Giuseppe Conte has stepped down as the Italian Prime Minister, and the next prospect, Matteo Salvini, could have protectionist agendas that would further exacerbate the political crisis in Italy and possibly affect all of Europe, said Gerald Celente, publisher of The Trends Journal.
Celente noted that Salvini is riding a wave of inward-looking policies that have gripped the world, not just Italy and Europe.
"It's worldwide. One of our top trends for 2019 is human waves," Celente told Kitco News, citing mass migration out of South America and Africa. "What people are really missing is how big this really is."
Celente said that the last one hundred years saw the global population increase by six billion, and we are now at a point where more and more refugees will be migrating out of their home countries, triggering a global migration crisis.
"It's going to continue to spread, whether it's Italy, the Alternative for Germany, the AfD party in Germany, the Austrian party, the Freedom Party, one after another, more and more against people coming in," he said.
Italy's problems aren't new, and the systemic issues may only be compounding with more debt, Celente noted.
"As far as Italy goes, they haven't recovered from the panic of '08. They're still way down deep in the depths and their debt to GDP ratio is way above the other European countries, so there's no way out, and they're going to increase their debt regardless of the what the ECB does," he said.
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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.