This page has been archived and commenting is disabled.
Markets Slide As European Central Bankers Mutiny: Challenge Draghi, Just Say No To QE
Game changer? It appears there is a mutiny afoot in Europe as Reuters and Bloomberg report that a number (rumored to be between 7 and 10) central bankers are set to challenge ECB head mario Draghi's leadership style and question his decisions on quantitative easing. As Reuters reports, bankers faulted his secretiveness and communication style making it hard for ECB to take bolder steps.
- NATIONAL BANKERS FAULT SECRETIVENESS AND COMMUNICATION STYLE
- SOME MEMBERS PLAN TO RAISE CONCERNS AT GOVERNORS DINNER
- DRAGHI KEPT AIDES IN DARK ON POLICY STEPS
- IRRITATION COULD MAKE IT HARD FOR ECB TO TAKE BOLDER STEPS
National central bankers in the euro area plan to challenge European Central Bank chief Mario Draghi on Wednesday over what they see as his secretive management style and erratic communication and will urge him to act more collegially, ECB sources said.
The bankers are particularly angered that Draghi effectively set a target for increasing the ECB's balance sheet immediately after the policy-making governing council explicitly agreed not to make any figure public, the sources said.
"We specifically agreed at the meeting... not to put any numbers on the table," one central banker. "Draghi's reference to the balance sheet of 2012 irritated a lot of colleagues. So he has had to backtrack a bit ... to compensate."
"This created exactly the expectations we wanted to avoid," an ECB insider said. "Now everything we do is measured against the aim of increasing the balance sheet by a trillion (euros)... He created a rod for our own backs."
Even members of the ECB's executive board - the six-member inner circle that runs the bank - were not informed in advance about two key recent policy announcements, two sources said.
"Mario is more secretive... and less collegial. The national governors sometimes feel kept in the dark, out of the loop," said one veteran ECB insider.
...
At times, Draghi has appeared to pay little attention to national governors' comments in the monthly rate-setting meeting after chief economist Peter Praet and board member Benoit Coeure report on the economic situation and financial markets.
"He sits there with these three mobile phones in front of him and sometimes he’s sending text messages or going out to make or take phone calls," one source usually in the room said. On at least one occasion, a national governor has skipped his turn to speak because Draghi was not present.
* * *
Stocks are not happy:
and peripheral bond spreads are cracking wider:
- 10471 reads
- Printer-friendly version
- Send to friend
- advertisements -




need to get some more squid on board....
Break away now!
SDR Global Rule Approaches.
http://philosophyofmetrics.com/2014/10/28/something-sdr-this-way-comes/
Nothing more than Euro-USD 1.25 - 2 year low jaw boning to make it bounce off support.
The Fed broadcast their currency strategy on Friday. "Watching Euro. It has fallen enough"
Watch for fat fingers and jaw boning every time it looks close to breaking 1.25 again.
Put up a EUR-USD chart too.
The Bounty sank.
If every person in the world took out a loan for $100 at 10%, for a 24 hour period, each and every one of us would be busy trying to get $10 from each other in order that we would be able to give our banker back $110 the next day. Because we can't print money out of thin air, (only bankers can under the current regime) it has to come from somewhere. Do the simple math and you will notice that 90% of the people would be able to pay back their loans but 10% of them would be foreclosed on and lose their homes.
Unless, of course, the central bankers arranged "asset purchases" in this 24 hour time frame and purchased at least $10 worth of assets (in aggregate) for each person. But if this continued for long enough, it would be just a matter of time before the central bankers owned everything and the people themselves would own absolutely nothing, except a mountain of worthless paper.
This is what has occurred in the past, is happening now and will continue to take place until people wake up to this fact and effect change through one means or another.
This is by far the clearest explanation I've seen.
I can only add the the end game of the bankers owning everything is essentially feudal poverty, or put another way, extreme rationing for everyone else.
No way the rich can 'spend' what they capture - money loses its 'commom' meaning in those quantities - its about control of everything.
Who cares about Draghi -- really.
When he dodged the ZeroHedge question a couple years ago -- he hit the nail on the head -- re "political capital."
The EMZ will continue in some form until the political capital that keeps is going is extinguished.
Change the politics, end the EMZ. The idea the ECB can reform within the current political system is just untrue.
Enjoy the current system until some material country decides to leave.
