to run large deficits. This is, in fact, one of the sounder points of the Euro project: to discourage the debt crisis and inflation cycles of Europe's, ahem, less disciplined nations. The idea that if Italy got the lira back and could drop rates and run large deficits at will, and that further, this would be better than the current arrangement, is rather laughable. But this analysis is also incorrect in the sense that neither is monetary policy "too tight" in Europe (I mean, seriously!) nor is fiscal deficit spending a path to faster growth (unless you remain in thrall to JM Keynes and reject JB Say). So, not only is monetary policy NOT tight, and Italian fiscal policy ALREADY too loose (fauxsterity), but whatever meagre discipline the Euro system is still able to place on Italian borrowing costs is a GOOD THING. Which brings us back to Steve's earlier point about "over-regulation", which is true but only scratches the surface of the problem. Italy is in need of a grand, epoch-defining rollback of the state, soft-socialism, hyper-welfarism, Draconian taxation, and crony and nanny regulations. And, of course, this is really true of all of Europe, and indeed the West, and indeed the globe. In this sense, there is nothing particularly idiosyncratic about Italy's malaise.
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TAWell done, Grant! Love the new series. A great look at history and how that effects current events from some very intelligent people that can objectively look at all sides.
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BSAm I the only one that noticed the two blond girls at ~10min remaining? Well, other than Steve, who also noticed....
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ADThis episode was so enjoyable to watch
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MMthank you.
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MBLove this type of videos...
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SUEveryone in the UK should cancel their BBC TV license and sign up to Real Vision
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SSEuropean project and the setup of the Union, failed to convert each countries debt into euros. This interview confirms and gives notice that the European Union and Brussels is like the mafia. Like the Godfather movies, "You can in but your can't get out". Britain has voted that they can get out and why not just leave and the hell with all the negotiation and agreements. Europe needs Britain much more than Britain needs Europe. Brussels doesn't change or negotiate their agreements. It's a one way street and the Italians have a phrase for that. EU wants to turn Europe into United State of Europe but it's not the same as the USA which is, one language, one currency. States. or in this case countries, must have some sovereignty so they can flourish within the union. Italy should just break away. Leaders of Brussels just want their huge tax base, fraudulent fees and huge f+++++++ing salaries. It's become a political union not a trade union as originally setup. Brussels and the European Union will fail, will fall apart and they should. Each country should govern themselves rather than get punished as Mr. Diggle stated. Fantastic interview can't wait watch Episodes 2-3.
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stBanking 'systems' are fundamentally changing as the algos taking over everything AI can mine. Not to worry. New banking 'systems' are happening out on the edge.
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PDSo which one is Rob Brydon and which one is Steve Coogan? Love the format and content: very engaging lesson in economic history. Well done RV - am looking forward to the rest of the series.
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JNLoved It Grant, & the beautiful scenery , settings , people & history too !!
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ggBravo!
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avBrilliant! Hope Grant ends this series interviewing ECFIN in Brussels.
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ALHey Grant, what kind of camera are you using? Sony Alpha? Beautiful shots!
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SAGreat series. But a reviewer said this was viewed from an Anglo-Saxon perspective and this is so true. Italians don't want growth. They view bank debt as a way to finance themselves. They just get the money and don't pay back. It's the lender's problem for not doing due diligence. Hence all the busted banks. Italians also don't want to pay taxes because of government corruption but now because of Europe. Greeks think the same way, by the way. People keep trying to shoehorn American/English growth/entrepreneurial thinking into these cultures. It assumes Italians/Greek want growth and entrepreneurship. They don't. The life they have is just fine thank you. They want nice restaurants, nice food, good friends and a good time. If anybody in Italy/Greece wants to work hard and make it big, they move to America.
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OCI lived in Rome for almost 13 years and I know Italian culture very well. Italians go to extremes to avoid paying taxes because of historical over taxation and corruption.. Even professionals offer extreme discounts for services or goods on cash transactions. The EU is an experiment that might get crushed by cultural differences and traditions which go back thousands of years. Spain is very similar to Italy so if there is an Italexit there will be an Spainxit
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JSThis is AWESOME!!!
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TSLove this series!!!!! Amazing job RV team
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MMgood stuff, thank you.
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AEI just watched episode 1. I love it but I must stress a need for a local perspective. Grant should interview/talk to David Serra from Algebris for "an Italian perspective".
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JMThank you very much for this series!! So much value aded! Thank you for your work!
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MTThis series serves as yet another sound piece of evidence that RealVision is a first-class provider of quality information. Stunning. Informative. Excellent.
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DSAn excellent and most enjoyable three-part series. Great to see Mr. Diggle on RV again. I hope that Europe will find a way out of this tragedy, but the chances of success seem slim with the world slowing down also. This is very sad to me as Europe is a great place with wonderful people and brilliant cultures. I don't even think that Mr. Diggle's hope for a resurgent DM may come to pass in the short run, as the effect of Europe will be felt all over the world. When investing the effect of a major downturn and dislocation in Europe should be part of your risk analysis. It is not a surprise that central banks are increasing their gold reserves. Maybe I should too. DLS
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TBI hope this series flows into France and Spain talking to experts in each country, amazing stuff!
