Italy at the nexus of stupidity and luck

Italy has taken its fair share of losses in the current economic downturn.  However, the damage hasn’t been severe enough to elevate it to one of the top five countries that we fear could become the next Iceland.  In scanning the reddit comments on our list, I noted one Italian with a hilarious explanation for ...

589032_090128_silvio5.jpg
589032_090128_silvio5.jpg

Italy has taken its fair share of losses in the current economic downturn.  However, the damage hasn't been severe enough to elevate it to one of the top five countries that we fear could become the next Iceland.  In scanning the reddit comments on our list, I noted one Italian with a hilarious explanation for why Italy hasn't been more affected:

We (Italy) are somewhat not in this mess because our banks did not understand the last 5 years of finance and did not pretend to understand it, so they stayed out. We are now in the spot where stupidity and luck meet.

Photo:  AFP PHOTO / JOHN THYS

Italy has taken its fair share of losses in the current economic downturn.  However, the damage hasn’t been severe enough to elevate it to one of the top five countries that we fear could become the next Iceland.  In scanning the reddit comments on our list, I noted one Italian with a hilarious explanation for why Italy hasn’t been more affected:

We (Italy) are somewhat not in this mess because our banks did not understand the last 5 years of finance and did not pretend to understand it, so they stayed out. We are now in the spot where stupidity and luck meet.

Photo:  AFP PHOTO / JOHN THYS

More from Foreign Policy

An illustration shows George Kennan, the father of Cold War containment strategy.
An illustration shows George Kennan, the father of Cold War containment strategy.

Is Cold War Inevitable?

A new biography of George Kennan, the father of containment, raises questions about whether the old Cold War—and the emerging one with China—could have been avoided.

U.S. President Joe Biden speaks on the DISCLOSE Act.
U.S. President Joe Biden speaks on the DISCLOSE Act.

So You Want to Buy an Ambassadorship

The United States is the only Western government that routinely rewards mega-donors with top diplomatic posts.

Chinese President Xi jinping  toasts the guests during a banquet marking the 70th anniversary of the founding of the People's Republic of China on September 30, 2019 in Beijing, China.
Chinese President Xi jinping toasts the guests during a banquet marking the 70th anniversary of the founding of the People's Republic of China on September 30, 2019 in Beijing, China.

Can China Pull Off Its Charm Offensive?

Why Beijing’s foreign-policy reset will—or won’t—work out.

Turkish Defense Minister Hulusi Akar chairs a meeting in Ankara, Turkey on Nov. 21, 2022.
Turkish Defense Minister Hulusi Akar chairs a meeting in Ankara, Turkey on Nov. 21, 2022.

Turkey’s Problem Isn’t Sweden. It’s the United States.

Erdogan has focused on Stockholm’s stance toward Kurdish exile groups, but Ankara’s real demand is the end of U.S. support for Kurds in Syria.