Polish Central Bank Head Refuses To Resign Over Tape Scandal As It Would Set "Dangerous Precedent"

Tyler Durden's picture


Two weeks ago, we reported of the latest "explosive" central bank scandal to sweep yet another "developed world" country, Poland, whose central banker, Marek Belka, was recorded promising to "boost the economy" if the finance minister was fired, not only making an immediate mockery of any naive assumptions about central bank "independence", but showcasing that in the New Normal it is central banks (and by extension, the private banking system) who dictate terms and conditions to democratically-elected governments.

To be sure, as Reuters reported at the time, Belka denied he had done anything serious, which as we summarized, "the central bank after all is the supreme governing institution in the New Normal, a world which is run not by government but by banks. As such, it only makes sense that the unelected central bankers are convinced they are above everyone, and certainly the law."

The central bank's denials continued, by suggesting that the tape, was "manipulated to try to present the remarks as exceeding the powers of the bank's governor, "which never happened."

Our explainer:

"Of course not, but not for the bullshit reason given: simply, the power of the bank's governor has no limits: after all they are the source of all the prosperity and wealth effect, without them government would crash and burn: they are above the law) and thus can not be exceeded."

The one key phrase that repeats above seems to be "above the law."

And sure enough, earlier today, the Polish central banker promptly admitted as much, when he revealed that not only do economic central planners exist in some parallel universe in which logic and laws do not exist, but that in the prevailing universe, they are all essentially untouchable when it comes to being held accountable for their actions. Headlines from Bloomberg:


Which they clearly do.


Which it clearly is for him to offer more stimulus on a quid pro quo basis.


Because, well... see "above the law" above. And last but not least.


The precedent being that central bankers also have to be held accountable to their endless lies and are subject to the same laws and regulations as the rest of the mere mortals.

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Wed, 07/02/2014 - 13:23 | 4918318 TeamDepends
TeamDepends's picture

These "people" will have to be dragged out horizontally.

Wed, 07/02/2014 - 13:25 | 4918326 Skateboarder
Skateboarder's picture

Accountability? Pshh. That's for little people.

Wed, 07/02/2014 - 13:27 | 4918333 insanelysane
insanelysane's picture

Who ya going to believe me or your lying eyes and ears?

Wed, 07/02/2014 - 13:29 | 4918346 Say What Again
Say What Again's picture

"Let them eat cake"

That started a real populist movement

Wed, 07/02/2014 - 13:36 | 4918364 strannick
strannick's picture

Dangerous precedent of integrity? Of Central Bank independence? Of a Central Bank not beholden to Government partisan policies and Commercial Bank malfeasance?

Wed, 07/02/2014 - 13:39 | 4918401 Ignatius
Ignatius's picture

The FED set the precedent.

Just ask The Geithner.

Wed, 07/02/2014 - 15:13 | 4918812 _disengage_
_disengage_'s picture

From the original ZH article:

"a recording of a meeting between Interior Minister Bartlomiej Sienkiewicz and central bank Governor Marek Belka"

Um, so why no mention of the other peson in the conversation? Even if Belka made the offer and Sienkiewicz is totally innocent, wouldn't you still want to hear from them? I mean, if Belka thought this shit would fly, what picture of Sien does that paint?

Wed, 07/02/2014 - 13:32 | 4918366 zuuma
zuuma's picture

This just in...

In related news, 3 men were found in downtown Warsaw.

They were shot through the hands with their heads tied together.

Polish mafia is supected.

Wed, 07/02/2014 - 13:43 | 4918419 mayhem_korner
mayhem_korner's picture



You have the most disturbing avatar on ZH.  I wonder if that's what Mooschelle looks like before the make-up artists get to her.

Wed, 07/02/2014 - 14:07 | 4918513 jbvtme
jbvtme's picture

mikey robinson

Wed, 07/02/2014 - 14:52 | 4918732 zuuma
zuuma's picture

Thanks! Just a random evil clown pic.

I do like your explaination, though.  Perhaps it is a post-wakup selfie of Moochelle.


Or, channelling "Portrait of Dorian Grey" -- it could be the secret portrait of O'dumbo himself.

Revealing his hidden, closeted essence at this very moment

Wed, 07/02/2014 - 21:02 | 4919862 StychoKiller
StychoKiller's picture

Wasn't some bankster assassinated recently by some gunmen on a motorcycle?

