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Trichet Interrupts Speech Calling For Formation Of European Finance Ministry, Booed Off By German Students

Tyler Durden's picture




 

Earlier today we transcribed the speech by outgoing ECB president Trichet in which he called for the formation of a European Ministry of Finance coupled with what is essentially a requirement for the abdication of national sovereignty of those less than worthy countries, together with some less than flattering commentary. It appears a few people at least were not too happy with the call for the formation of the United Empire of Europe, at Humboldt University where the speech was delivered. Bloomberg reports that the "ECB president interrupted during speech in Berlin. Banners held up by students in audience reading “no more money for banks,” and “say no to debt tyranny.” We hope to bring readers a video as soon as one is available.

 

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Mon, 10/24/2011 - 13:54 | 1805100 redpill
redpill's picture

leben lang das Vaterland, bitches!

Mon, 10/24/2011 - 14:22 | 1805206 flacon
flacon's picture

"Trichet" means "cheater" in French. Jean-claude Cheater. 

Mon, 10/24/2011 - 14:37 | 1805280 Zero Govt
Zero Govt's picture

Jean-Claude means 'running on empty' (ie. idealism) in English ...well at least it does now!

Mon, 10/24/2011 - 15:05 | 1805434 eureka
eureka's picture

Mais non!  OBSERVE: RE:"United Empire of Europe..." Europe will never be an empire. Europe is civilized.

Empire is for Barbarians, the exclusive province of US. US - one Pyramid, with opression and exploitation for all - ALL the world.

SAY HOMELAND, US BITCHEZ - as your "Prince of Peace" has 6000 drones and 100,000 CIA agents murdering people all over the world so you can continue to drive gas gustlers to all your holy malls, which all look the same - to buy globa-crap from China. 

US - YOU - ARE - THE NEW COLLECTIST CONSUMERS - the neo-con, neo-nazis of the FATHERLAND OF CONSUMPTION.  SAY HOMELAND! SAY HOMELAND! SAY HOMELAND!

Mon, 10/24/2011 - 16:42 | 1805877 turbomango
turbomango's picture

You are suffering from myopia if you don't see that the most of the American people never wished an imposition of empire on people anywhere. This socialist fascist cancer from City of London and Israel has afixed it's teeth within USA government to USE military super toys as their military arm. Our "princes of peace", from Woodrow Wilson and forthe, except Kennedy, are puppets of the UK city of london, THE nest of the central bankers, headquarters of the so-called "US Federal Reserve Bank".

This isn't about what Americans drive. The US has enough unexplored crude to supply the the globe for the next 200 years. Perhaps you need to get your collectivist mind averted to some real causes rather than repeating socialist communistic rhetoric an pointing fingers toward WE THE PEOPLE. 

 

Mon, 10/24/2011 - 16:50 | 1805909 Pay Day Today
Pay Day Today's picture

"The US has enough unexplored crude to supply the the globe for the next 200 years."

Yeah, the US has so much "unexplored crude" that it either doesn't know where it is, or knows that it would cost $5/gallon of gas equivalent to extract it.

Face it, US oil production peaked in 1970-1972 and has been circling the toilet ever since, even with dozens of new deep water wells.

Tue, 10/25/2011 - 02:21 | 1807227 AldousHuxley
AldousHuxley's picture

North Dakota has coal supply for next 800 years.

 

 

Mon, 10/24/2011 - 17:52 | 1806102 ricocyb13
ricocyb13's picture

maybe it's true what you mention regarding the CITY.

read this regarding Saif Gaddafi (who is the son of Gaddafi):

Saif Gaddafi has been hosted at Buckingham Palace and Windsor Castle by the British royal family. Gaddafi claims that former Prime Minister Tony Blair is a personal friend who took an interest in advising Libya on oil revenues and finance. In 2009, he spent a weekend at Waddesdon Manor, home of financier Jacob Rothschild, 4th Baron Rothschild, where he was the guest of Lord Mandelson and Nathaniel Philip Rothschild. He later stayed at the Rothschild holiday home in Corfu. Nathaniel Rothschild was a guest at Saif's 37th birthday celebration in Montenegro

 

Mon, 10/24/2011 - 18:43 | 1806283 eureka
eureka's picture

turbomango - if "you the people" don't want "your" empire - why don't you get rid of it?

