August 11, 2007 (LPAC) --In interview today with the Italian daily Corriere della Sera, former Italian Finance Minister Giulio Tremonti, currently deputy chairman of the Italian Chamber of Deputies, also says that the current financial crisis is a global one. 

"For many years," Tremonti answers in the current interview, when questioned about this forecast, "I have criticized the excesses of globalization, warned against 'fatal risks', I spoke about protectionism and Colbertism. For many years, experts and wise men held me for a fool. Let us see today who is a wise man and who is a fool".

"The issue is, that with globalization, the financial economy has decoupled from the real economy and self-multiplied dizzyingly," Tremonti explains. "If a fund offers you 100 for a firm worth 10, you must worry exactly why they are offering you 100! National and supra-national authorities try to exert oversight, but it is a kind of oversight no longer sufficient in relation to the dimension and global power of finance".

On the question of whether Europe will be affected by the collapse, Tremonti answers, "I tell you three things, two negative and one positive. A crisis of the financial economy always becomes a crisis of the real economy. The crisis of America always becomes crisis of the world. The positive thing is that government and monetary authorities, if they understand it and if they want, can still intervene".

Tremonti is not asked during the interview, "what must be done about this crisis?" However, as he stated at a June 6, 2007 EIR public event in Rome, he knows very well, and substantially agrees with the solutions put forth by Lyndon LaRouche.  Tremonti's remarks are reported on in the article, "LaRouche Holds Dialogue With Italian Senators on New Monetary System"