Wed, 07/02/2014 - 13:26 | 4918327 LawsofPhysics
LawsofPhysics's picture

What is more dangerous, resigning or a nail gun to the head?

These people and institutions will not indict themselves of the fraud they committed.

They will have to be removed by force, history is very clear on this.


Wed, 07/02/2014 - 14:19 | 4918527 ZerOhead
ZerOhead's picture

Marek Marian Belka (Polish pronunciation: [?mar?k ?b?lka] ( ); b. 9 January 1952 in ?ód?) is a Polish professor of Economics, a former Prime Minister and Finance Minister of Poland, former Director of the International Monetary Fund's (IMF) European Department and current Head of National Bank of Poland.[1]

He also served as Adviser to the Prime Minister of Albania from 1997 to 2001 and to JP Morgan for Central and Eastern Europe from 2002 to 2003. In 2003 he was responsible for economic policy in the interim coalition administration of Iraq.

Perhaps Barry should follow his lead and appoint himself Chairman of the Federal Reserve before he leaves office...

Wed, 07/02/2014 - 14:55 | 4918746 NotApplicable
NotApplicable's picture

He is also a governor of the Central Bank Governance Group of the BIS.

Thus, as he states, he is absolutely above the law, as there is NO entitiy with jurisdiction over the BIS on this planet.



Wed, 07/02/2014 - 13:27 | 4918338 NOTaREALmerican
NOTaREALmerican's picture

You mean it's NOT just our Fed doing this?   Huh.   Looks like there's really smart-n-savvy people in all societies. 

Wed, 07/02/2014 - 13:29 | 4918345 El Hosel
El Hosel's picture

Yeah, we can't have people thinking Central Bankers are no longer above the law.

Wed, 07/02/2014 - 13:30 | 4918351 Rip van Wrinkle
Rip van Wrinkle's picture

"...central bankers ....... are subject to the same laws and regulations as the rest of the mere mortals."


Oh no they're not!!

Wed, 07/02/2014 - 13:31 | 4918360 Colonel Klink
Colonel Klink's picture

This guy needs an accidental nail gunning.  Or a shitgum blast to the face from his hunting buddy Cheney.

Wed, 07/02/2014 - 13:40 | 4918405 TeamDepends
TeamDepends's picture

Where did "shitgum" come from?

Wed, 07/02/2014 - 13:48 | 4918444 TeamDepends
TeamDepends's picture

Thanks.  Before Klink's post we thought it might be the plague the invaders are bringing from the south.

Wed, 07/02/2014 - 13:55 | 4918455 Urban Redneck
Urban Redneck's picture

The Tylers' most epic typo (to date) in an article:

"In 2009, Schmittmann's former CFO was found dead from shitgum wounds"

Wed, 07/02/2014 - 14:57 | 4918757 NotApplicable
NotApplicable's picture

That's a helluva way to chose to die.

Wed, 07/02/2014 - 13:34 | 4918380 Atomizer
Atomizer's picture

Marek Belka to live on a government subsidizes EBT Card is dangerous. 

Wed, 07/02/2014 - 13:53 | 4918382 Chupacabra-322
Chupacabra-322's picture

Typical Authortarian Tyrant Fascist. Take that Mother Fucker out by force, take him out to center square in public view, cut his fuck'n head off.

Wed, 07/02/2014 - 13:35 | 4918386 Atomizer
Atomizer's picture

The hits keep playing on. 

Wed, 07/02/2014 - 13:36 | 4918393 Glass Seagull
Glass Seagull's picture



1.  Central banker shows he's not "independent" of government

2.  Central banker refuses to leave because of the threat to central bank "independence"

3.  Central banker buys 10T zloty worth of Polish stocks at the market to make everyone independently happy

Wed, 07/02/2014 - 13:47 | 4918418 Atomizer
Atomizer's picture


Pollock Open Market Operation 

Wed, 07/02/2014 - 13:38 | 4918394 i_call_you_my_base
i_call_you_my_base's picture

He should be hanged for corruption.

Wed, 07/02/2014 - 13:41 | 4918408 disabledvet
disabledvet's picture

I thought this was all about the Polish Foreign Minister telling the USA to drop dead? Where did this story come from and why do we care?