I submit to you that you are wrong - your/the US people's passivity, failure to remove its emipre and its elite is a sin of omission - your/the people's submissiveness IS COLLECTIVSM INCARNATE.

What are you going to do against "London"/Wall Street/DC/Langley/Pentagon?

I submit to you: you/the people will do nothing - because A) a portion of you are to weak and self-occupied with social ascendence and consumption and B) the majority of the rest are pure, war-loving, proto-nationalist and qt least quasi-fascist US hegemons - living vicatiously via the collectivism which is EMPIRE.

Bread & spectacle - consumption of China goods & upward mobile reality TV and TV transmitted wars on the rest of the world - its all like a computer game to US'ians - completely removed from any sense of reality and true individuality.

If I am wrong, prove it - get up and get rid of your unholy empire - or shut up.

Mon, 10/24/2011 - 23:55 | 1807073 Rynak
Rynak's picture

You just went full retard. Never go full retard.

It started off well.... you mentioned the COLLECTIVE not overthrowing the gov (as opposed to lame appeals to individual irrelevant votes)....

....and then, your argument went down the rethoric toilet.

Tue, 10/25/2011 - 01:11 | 1807173 eureka
eureka's picture

You may well be right... i just cannot stand the passivity and the whining without action.

Tue, 10/25/2011 - 04:31 | 1807323 Rynak
Rynak's picture

At the risk of appearing "compassionless".... if you're annoyed about the whining, then complain about the whining, and mention things which people could do instead..... ESPECIALLY individual things (since collective measureas always tend to be rather expensive regarding success, when judged from an individual).

As for me, i may perhaps be your biggest annoyance and yet at the same time be a small hope: What do i do? I do not protest, because there are no protests in locations nearby to me. I also do not try to rally folks (heck, i even failed to rally a bunch of likeminded folks for nothing more than.... regularily talking with each other)..... instead, what i do is: In every single aspect of my life, i consider how it influencees the bigger picture - and decide according to what is a good compromise regarding efficiency of my life, and the bigger picture (among many things: i do not vote, and my consumer behaviour is the biggest nightmare of the current massdoctrine (low waste, buying for longterm efficiency, avoiding vendor-lockin, and so on).... while at the same time spreading my understanding to likeminded buddies.

May not sound like much - but what if only 1/8 of all people would do this? You know, nothing more than considering the influence of one's own life, and having deep conversations with buddies about it? I'd say, i more than fullfilled my selfresponsibility.

That's one rather harsh lesson to learn for idealists: They imagine what would be the right thing for all humanity.... but ignore the question: Am i as an individual responsibly for all humanity? Actually, wouldn't it even be rather arrogant if i claimed responsibility and authority over all humans? And would it cover more than "my share", if i simply examined my life, and helped buddies about understainding theirs?

Tue, 10/25/2011 - 00:09 | 1807093 LowProfile
LowProfile's picture

...Check out Wall St. lately?

Mon, 10/24/2011 - 19:16 | 1806363 GiantVampireSqu...
GiantVampireSquid vs OWS UFC 2012's picture

Take it easy fellas, the old divide and conquer wont fly anymore.

Tue, 10/25/2011 - 01:10 | 1807171 eureka
eureka's picture

Would be interesting if you were right... come election time, though, I see wholesale and multilateral character assissination across all US divides.

Mon, 10/24/2011 - 14:41 | 1805286 The Big Ching-aso
The Big Ching-aso's picture

My little young Germans, boo as you wish but you shall see that your future is grand as vee are all together like boiling frogs in zee vat of fine French cooking.

