On the Road: Italy – Episode 1

Published on
February 8th, 2019
Duration
39 minutes

On the Road: Italy – Episode 1

On The Road ·
Featuring Steve Diggle

Published on: February 8th, 2019 • Duration: 39 minutes

In episode one, Grant and Steve travel to Florence where they discuss the country’s fragmented history, the formation of modern-day banking and examine the effect of the Medici family on Florence and beyond. Filmed December 2018 in Florence, Italy.

Comments

  • NB
    Niall B.
    4 May 2019 @ 11:48
    Great format. Looking forward to more.
  • DG
    David G.
    8 April 2019 @ 03:05
    Wow!! This is amazing! I love original conversations that are not boarding
  • MS
    Matt S.
    9 March 2019 @ 16:15
    Looks good... save Europe! No more EU, no more mass immigration.
  • GB
    Glenn B.
    21 February 2019 @ 17:29
    What 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?
  • JB
    Jason B.
    20 February 2019 @ 09:07
    Really good idea for a new video series! Bravo!
  • MD
    M D.
    17 February 2019 @ 13:21
    Diggle 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
    • SD
      Stephen D. | Contributor
      19 February 2019 @ 03:00
      Thanks MD. I think the RV editors do an amazing job, but if they didn't edit us and let Grant and I talk as much as we wanted the video would be 18 hours long, and unwatchable. My point about Italy and Greece is this: Sitting as weak members within the Euro Bloc they cannot do what they have traditionally done to restore competitiveness- devalue the currency. Whether this was wise is debatable but to an extent it worked in times of crisis. That option is no longer available so the two traditional tools of macro policy, fiscal and monetary are all that is left. Here things become experimental. The Euro Bloc was launched in 1999 as a Monetary Union but without Fiscal Union. Each country must adopt its own budget but be Macro prudent and acceptable to Brussles, but live on a Pan European monetary policy set without regard to individual country conditions. The problem comes when one country does idiosyncratically badly and has weaker Sovereign risk characteristics than the rest of the currency bloc. The logical investor says "I am comfortable with Euro risk but if I'm also taking Sovereign risk as well I need to be compensated" so the Euro sovereign buyer has a curve of risk with the strong sovereigns- Germany, Holland getting low rates (10 yr at 0.1% and 0.2% right now); but weak sovereigns- Italy, Greece getting 'high' rates (2.5% and 3.75% now). Of course rates would be much higher if these countries had the Lira and Drachma back but they would have autonomy. The result is, Ceteris Paribus, the strong sovereigns have lower cost of money than the weak and their businesses can borrow cheaper, thus increasing their advantage and making them stronger. This is what I meant by a "lack of self correcting mechanism" in a currency bloc with individual sovereign risk and separate fiscal regimes. Italy is in the Euro but when you buy a Euro Italian bond you take Italian default risk. It's a hybrid sysytem which is irrational and unstable to my mind, and others. Does that 'flesh it out'?
  • AA
    ALBERTO A.
    16 February 2019 @ 02:12
    Fantastic! Great combination of history, politics, culture, and finance.
  • sB
    sylvain B.
    14 February 2019 @ 07:02
    Well 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.
  • CB
    Craig B.
    13 February 2019 @ 04:18
    Absolutely brilliant. Creative, smart, crisp articulation all around. I learned a ton
  • PG
    Philippe G.
    13 February 2019 @ 00:01
    Fantastic! My inner history nerd appreciated the background story of Florence and Italy!!
  • BB
    Brian B.
    12 February 2019 @ 20:18
    Simply brilliant!
  • RR
    Robert R.
    11 February 2019 @ 20:29
    Really 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.
  • MR
    Mark R.
    11 February 2019 @ 17:36
    Can'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 :)
  • VM
    Vincent M.
    11 February 2019 @ 17:08
    This is why I have been with Real Vision from the beginning... insight not just recommendations
  • SH
    Stephen H.
    11 February 2019 @ 13:14
    An 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.
  • RL
    Russell L.
    11 February 2019 @ 09:33
    Analysis 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.
    • RL
      Russell L.
