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Without unambiguous law on the ownership of the euro at the act of issuance, people of Europe will never know whether they are creditors or debtors for the value of all the currency issued into circulation.

Antonio Di Pietro (born October 2, 1950) is an Italian politician. He was a Member of the European Parliament, an Italian Senator, and Minister of the Prodi Government. He was a prosecutor in the team known in Italy as Mani Pulite (Clean Hands) in the early 1990s. Mani pulite (Italian for clean hands) was a nationwide Italian judicial investigation into political corruption held in the 1990s. Mani pulite led to the demise of the so-called First Republic, resulting in the disappearance of many parties. Some politicians and industry leaders committed suicide after their crimes were exposed. The corruption system that was uncovered by these investigations was usually referred to as Tangentopoli, or "bribesville".


Italy: Di Pietro Ask To The Government About The Seigniorage Fraud

QUESTION 4 / 12113
Date of filing:
Legislature: 16
Session announcement: 479 of 30/05/2011

First signatory: ANTONIO DI PIETRO
Date Signed: 27/05/2011

Current delegate to answer: MINISTRY OF FINANCE AND ECONOMY delegate on 27/05/2011

State procedures: CURRENT

Question 4-12113
Monday, May 30, 2011, meeting n.479

DI PIETRO. - The Minister of Economy and Finance. - To know - given that:

the issue of money is necessarily linked to the generation of seigniorage, which is represented by the gain and power in the hands of the person susceptible to the creation of money. Seigniorage is, therefore, all income derived from issuing currency. Nobel laureate Paul R. Krugman, as in the international economy book written with Maurice Obstfeld, defines it as the flow of 'real resources that a government printing money earns when it spends on goods and services ";

Historically, seigniorage was the term over which you indicated the price charged by the ancient kings to ensure, through its engraved portrait on the coin, the purity and weight of gold and silver;

Today, however, some scholars complain that the modern economy of seigniorage a dimension that goes far beyond a simple tax, as the monetary income of a bank of issue is given only apparent difference between the amount of interest earned on the paper money issued and paid to the State and smaller banks and the infinitesimal cost of paper, ink and printing support to make money. Apparently, because, de facto, the seigniorage is eclipsed in modern accounts from the action of dubious legality of the issuing bank raises the nominal value of the liabilities of the note. In essence, the bank claims to support the production of paper money at a cost equal to its face value (€ 100 for a bill to cut EUR 100);

central banks are the institutions that collect both the wealth and the seigniorage profit that should be transferred, once covered the cost of minting, to the community represented in the State;

this is known as the primary seigniorage because it derives from the central bank ability to issue money and printing it by entering it in the market. This is the seigniorage that is upstream of the whole monetary system since it happens at the time of currency issuance;

this process is not the only one that allows the increase of the money circulating in the economy. Indeed, there is a second mechanism through which the monetary base is growing in circulation, the so-called secondary seigniorage or credit creation;

secondary seigniorage is the gain that commercial banks derive from their power to increase the money supply by extending their loans on which interest is received, and in recent decades, with the introduction of new financial instruments such as derivatives;

with reference to the current monetary system, for years it has been discussed both in academic and in social circles property on inconsistencies in the value of money at the time of its release, a value which, in essence, would not be recognized in the head to its creator, the society, the people, but rather, would be subtracted;

a firm principle of any democracy is that the "sovereignty" belongs to the people and our Constitution clearly states this principle in Article 1;

it follows that a direct derivation of that sovereignty is also the monetary sovereignty, which determines who holds the power to control money and credit;

Since it is the people that produce, consume and work - money, from the moment it is submitted by any central bank should, in principle, as stated by many scholars, become the property of all citizens who constitute the state, which however does not hold the power to issue currency;

the distortion at the base of monetary sovereignty has been the subject of a study by the Public Prosecutor Bruno Tarquini who wrote the book 'the bank, the money and the usury', Edizioni Controcorrente, Napoli, 2001. According to the Attorney General Bruno Tarquini, the State would have the technical means to exercise real power to issue currency and to assume that monetary sovereignty that would allow him to carry out a socio-economic policy is not limited by external influences, but also getting rid of any indebtedness;

also Professor Giacinto Auriti, founder professor of the Faculty of Law, in Teramo, has completed numerous studies on the monetary sovereignty and the phenomenon of seigniorage;

in particular, Professor Giacinto Auriti argued that the issuance of currency reserves and government bonds without a guarantee for the construction of public works would not cause inflation in the amount paid by a corresponding increase in real wealth, and that central banks make unfair profits from seignorage on paper money, thus giving rise to the debt;

another complaint made by Professor Giacinto Auriti is that relating to the absence at a legal regulation that establishes unequivocally who is the owner of the euro at the time of its issuance. For these reasons, in the opinion of Professor Auriti, it would be impossible to identify who are the creditor and debtor at the stage of circulation of money and peoples of Europe will never know whether they are "creditors" (as owners) or "debtors" (as non-proprietary ) for the value of all the euro, which is put into circulation -:

whether in light of what is described in the introduction, the Government does not intend to intervene, even in the relevant European sites, to verify the compatibility of the theories developed by the Public Prosecutor Bruno Tarquini and Professor Giacinto Auriti within the European Union treaties and the constitutional principle of monetary sovereignty, in order to clarify who is the owner of the euro at the time of its release, what is the legal nature of the currency issued by commercial banks and, finally, what is the real effectiveness of the monitoring tools available to the Central Bank in view of all the money put into circulation by commercial banks.



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