Mon, 10/24/2011 - 14:46 | 1805342 Strider52
Strider52's picture

Don't they know how to throw shoes in Germany?

Mon, 10/24/2011 - 14:49 | 1805350 The Big Ching-aso
The Big Ching-aso's picture

Jack boots are fucking heavy, man. 

Mon, 10/24/2011 - 16:25 | 1805805 Greyhat
Greyhat's picture

Just some funny commies, no boots, no hope, just some dope... ;)

http://www.handelsblatt.com/images/people-hold-banners-as-former-ecb-pre...

Mon, 10/24/2011 - 14:50 | 1805363 CPL
CPL's picture

They've been known to shoot a little.

Mon, 10/24/2011 - 18:47 | 1806288 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

throw shoes in Germany?, Germans make theee best stuff. throw the cheap Chinese shoes, wear the German shoes.

Tue, 10/25/2011 - 02:23 | 1807230 AldousHuxley
AldousHuxley's picture

no they just slash tires of luxury cars. But if you make them really mad, they bring out this special oven.

Mon, 10/24/2011 - 14:49 | 1805353 CPL
CPL's picture

the term Vichy comes to mind when a french man speaks on behalf of German influence.

Mon, 10/24/2011 - 16:50 | 1805910 LeonardoFibonacci
LeonardoFibonacci's picture

Ein Ziel der Kosmetikforschung ist der Knitter-Killer für die ultimative Anti-Falten-Creme. Trotz einiger Erfolge bleibt das Fazit

Mon, 10/24/2011 - 17:45 | 1806097 Rynak
Rynak's picture

Unsure if you should junk him, because you don't understand german? Answer: His post is offtopic noise. He just took some random german textsnippet from anywhere, and posted it here. In this case, his textsnippet is from an article about cosmetic products.

Yes.

Mon, 10/24/2011 - 18:50 | 1806294 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

 

Est ist Verbotten, den Toten , den Hoden zuverknotten.

Mon, 10/24/2011 - 19:16 | 1806362 Ripped Chunk
Ripped Chunk's picture

Revolt

Burn the oligarchs and banker scum.

Recapitalize the banks and start over.

There is no other way.

Tue, 10/25/2011 - 02:27 | 1807236 AldousHuxley
AldousHuxley's picture

Trichet’s eight-year term ends on Oct. 31.

 

scum just trying to save his legacy just like Greenspan's excuse.

 

When you have consolidation of powers as in EU, only the elites benefit as the pyramids of power merge and they come out at the top. Bottom 50% of Germans will have lower status in EU as they join the PIIGS slaves.

 

 

 

 

 

Mon, 10/24/2011 - 13:55 | 1805108 bob_dabolina
bob_dabolina's picture

Germans have no experience with this

/sarc 

Mon, 10/24/2011 - 13:56 | 1805111 firstdivision
firstdivision's picture

Is this EFM to be the CEO of the various FM's in Europe?  This seems like a "One-World Order" scenario to me. 

Mon, 10/24/2011 - 13:56 | 1805114 mynhair
mynhair's picture

Bullish.  Ignorant students with no money don't move markets.

SPY cleared for 135.7

Mon, 10/24/2011 - 13:58 | 1805125 PaperBear
PaperBear's picture

Good job, you German students.

I wonder if any of these German students have read any of Ron Paul's books.

Mon, 10/24/2011 - 14:02 | 1805142 redpill
redpill's picture

If they are well educated students they would have read Mises and Hayek in the original German ;)

Mon, 10/24/2011 - 15:12 | 1805454 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1  Well said.

Mon, 10/24/2011 - 14:00 | 1805134 Divided States ...
Divided States of America's picture

Achtung baby!

Mon, 10/24/2011 - 14:00 | 1805135 Bastiat
Bastiat's picture

Reminds me of Geithner in China.