      11 February 2019 @ 09:45
      "Italy and Greece need lower interest rates." I just don't buy this premise at all. It was Germany-subsidised low interest rates that led to this mess in the first place. Rates in these countries are extremely low given their fiscal and political dysfunction, and indeed it has been the ECB's monetary largesse and Germany's bailouts that have sustained and perpetuated this systemic sclerosis. The conclusion is precisely the opposite. Italy and Greece (and Germany and the UK and the US and China) need HIGHER interest rates to reflect the chronic consumption of capital as a result of the era of cowboy central banking.
  • FM
    Faris M.
    11 February 2019 @ 06:11
    This 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.
    • SD
      Stephen D. | Contributor
      11 February 2019 @ 11:00
      Thanks Faris, funnily enough I knew Nial when we were At Oxford in the 80's. A very clever man even then. It might have been more fun to know Jeremy Clarkson. I suspect Jeremy would not approve of the Landrover Disco', but it's a great car for a rural Italian winter.
  • TA
    Truitt A.
    11 February 2019 @ 03:54
    Well 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.
  • BS
    Blair S.
    11 February 2019 @ 00:40
    Am I the only one that noticed the two blond girls at ~10min remaining? Well, other than Steve, who also noticed....
    • AW
      Albert W.
      11 February 2019 @ 03:14
      I'm glad I wasn't the only one!
  • AD
    Anna D.
    10 February 2019 @ 20:06
    This episode was so enjoyable to watch
  • MM
    Mike M.
    10 February 2019 @ 17:11
    thank you.
  • MB
    Max B.
    10 February 2019 @ 14:12
    Love this type of videos...
  • SU
    Shakeel U.
    10 February 2019 @ 13:38
    Everyone in the UK should cancel their BBC TV license and sign up to Real Vision
  • SS
    Sam S.
    10 February 2019 @ 13:30
    European 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.
  • JB
    Jon B.
    10 February 2019 @ 10:21
    I 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.
    • CW
      C W.
      10 February 2019 @ 14:29
      I agree with the general thesis that being part of the EU/Eurozone has not worked for Italy, and Brussel's bureaucratic sense of certainty is partly to blame. However I do not understand the assertion by Steve that the higher borrowing rates of Italy is in some way inflicted upon it because of its EU membership. Unless this is taken to mean that: 1. Italy had been able to borrow excessively at artificially low German-level rates right up till about 2010 when the bond market again distinguished between yields of different EU countries, and punished Italy for its past profligacy, or 2) The formation of a Eurozone monetary union but not a fiscal union, which would have allowed Italy to borrow at lower "average" Eurozone rates.
    • CH
      Calvin H.
      17 February 2019 @ 00:05
      My wife’s from Ravenna and she agrees with Steve on the strong regionalism comments. As far as the ‘Brussels is the Enemy’ opinion, Steve did not say it is the cause of Italy’s problem but a significant influence and contributor. It’s easier to blame Brussels than to look in the mirror looking for defects, especially when you have schizophrenia
  • st
    scott t.
    10 February 2019 @ 09:51
    Banking '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.
  • JN
    Jill N.
    10 February 2019 @ 03:55
    Loved It Grant, & the beautiful scenery , settings , people & history too !!
  • gg
    georgy g.
    10 February 2019 @ 00:44
    Bravo!
  • av
    arsaell v.
    9 February 2019 @ 21:58
    Brilliant! Hope Grant ends this series interviewing ECFIN in Brussels.
  • AL
    Albert L.
    9 February 2019 @ 19:43
    Hey Grant, what kind of camera are you using? Sony Alpha? Beautiful shots!
  • SA
    Stephen A.
    9 February 2019 @ 17:33
    Great 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.
    • BM
      Beth M.
      9 February 2019 @ 18:41
      Nice overview before I "invest" anytime in watching this. I believe your comments are very true. Unfortunately many of the Mediterranean countries have an old world work ethic which really doesn't emphasize growth...rather a way of life.
  • JS
    Jason S.
    9 February 2019 @ 15:10
    This is AWESOME!!!
  • TS
    Todd S.
    9 February 2019 @ 14:48
    Love this series!!!!! Amazing job RV team
  • MM
    Mike M.