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PRVery good documentary, really like the historic perspective but we keep hitting with the empty talk about the end of the Euro. I think all Continental Europe wants the Euro it just wants some things changed in the European Union. This is a process that it takes to many countries with different economic and culture realities, it just takes time. Countries want more flexibility but that flexibility has responsibility and in some countries the debt is to big to give more flexibility. Until we have full accountability in each country we can’t have the securitization of partial European gov debt. The documentary lacks a perspective of an Italian.
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AKThe city scape view at the beginning is a great place. I drove a Ferrari California up there a few years ago and pulled some donuts in the car park at sunset. Italians love their super cars and a crowd of about 50 people all came to watch and cheer, then i let a bunch of teenagers play around with the car and get photos while we enjoyed the sunset. Anywhere else on earth some idiot would have called the cops and I would have been arrested. In italy it is celebrated.
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PBAMAZING! you guys are legends!
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JHVery good episode in many respects. Do agree with Andy B’s comment that more local engagement in episode 1 would have been good. Well done guys. Enjoyed this.
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BBAbsolutely terrific - more Grant and Diggle please!
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NRWell done gents. You’ve topped yourselves and taken in to a new level.
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jsGrant - One thing I learned from the Workshop - There's not one trade idea watching these series :) Brilliant work!
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OGSteve Diggles eyes with 10mins 15s left in the film, magic. For that split second Grant lost his attention. :) ps. Great interview.
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RLdon't get cocky and don't lower standards, but very good format and overall quality! congratz!
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BBAbsolutely, it is a belief system. I have been working for the EU as an interpreter for 10 years, and truly, these people are fanatics. Here is an excellent example of it, European Parliament President Tajani (Italian) claiming that Nazism was defeated thanks to the EU, and that Soviet Union disappeared when Eastern European countries joined the EU (in 2004?!). Fascinating to watch. https://www.youtube.com/watch?v=i9n32e2LN6s
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FCFantastic work, Grant and Steve.
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JWGrant’s work is so good I can just about give it a thumbs up rating before I’ve seen the show. I forced myself to view 10 minutes before 👍
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ELHey RV, Love your content. If possible, is there a way to enable or add subtitles? I’d love to know exact spellings and be able to catch everything of big words. If too much of a hassle, no worries. But it would be helpful for me because I like googling words I don’t know how to spell :)
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WMGreat stuff
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SRI thought the comment about "Italian bureaucracy" harming business formation a little too "light." When my wife and I traveled to Italy to visit her relative (in a town outside of Sulmona) we were told that prior to starting a company, you needed to hire an outside accountant (by law). As an accountant, I could see the value of this (full employment!). Also, you must pay your full year's employment taxes prior to starting your business. Imagine this in the U.S. - pay self employment tax of 15.3% on $128,700 (>$19,000) before you sold anything.
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JWAbsolutely brilliant! I love the time taken to delve into some groundwork and history then move into the here and now! Excellent yet again RV!
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SHExcellent stuff - truly outstanding. (I'm now off to check the 'Wanted' ads to see if Grant's looking for a bag-carrier.)
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GLYou know what's so great about RV? It allows people, myself included, who feel robbed of the hundreds of thousands of dollars they spent on "education" to get an unfiltered, un-politicized, authentic view from actual practitioners rather than hacks who are picking their pocket with one hand and wagging their finger with the other. Extremely bullish on this trend of general education. Extremely. 10/10.
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TJ'Touching to see Steve's concern for Grant's well-being, i.e. "That stuff will kill you." That at least is certain.
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JEApart from the first rate content, whoever edited this did an amazing job.
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RTReal Vision wouldn’t be what it is without Grant...You raised the bar again my friend.
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PJI've been scouring the web for the last six months for decent and different critiques of Italy and how its playing out and this looks to be giving me at least one informed and comprehensive view on a plate. Being UK based and a 'Remainer' despite my abhorence of any move towards the Federal agenda by Brussels and IMO the 'Euro' being a long-term disaster, I have always thought the UK had the best of both worlds by being in the EEU but out of the Euro. Really looking forward to the next two episodes. I'll be interested to see how this is viewed across RVTV audience as a whole and how the non-europe based subscribers see it and view it. IMO, Italy is potentially a hotter topic than Brexit.
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FGI always said: The most powerful destroyers of 'italian' value were Mazzini and Garibaldi. Italy should never had happened. The peninsula today would be much more prosperous and socially healthy if Italy had never cristalized as a country and moved towards a commerce and defence based alliance of independent regions. Italians are not made to operate as a country.
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NvGreat history lesson