 

Mon, 10/24/2011 - 14:01 | 1805139 navy62802
navy62802's picture

These guys are going to spark a freaking war if they keep this up.

Mon, 10/24/2011 - 14:05 | 1805159 firstdivision
firstdivision's picture

That's the point.  War = Dow 75,000

Mon, 10/24/2011 - 14:23 | 1805218 Fibz
Fibz's picture

Can't have Dow 75,000 if there's no bankers left to drive it up.

Mon, 10/24/2011 - 14:25 | 1805229 firstdivision
firstdivision's picture

Since when do bankers fight in a war?  They only finance them.

Mon, 10/24/2011 - 14:35 | 1805282 Fibz
Fibz's picture

I meant there won't be any bankers left to finance anything if this continues.

Mon, 10/24/2011 - 14:51 | 1805370 CPL
CPL's picture

You make that sound like a bad thing.  We'll have to make sure there is nothing left of their family trees now.

 

No child will be left behind for fear of rotten seed.

Mon, 10/24/2011 - 16:41 | 1805887 FinHits
FinHits's picture

There is a doctor, an engineer and a bankster. While they argued on whose profession was the oldest, the doctor said; “on the sixth day, God removed a rib from the man and made the woman, that was surgery”. In his argument, the engineer submitted, “on the first day, God created the world from absolute chaos; that was a great engineering feat”. To prove that his was the oldest profession, the bankster said, “and who do you think caused the chaos in the first place?”

Mon, 10/24/2011 - 19:18 | 1806364 Ripped Chunk
Mon, 10/24/2011 - 14:17 | 1805199 Lord Welligton
Lord Welligton's picture

Agreed.

It's one thing to have a severe crisis on their hands. It's another thing entirely to make such an unqualified mess of a solution.

And then to use it as a power grab by Euro Federalists.

Well. That's just scrapping for a fight.

Mon, 10/24/2011 - 17:56 | 1806117 Rynak
Rynak's picture

There will be no war started by germans in the next few years at minimum.

Reasons:

1. 50 years of "if we even take significant part in a war, we'll be like the nazis again"-indoctrination (interestingly, this hasn't stopped the german gov from silently providing a lot of surveilance and spy services to war theatres, including the middle east. Plus, of course everyone knows H&K).

2. Current german sentiment - while euro-sceptic - is pro-europe.

Doesn't say anything about what will be in 8+ years... but in the near term, a war started by the germans is - and i rarely use this word for predictions - impossible. The only way germans would currently engage in a war, is if they were attacked.

What this bullshit may at worst create in the shortterm, is an isolationist sentiment and perhaps even a slightly racist sentiment regarding foreigners INSIDE germany, but not more. Sorry to those kinds of doomers, who're rooting for a war, while having no experience in european culture at all.  There is no way even central planners could pull this off, without making others attack first.

Mon, 10/24/2011 - 14:50 | 1805338 The Big Ching-aso
The Big Ching-aso's picture

They're gonna have to dig deep to fill a draft with involuntary conscripts.   As a consequence,  I'm figuring every guy under the age of 84 will be eligible for duty.

The internet is really fucking up the blind allegiance thing these days.

Mon, 10/24/2011 - 15:33 | 1805483 Incubus
Incubus's picture

The internet is really fucking up the blind allegiance thing these days.

Maybe for everyone else, but I speak for myself when I say that I enjoy being a flag sucker. (spot the sarcasm!) Anyway, moving on: nothing more pathetic that a "family" that distinguishes itself by generational enlistment. The world needs more people that'll say there's shit on your goddamn face, than bootlicking system enabling dogs. Sycophancy has gotten us into this mess, and it's clear that it's time to make these politicians and banksters "eat their peas": invalidate their "advantage" through fiat, then kick them to the curb and let them earn their way like anyone else who isn't part of the system-managing clique.

 

Sheep need to be educated on the game--to how banking and money work.  Information is "revolutionary" in itself.  You just need to get the humanoids to uptake the information. 