    9 February 2019 @ 14:32
    good stuff, thank you.
  • KM
    Kacem M.
    9 February 2019 @ 14:31
    I 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".
  • JM
    Jay M.
    9 February 2019 @ 12:20
    Thank you very much for this series!! So much value aded! Thank you for your work!
  • MT
    Melvin T.
    9 February 2019 @ 11:17
    This series serves as yet another sound piece of evidence that RealVision is a first-class provider of quality information. Stunning. Informative. Excellent.
  • DS
    David S.
    9 February 2019 @ 09:23
    An 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
  • TB
    Troy B.
    9 February 2019 @ 09:07
    I hope this series flows into France and Spain talking to experts in each country, amazing stuff!
  • AK
    Anton K.
    9 February 2019 @ 01:51
    The 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.
  • PB
    Pieter B.
    9 February 2019 @ 01:37
    AMAZING! you guys are legends!
  • JH
    Jesse H.
    9 February 2019 @ 00:25
    Very 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.
  • kg
    karen g.
    9 February 2019 @ 00:09
    Absolutely terrific - more Grant and Diggle please!
  • OC
    OTTO C.
    8 February 2019 @ 23:46
    I 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
    • JL
      J L.
      9 February 2019 @ 15:53
      Spain has among the highest pro-EU sentiments in the whole union, very different feeling than in Italy, I am Spanish
    • JL
      J L.
      9 February 2019 @ 15:54
      only really because those in power have never used to bash the EU as a political tool...
  • NR
    Nelson R.
    8 February 2019 @ 23:41
    Well done gents. You’ve topped yourselves and taken in to a new level.
  • AB
    Andy B.
    8 February 2019 @ 23:38
    Being 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.
    • VV
      Vanessa V.
      9 February 2019 @ 06:32
      Andy, please tell us more. I would love to hear your opposing views on the topics covered in this conversation. I understand your irritation about two Brits talking about your country - that's a fair point. I found Steve and Grant's conversation fascinating and yet I am well aware that only an Italian could ever understand the subtleties of their own culture. We are all here to learn and we all have holes in our thinking (and that includes the RV team) - sharing views is what helps us grow. I would value learning about Italy from an Italian - I'm all ears if you'd care to share.
    • GW
      Grant W. | Founder
      9 February 2019 @ 09:19
      Hi Andy, Appreciate your comments and they are well taken. This was a pilot to see if the format worked and to see if people wanted to engage with this kind of content. I wanted to air it to see what people thought and, to be honest, I was surprised your comment took so long to appear in the thread. I in total agreement with you about there being a need for interviews with locals (I made reference to "two English guys sitting in Italy talking about it" at one point to try and tip the audience off that I knew that was going to be a criticism) and that will change if we make more of these pieces, rest assured. Steve spends a lot of time in Italy and has done for many years and he was kind enough to give up a significant amount of time to enable us to try things out and create something new. That would probably have been difficult without his and my personal relationship and I'm enormously grateful to him for doing that and enabling us to produce this piece. As always, we will iterate and try to improve every time and this ides is no exception to that. As for any 'buzz' around me? I don't get it either! By definition, every time I'm on screen I'm the dumbest guy in the frame... Thanks again for your comment. It was very useful. Now, about those damn central banks...
    • PB
      Pieter B.
      9 February 2019 @ 12:55
      Could you perhaps be more constructive in your feedback Andy?
    • ls
      lucas s.
      9 February 2019 @ 13:41
      Some reasonable criticism here, however, I would think that the criticism could be given without the personal attacks. Grant, your reply to this criticism highlights why you are such a sought after individual. The RV platform is developing nicely. The criticism I would have, not specifically to this, but a general criticism is the short clips on trade idea's & CNBC style stuff. I would think that keeping this channel to in-depth and more thoughtful pieces, series, over the long term is the way to go. Even though you must have pressure now with the investment rounds, expanding the viewership by dropping the price and flooding it with useless CNBC style content is not the way to go. I rather pay 10x more and have the content be less frequent, high quality (Such as this series) and be 'uncommon knowledge' (as there would be less overall viewers), then pay the current very low annual and have it be 'common knowledge' flooded with CNBC style junk.
