Source: www.zerohedge.com - Sunday, May 15, 2016 Submitted by IceCap Asset Management: April 2016 Letter to Investors Revenge of the Risotto ITALY (Rome) – Soft opera soared through the vaulted ceilings. Brunello di Montalcino poured freely in every glass. And then there was the risotto – the exquisitely prepared dish bounded with wild mushrooms, wild boar, and wild thyme. A perfect pairing for the wild bankers and even wilder, government officials. It was only early evening, but the laughter and back slapping was certain to flow into the late morning hours – and deservedly so, after all the Italian overlords had just pulled the wool over not only their 60 million countrymen, but also their dreaded and despised monetary rulers in Frankfurt. Revenge would be savoured. GERMANY (Frankfurt) – There was no music, no wine, and worst of all – no risotto. Yes, the European Central Bank (ECB) is based smack dab in the middle of no-fun Germany, but the President of the ECB is 100% Italian. And after 5 years of continuously taping, gluing, and conniving to hold the European financial system together, Mario Draghi was approaching his wits end. With the Germans, French, Spanish, Portuguese, Greeks, and now the Italians sharpening their knives, Draghi certainly isn’t tasting any love. But what these countries don’t understand, is that you never go against an Italian central banker, when death is on the line – or worse still, when he is denied his risotto. The Trend Continues Here at IceCap, All Related
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