 

GIGO

 

Anyway, the time'll come: when the entitled sheep are pushed to their greatest point of disenfranchisment, you put them on the trail of the "oligarchy" and they'll take care of the rest.  The dogs just need a proper scent trail to follow--and you do that by dispelling the garbage media saturation they're entranced in.  Once they can no longer pretend that "everything is OK," they'll look for someone to pin the losses on--that is human nature--and you'll show them who exactly have "sinned" against them.

 

 

Mon, 10/24/2011 - 14:03 | 1805150 TooRichtoCare
TooRichtoCare's picture

Come on Germany!!  You fucked up the first 50 years of the last century...about time you made your mark on THIS century dontcha think?

Mon, 10/24/2011 - 14:06 | 1805162 THE DORK OF CORK
THE DORK OF CORK's picture

Thank God - the Young are finally waking up from their consumption / debt slumber.

Mon, 10/24/2011 - 14:40 | 1805309 buzzsaw99
buzzsaw99's picture

that's why crAAPL is worth $500B? LMAO!

Mon, 10/24/2011 - 15:40 | 1805559 Incubus
Incubus's picture

They wake up because they can no longer sleep.

 

Make no mistake: people will always "sleep" in preference to "waking up."  Waking up means you have to face reality--and reality isn't aligned to what some big-pharma company says reality should be, or how everyone else is always having a "great time" in life--despite being exploited to hell.

 

There is nothing "romantic" about the sheep waking up.  The filthy masses only move because some idiot "humanoid manager" screwed up along the way and messed up the "matrix" and the sheep are bawwwing for another teat to lull them back into slumber.

Mon, 10/24/2011 - 16:00 | 1805677 HardlyZero
HardlyZero's picture

Pope will throw out the moneychangers and bring back control to the system....New Rome.

Mon, 10/24/2011 - 14:09 | 1805171 Banksters
Banksters's picture

Fuck the ECB, Fuck the FED, Fuck Trichet, Fuck Draghi, Fuck Washington D.C., Fuck the Eurozone, Fuck Homeland Security, Fuck Endless War, Fuck the Pope, Fuck One World Govt, Fuck China, Fuck neo colonialism, Fuck MSM, Fuck the banksters, Fuck Centralized control!

Mon, 10/24/2011 - 14:10 | 1805176 redpill
redpill's picture

Ron Paul 2012?

Mon, 10/24/2011 - 14:14 | 1805190 Mohan
Mohan's picture

Wow. You are one f'ed up guy! :)

Mon, 10/24/2011 - 14:33 | 1805272 clones2
clones2's picture

Take that bitchez

Mon, 10/24/2011 - 14:45 | 1805328 Zero Govt
Zero Govt's picture

the thing to fuck is monopolies

fuck the biggest social and economic monopoly, Govt, and all the rest come crashing down without their protection racket to prop the parasites up

How do you do that I hear you ask? Could not be more simple. Stop paying your taxes (ie. funding/sponsoring the Govt, the oppressor of you and free markets) 

Zero Tax = Zero Govt

Mon, 10/24/2011 - 19:22 | 1806374 honestann
honestann's picture

Zero Tax == Zero Government

Unfortunately, that isn't true at all... unless you vaporize the federal reserve and all central banks.  As long as people buy and sell goods with fiat money, the government or its central-bank co-conspirator can create unlimited money (debt-money or otherwise) and keep on trucking.  To a large extent, that's exactly what they've been doing for years, which has created the most gigantic black hole of debt the universe has ever seen.