    • JL
      J L.
      9 February 2019 @ 15:56
      so well said lucas, you represent the view of many early subscribers
    • AG
      Adam G.
      10 February 2019 @ 04:22
      Yes Andy, relatively pathetic attempt to shed light on a complex subject. By not including any local perspectives it’s just pure speculation, postulation and a good dose of arrogance. These interviews could be so much more, yet they are not
    • SD
      Stephen D. | Contributor
      10 February 2019 @ 05:18
      Andy Grant has given a substantial, and typically gracious reply to your comments. I would only add that I am not, and have never pretended to be, an expert on Italy. I've lived 26 of the last 30 years in Asia and I spend a lot of my time these days investing in Biotechnology not Italian banks. Grant asked me to do this pilot, and I think the idea is a great one and hopefully he can find better hosts than me in future. But I hope that something of my love and also frustration with your beautiful country comes out in the three videos though, I spend as much time as I can in Italy and wish it nothing but the best of success.
    • WM
      Will M.
      10 February 2019 @ 14:37
      Andy, I think your choice of language here was uncalled for. I think Grant and Steve did a great job and I heard nothing untrue in their discussion. It true having some local commentary might have added value but from who and from which perspective? The government, a local businessman, and guy off the street? Europe is certainly not superficial, but neither is it united nor is the ECB leading Europe in any direction other than chaos. The European project started off fine as an economic union that I voted for and has through many faceless and some unelected bureaucrats become a nightmare. I sincerely hope the Italian people muddle through but for the very reasons espoused by Steve and Grant, the odds are against them.
    • PJ
      Peter J.
      10 February 2019 @ 14:50
      Maybe we can get a couple of Italians to travel round the UK and try and work out why we made such a F***K Up of Brexit. I for one would be happy for the feedback and an external POV :)
    • LC
      Liliana C.
      10 February 2019 @ 16:00
      My father was Italian and escaped World War drafts twice and was shot for it. My brother lives in Milan. A lot of what Steven Digglle observed is quite on point. Perhaps you can express your views in a more respectful way. Rather than shooting the messenger, point out specifically what you see or disagree with. Arivederci!
    • FG
      Flavio G.
      12 February 2019 @ 23:29
      Italian here with a name that is certainly more Italian than yours. Running a business in Italy too. The video is a fairly accurate portray and it even has a more positive note on Italy when compared to reality. The situation in Italy is so bad that I'm about to export my business and myself to E. Europe: Not without problems but better work ethics, cheaper, less red tape (can you imagine? ex-communists with less red tape? hello?), more common sense and I could adventure myself to say less corruption (but my take is that in Italy plain stupidity costs more than corruption). Maybe you are an Italian expat with a glorified memories of homeland (happens when abroad and not old enough). Can't say.
    • DS
      David S.
      14 February 2019 @ 20:31
      Andy B. - The internet and news are replete - good and bad - with articles, videos and tabloids about Italy and the rest of the world. This well-done series is an addition to, not the exclusive presentation on Italy. It is a point of view. Vanessa V. asked very politely about your opposing views. You have not responded which is your prerogative. A diatribe makes the point that you disagree but does not add to the conversation. You could start by responding to Flavio G. who is an Italian businessman. DLS
  • js
    john s.
    8 February 2019 @ 23:02
    Grant - One thing I learned from the Workshop - There's not one trade idea watching these series :) Brilliant work!
  • OG
    Owen G.
    8 February 2019 @ 22:42
    Steve Diggles eyes with 10mins 15s left in the film, magic. For that split second Grant lost his attention. :) ps. Great interview.
  • RL
    Rui L.
    8 February 2019 @ 21:26
    don't get cocky and don't lower standards, but very good format and overall quality! congratz!
  • FC
    Fractal C.
    8 February 2019 @ 20:28
    Fantastic work, Grant and Steve.
  • JW
    Joel W.
    8 February 2019 @ 19:56
    Grant’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 👍
  • WM
    Will M.
    8 February 2019 @ 19:40
    Great stuff
  • JW
    Jason W.