Wed, 07/02/2014 - 13:59 | 4918485 Atomizer
Atomizer's picture

Give me time to get to another computer. Do you remember all the Polish jokes that past weekend? You arrived to the outcome of the story. Clever, aren't we. /Snickering 


Wed, 07/02/2014 - 13:41 | 4918410 shiva
shiva's picture


Can u pls cover this in ZH -- http://economictimes.indiatimes.com/news/economy/policy/rbi-plans-to-swa... How central bank deceptively siphoning indian gold.

Wed, 07/02/2014 - 14:01 | 4918495 EverythingEviL
EverythingEviL's picture

Your link seems to be bad. For me anyways

Wed, 07/02/2014 - 14:23 | 4918590 Atomizer
Atomizer's picture

Right click propeties of link. Copy and paste. Try posting link again. Once you get good at that, will teach you how to modify a hyperlink. Winks 

Wed, 07/02/2014 - 13:43 | 4918412 Jethro
Jethro's picture

Too big to jail?  These arrogant fucking banksters are the same the world over.

Wed, 07/02/2014 - 13:45 | 4918424 Cangaroo.TNT
Cangaroo.TNT's picture

It's reassuring to know CB's only set precedent when it's safe.

Wed, 07/02/2014 - 13:44 | 4918425 lasvegaspersona
lasvegaspersona's picture

I personally welcome our banking overlords and am willing to serve them in any profitable way they demand. All hail the Bernack and his minions everywhere.

Wed, 07/02/2014 - 13:47 | 4918438 mayhem_korner
mayhem_korner's picture



I think it would noble to conver the Fukishima site to a penitentiary for central bankers.  Even feed 'em the local catch of the day.

Wed, 07/02/2014 - 14:01 | 4918493 Jano
Jano's picture

This is called FREE MARKET.

Wed, 07/02/2014 - 14:03 | 4918497 Bam_Man
Bam_Man's picture

"How many Pollacks does it take to run a Central Bank?"

Wed, 07/02/2014 - 14:10 | 4918525 NOTaREALmerican
NOTaREALmerican's picture

Do they still "do" Pollack jokes?  I grew-up with them in Chicago, but I wonder if white people still do those.      In my neighborhood, it was the Pollacks vs the Micks; with a smattering of others watching the fun. 

Wed, 07/02/2014 - 14:02 | 4918498 ebworthen
ebworthen's picture

"Doing God's work" but it must be for Ares or Lilith because Jesus overturned the tables of the money changers.

Wed, 07/02/2014 - 14:42 | 4918519 Joebloinvestor
Joebloinvestor's picture

Better precedent would be one behind the ear.

Wed, 07/02/2014 - 14:12 | 4918538 Notsobadwlad
Notsobadwlad's picture

So are they trying to manipulate the people to overthrow their countries' central banks in a violent coup?

Seems like.

Clearly the central banks are being painted as everything evil in the world.

Of course, who directs the course of action of the central banks ... and then who directs them ... hmmmm? maybe cut to the chase and the directors of the directors of the central bank should be addressed directly. This would avoid those who are really in control throwing their own stooges under the bus.

Wed, 07/02/2014 - 14:19 | 4918573 Itchy and Scratchy
Itchy and Scratchy's picture

Who wants a BJ precedent anyway?

Wed, 07/02/2014 - 14:26 | 4918608 Obamanism
Obamanism's picture

"Give me control of a country's Money supply (central Bank), and I care not who makes the law" Baron Rothschild

Wed, 07/02/2014 - 14:41 | 4918684 Peter K
Peter K's picture

You can take the communist out of communism, but you just can't take the communism out of the communist.

Wed, 07/02/2014 - 15:34 | 4918891 WhyWait
WhyWait's picture

Implying what?

That folks (some of them anyway) who once had a government that actually controlled the economy and the banks can't be made to forget what that was like?

That folks (some of them anyway) who grew up believing that the welfare of ordinary people, of the producers of real wealth, really mattered can't be made to forget?

That folks (some of them anyway) who bought into the dream that by joining the EU and NATO regular folk would become rich like in Germany can't be made to forget that they got swindled?

That folks (some of them anyway) who remember living in a country where they severely punished or even shot corrupt officials - even bankers - can't be made to accept the kleptocracy that stole their country as normal?

Or what DO you mean?


Wed, 07/02/2014 - 14:44 | 4918697 topshelfstuff
topshelfstuff's picture

In case this wasn't already posted, please Connect the Dots...remember last month.

All this came about immediately after Obama made it a point to visit Poland first 

Poland and America: Obama's first stop in Europe

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