Mon, 10/24/2011 - 19:31 | 1806387 Zero Govt
Zero Govt's picture

Not so

Without its protection racket of Govt the Feds monopoly on money vapourises before midnight. The Fed uses the State (public money) to enforce its monopoly (see recent case of Fed prosecuting a free money dealer). Without the State all monopolies would naturally crumble as Govt intervention is their primary ratchet in the market with Law and the bully boys of the State

And paying no taxes also vapourises the IRS. Not very well known the Fed has direct control over the IRS because its (private banking) revenue stream is secured directly through the IRS offices

Zero Tax = Zero Fed

Mon, 10/24/2011 - 21:10 | 1806669 honestann
honestann's picture

Sure.  Without government the federal reserve has no charter, or anything else (except the already formed habits of billions of people to accept bogus green paper).

However, the government won't vanish, because the federal reserve will lend it unlimited funds.  Hell, if that didn't work for some reason (which is impossible to imagine), the Treasury itself will start printing up money for the government.

I agree that the federal reserve (and TONS of bad stuff) would vanish if the government vanishes.  What you need to do is figure out what would happen if nobody paid a penny in taxes.  I mean, be REALISTIC.  You know how those predators work.  And you also know that virtually every "citizen" is a total freaking idiot-fool with dominant sheeple genes.  They don't understand what we understand, and won't strap on a six-shooter either.

BTW, I do advocate not paying taxes.  I do advocate ignoring government, and doing everything possible to eliminate government.  I just don't believe the predators-that-be and predator-class that IS government would vanish absent tax revenue.  They'd just print it.  What would stop them?  They have ZERO scruples.

Mon, 10/24/2011 - 14:38 | 1805301 inca
inca's picture
David Icke - Essential Knowledge For OWS

[emphasis mine]

Recorded & Filmed by Chris Williamson & Lucius Borich at K e y s o u n d s t u d i o s Sydney Australia 20/10/2011.
video here

Mon, 10/24/2011 - 15:41 | 1805568 Incubus
Incubus's picture

fuck the fuck

 

fuck the

 

fuck fuck

 

fuck fuck fuck

Mon, 10/24/2011 - 14:09 | 1805172 earnulf
earnulf's picture

Deutchland Uber Alles!

Mon, 10/24/2011 - 16:07 | 1805703 HardlyZero
HardlyZero's picture

DKs...California Uber Alles...its all good.

Pope will throw out the moneychangers...and rule over the mess....New Rome.

It just took 2 millenia for the comeback !

Mon, 10/24/2011 - 14:15 | 1805193 Conrad Murray
Conrad Murray's picture

Hang the corrupt French pig.

Mon, 10/24/2011 - 14:18 | 1805196 Vuvuzela
Vuvuzela's picture

Back to nation states, No to parasitism

This is insane they want to destroy thousand of years if national culture and history and replace it with what ? how the history manuals will look in the so called EU ?

All will start @ 2011 ? with Herman vom Rompuy and Barosso on the fron page ?

 WTF

Mon, 10/24/2011 - 14:18 | 1805204 bania
bania's picture

if German university students are booing Trichet off the stage, then his little science experiment has no future.

Mon, 10/24/2011 - 14:53 | 1805367 Zero Govt
Zero Govt's picture

the senile old dud hasn't left his Brussels ivory tower and pandering soft-touch CNBC journalists in ages... this must be a rude awakening for him the whole of Europe is not in absolute 100% agreement with his Euro Super-State dream (dribble) 

the ECB's JC like the Feds BB will retire as the biggest failures in Central Banking for a Century ...like Govt, everything these crones touched turned to Crap ...all of it toxic

Mon, 10/24/2011 - 14:21 | 1805210 LongSoupLine
LongSoupLine's picture

ALL that matters is that Chief Fed POMO bank Ponzi fucktard Dudley said "More QE possible.", moments ago.  Now CNBS is pumping that "Breaking News" headline every 5 fuk'ing minutes.

Dow 4,000,000 here we come. 

Mon, 10/24/2011 - 14:28 | 1805243 Mediocritas
Mediocritas's picture

I lived in Germany long enough to know that German people are deeply scarred by their nation's former attempt to take over Europe. Contrary to what many non-Germans believe, the average German person is sensitive to making the same mistake again. These students demonstrate what I'm talking about and it's good to see. 