    8 February 2019 @ 19:38
    Absolutely brilliant! I love the time taken to delve into some groundwork and history then move into the here and now! Excellent yet again RV!
  • EL
    Eugene L.
    8 February 2019 @ 19:19
    Hey 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 :)
    • DR
      Daniel R.
      8 February 2019 @ 19:26
      There are subtitles (at least on the web player) - speech bubble icon at the bottom
    • MM
      Matthew M.
      8 February 2019 @ 19:54
      Even opening the Transcript..
  • SH
    Steve H.
    8 February 2019 @ 18:46
    Excellent stuff - truly outstanding. (I'm now off to check the 'Wanted' ads to see if Grant's looking for a bag-carrier.)
  • SR
    Steve R.
    8 February 2019 @ 16:49
    I 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.
    • FG
      Flavio G.
      8 February 2019 @ 17:21
      Steve is spot-on: operating a business in Italy (as someone who wants to go by the book) is extremely difficult, time-consuming and expensive. In comparison, operating a business in black is extremely easy: you just need the right connected friends and a bit of grease. The current government is focusing in its fight against the EC (and they are right to do so, the EC is a self-serving and unelected body) while doing absolutely nothing to fix all the massive government barriers that exist for entrepreneurship of the legal kind.
    • JW
      Jason W.
      8 February 2019 @ 19:40
      Insane! Is this EU bureaucracy or Italian?
  • TJ
    Tay J.
    8 February 2019 @ 16:28
    'Touching to see Steve's concern for Grant's well-being, i.e. "That stuff will kill you." That at least is certain.
  • PR
    Pedro R.
    8 February 2019 @ 16:01
    Very 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.
    • JC
      Jan C.
      8 February 2019 @ 17:52
      But which Italian? Northern, Middle, Southern or far south Sicily?
    • MZ
      Martin Z.
      9 February 2019 @ 07:15
      And how much time?...The EU bureaucrats have had a quarter century to get "flexible" and all indications are that they are just getting more and more arthritic. It's unrealistic to think that by bleeding countries dry they will be compelled to become more "accountable" and less corrupt. That's as backassward as putting a political union and monetary union before a fiscal one, as Grant pointed out. (P.S. Go easy on the sugar, Grant. We need you around many more decades.)
  • JE
    Jos E.
    8 February 2019 @ 15:00
    Apart from the first rate content, whoever edited this did an amazing job.
  • GL
    Geoffrey L.
    8 February 2019 @ 14:59
    You 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.
    • JR
      Jay R.
      8 February 2019 @ 16:47
      I would overwhelmingly agree with your observations, you do not need a Ivy League education to truly see the value of obtaining truth through the eyes of those who are seeking it. Grant, you are the man!! The passion and thought provoking in-depth questions really helps me build on my macro thesis for investing and trading.
  • rt
    remi t. | Founder
    8 February 2019 @ 13:14
    Real Vision wouldn’t be what it is without Grant...You raised the bar again my friend.
  • B
    Bojo .
    8 February 2019 @ 12:58
    Absolutely, 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
    • NO
      Neil O.
      8 February 2019 @ 21:14
      Agree, but just don't mention NATO as the basis of European security. That doesn't go down well with Europhiles.
  • PJ
    Peter J.
    8 February 2019 @ 12:06
    I'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.
  • PD
    Peter D.
    8 February 2019 @ 11:28
    So 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.
    • SD
      Stephen D. | Contributor
      10 February 2019 @ 06:41
      Peter, let's see: one is a self effacing nice guy, the other is a self-opinionated man who won't stop talking. Does than shed some light on things? However, my welsh accent is much better than Grant's, also my Michael Caine impersonation .
  • FG
    Flavio G.
    8 February 2019 @ 10:45
    I 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.
  • XP
    X P.
    8 February 2019 @ 09:33
    Bravo 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.
    • WP
      William P.
      13 February 2019 @ 01:42
      Especially with the Catalonians who are on trial... I am not educated enough to speak on your situation there in Spain but I whole heartily wish for a more prosperous future for you all. Will
  • Nv
    Nick v.
    8 February 2019 @ 09:24
    Great history lesson