Great post RemeberWeimar. The methods the banksters use are at times different, but the end game is always the same. Complete subjugation and control of the populace.
I just used your example at work and some of the more mentally deficient folk even understood the concept.
“When it becomes serious,
you have to lie”
Perhaps we should call the 7-10 dissidents Super Mario Smash Bros.
What? Draghi is arrogant?
Can't be
Draghi needs to operate secretly, because if he revealed his intent publicly in perfect transparency, Germany would step in and say "Nein." Just this week there have been many remarks from German politicians implying their rejection of ECB monetization.
Mario, allo, Mario, its the capitan of the Costa Concordia callling you....
stay away from nailgunz bitchez
Nein?
ECB needs to get this guy to properly bubble up their economy:
http://www.youtube.com/watch?v=XqHNF6NOpoE
The Maestro still jabbering at a event sponsored by CFR at Maurice R. Greenberg Center....the guy who complained about terms of governmen bailout of his company....AIG
what could be bolder than a non-backed "whatever it takes"?
Awaiting orders from his masters, the BIS and Rothschild parasite guildists.
hmm, being prevented from upvoting you.
Same here. Very peculiar.
Waiting for the tipping point...probably has 3 independent watchers and when the call comes...he disappears to a dacha in the Swiss alps.
Probably has two hot sets of limos and private jets on the runways at all times.
Poof.
Note to self. Never mention the Rothschild's in a comment section or your votes will NOT be counted..
Oh wait...
Not to worry. The NSA has enough dirt on all the mutineers (and/or their bosses) to bring them into line. Stealing 100 billion pieces of intelligence a month from this world confers lots of power and control.
You know there is a fucking problem when a 1950 Chariot "sculpture could sell for $100 mil.
Sculpture expected to break record, sell for $100Mhttp://www.cnbc.com/id/102147023
Thanks for the picture. It looks to be assembled at a scrapyard. But an exchange of checks ought keep the fraud going.
Amazing what you can do with rebar and a torch.
It will only be temporary, ain't no way the pumps shut down. Just create a scare everyone will pee their pants and it's off to the races again.
Yah.....when I see a mutiny among CBs, I'll believe it. Not one minute before.
This is looking more and more like a cocktail bar ... what do you need today sir ? I ll have a glass of higher S&P , mixed with lower oil , and a splash of lower USD .... and top it up with a drop of higher gold ... we need to show a little inflation today ... but sir , lower oil and lower USD don't mix well ... you may get a stomach ache sir ... Just do as I say , you are just the barman , I am the NY Fed ... oki ... what ever you say sir
perhaps he meet the same fate as his Countryman Mussolini?
So to be clear about this...they don't have a problem with QE. They have a problem with him being 'secretive'.
So what they are really saying is they want the insider info ahead of time to get a trading advantage.
Pretty much.
three mobile phones? one for Goldman, one for Fed, and one for Angry Birds
The first two are redundant, only need one phone for that. The other is for his mistress and/or drug dealer.
DRAGHI KEPT AIDES IN DARK ON POLICY STEPS
Because he gets his orders at the last minute
"He sits there with these three mobile phones in front of him and sometimes he’s sending text messages or going out to make or take phone calls," one source usually in the room said
"They give their orders via SMS.
Same as Ferkel gehts her orders.
Interesting they would just throw that bit of information out there about the phones. Almost sounds like they are setting the stage to drop this guy off at the bus station, in the street. Seems like a setup: This just out, Draghi was been intentionally manipulating markets for personal gain and investigators are searching his phone records for communications that would suggest this.
Anon, what is on Draghi's phones, do you know?
If Draghi gets removed, it will be because he does not favor enough QE that his bosses in Washington want. I doubt this will happen though, as former vampire squids are quite loyal.
Draghi is getting his orders from the Goldman Sachs gang, so of course he gotta be secretive.
time for some "Panic" courtesy of Lee Scratch Perry http://youtu.be/F8cXSqB5j0M
Wish anyone would question the Dudley at the NY FED - he is the one keeping this turd afloat with his massive balance sheet daily market interventions.
the windows at the NYFRB aren't bolted shut ... just sayin'
Well when you are captain of the Costa Concordia ECB you have to be secretive; to please those whom you cannot say officially you bow to.
That ship captain did it for his girl friend.
Draghi does it for the same reasons that Banco Ambrosiano and Monte PAschi went bankrupt; and its all a "dark hole" of finance. Can't have banks going belly up. Thats been his mission statement since "doing what it takes" became his pet phrase and logo.
Lord of the Netherworld makes you secretive like Vulcan working on his forge in Hades.
On this issue the most telling tweet was sent by Olivier Sarkozy in 2010, as head of Carlyle.
When he remarked that the Greek financial crisis could bring down the Euro banks : ALL 31 Trillion Euro of their intertwined assets on the financial web, without counter party collateral worth their paper value !
Now that was much more of a telling remark than anything his half-brother Sarko said in his convoluted caperings as part of the Merkozy dual governance of Eurozone, with a JC Trichet sufferng from total austerity constipation pains in the ECB.
It led to Draghi's appointment as top ECB man a year later.
Now its back to Draghi piloting the Costa Concordia ECB in those narrow straits as the printing presses run amok all over the world ! Currency wars and no growth means a spiral which is a race to bottom.
Pull out the stops Draghi ! ("Over my dead body", shouts Mutti).
And there you have the EU in a nut shell.
"Bloomberg report that a number (rumored to be between 7 and 10) central bankers are set to challenge ECB head mario Draghi's leadership style and question his decisions on quantitative easing."
wow, that many? ... it will literally be raining bankers ... don't go near tall buildings w/o umbrella ...
They are gonna need a lot more nail guns.
If you were Draghi, wouldn't you be on the mobile phones with 3 "people" (goldman, jp morgan, barclays), instead of listening to the small talk of non-market movers?
ECB meetings are "quiet" periods, if I'm not mistaken. If he is on the phone with any bank or interested party at that time, he should be summarily fired.
So QE with a seven to ten vote ?
Watch out for rogue nail guns, dissenting banksters!
And stay away from tall buildings, might get dizzy.
And stay away from tall buildings, might get dizzy.
When Central Banksters begin to criticize another CB via media, then one needs to pay attention.
Surely this can't be what's causing the markets to sell off today. If it is, you can bet the ECB public relations department is feverishly typing up a clarification as we speak.
Huge, huge, huge hit on Bank Lobby.
Impressive.
They (EU powers that be) will come around. I don't think most people grasp the gravity of our current predicament. The Japanese just racked their last shell and fired. The Chinese, while not outwardly professing a desire to lever up again, are certainly doing all they can behind the scenes to maintain a fabricated 7% growth target through various schemes and machinations. A failure to do so is, in a word, catastrophic. The Europeans are only as committed to not levering up as their next Paris arrondisement Citroen/Fiat Molotov BBQ. The US is the last bastion of artificially stimulated "growth" and that fabrication is faltering on a daily basis.
It's fuck or walk at this point. Everyone will print because the alternative is global economic collapse and nooses all around. They have to stave it off for just as long as they can so as to bunker down somewhere and attempt to ride out the storm.
Ah! Here for the dark hole bubbles!
people are sick of this ahole. they are sick of the squid. they are sick of corruption
sirhan sirhan for this fucking entitled, ugly prick
on the phone with various GS no doubt
Fake opposition, the Eu is controlled by Paul Singer's in laws
Aye mateys, Captain Draghi needs to be drawn, quartered and thrown overboard to the Sharks... A fine meal he'll make for them, arrgh.
Stocks not happy now ... but super happy BTFATH when Draghi, or whomever it may be, launches a 1,5 trillion QE program in a couple of months. This is going to go on and on and on until the WW3 or the entire financial system breaks.
Agree, European Stocks looking like there're going to be flushed!
No quick support in sight.
I viewed most of the CAC40 charts tonight and everything looking soft.
Even ALU which looked strong a few days ago has potential turning point.
Orange the only one holding up at the moment.
THE MUTINY WILL BE IN FAVOR OF QE , NOT AGAINST IT.
the world is ending in a flood of money and you think the powers that be want to STOP the flood???
'"He sits there with these three mobile phones in front of him and sometimes he’s sending text messages or going out to make or take phone calls," one source usually in the room said. On at least one occasion, a national governor has skipped his turn to speak because Draghi was not present.'
Fucking idiot.
DavidC
Why is anyone concerned that so many central bankers in Europe want to challenge the ECB? Looks like a dog and pony show to me, as what counts is what the empire bosses in Washington want. And Washington wants more QE, so it will be done.