Fuck the United States of Europe. The people who want it (such as Trichet) are nothing more than fascists in liberal clothing.

Mon, 10/24/2011 - 14:44 | 1805325 anonnn
anonnn's picture

Fascism was the local [Italian] brand name for tyranny.

Mon, 10/24/2011 - 14:56 | 1805387 anonnn
anonnn's picture

The symbol for Fascism was the fasces: the bundle of sticks/rods surrounding an axe blade carried in front of ancient Roman magistrate to announce his authority power to punish and kill. It was carried by his guards [licters].

Mon, 10/24/2011 - 15:46 | 1805605 Incubus
Incubus's picture

All governments eventually and ultimately practice "fecism."

Mon, 10/24/2011 - 16:00 | 1805674 Plata con Carne
Plata con Carne's picture

Like the ones in the Rostrum of Congress. 'Course they just call them decorative wooden reliefs of laurel branches.

http://artandhistory.house.gov/art_artifacts/virtual_tours/house_chamber/rostrum.aspx

Mon, 10/24/2011 - 17:08 | 1805976 Mediocritas
Mediocritas's picture

I didn't know that Anonnn, thanks. Tyrants they are, modernized and more sophisticated than the days of old, but tyrants nonetheless. These days, the foot soldiers all have law degrees.

Mon, 10/24/2011 - 14:30 | 1805255 LookingWithAmazement
LookingWithAmazement's picture

The euro has not crashed over the last 2 years - apparently all goes well. What crisis?

Mon, 10/24/2011 - 14:35 | 1805281 LookingWithAmazement
LookingWithAmazement's picture

CHINA WILL COME TO THE RESCUE FOR THE EUROZONE, VIA A SPECIAL IMF VEHICLE. ----- Bye bye "crisis". Boring world we live in.

Mon, 10/24/2011 - 14:43 | 1805322 Instant Wealth
Instant Wealth's picture

Come on, Fritz !

China-to-the-rescue = Groundhog Day

Mon, 10/24/2011 - 16:09 | 1805723 HardlyZero
HardlyZero's picture

Vatican to the rescue...New Rome trumps Germany, Italy, and World.

Mon, 10/24/2011 - 14:36 | 1805295 inca
inca's picture
Note on financial reform from the Pontifical Council for Justice and Peace

by Cardinal Peter K.A. Turkson +Mario Toso


Specific attention should be paid to the reform of the international monetary system and, in particular, the commitment to create some form of global monetary management, something that is already implicit in the Statutes of the International Monetary Fund. It is obvious that to some extent this is equivalent to putting the existing exchange systems up for discussion in order to find effective means of coordination and supervision.

This process must also involve the emerging and developing countries in defining the stages of a gradual adaptation of the existing instruments.In fact, one can see an emerging requirement for a body that will carry out the functions of a kind of “central world bank” that regulates the flow and system of monetary exchanges similar to the national central banks.

The underlying logic of peace, coordination and common vision which led to the Bretton Woods Agreements needs to be dusted off in order to provide adequate answers to the current questions. On the regional level, this process could begin by strengthening the existing institutions, such as the European Central Bank. However, this would require not only a reflection on the economic and financial level, but also and first of all on the political level, so as to create the set of public institutions that will guarantee the unity and consistency of the common decisions.

These measures ought to be conceived of as some of the first steps in view of a public Authority with universal jurisdiction; as a first stage in a longer effort by the global community to steer its institutions towards achieving the common good. Other stages will have to follow in which the dynamics familiar to us may become more marked, but they may also be accompanied by changes which would be useless to try to predict today.

In this process, the primacy of the spiritual and of ethics needs to be restored and, with them, the primacy of politics – which is responsible for the common good – over the economy and finance. These latter need to be brought back within the boundaries of their real vocation and function, including their social function, in consideration of their obvious responsibilities to society, in order to nourish markets and financial institutions which are really at the service of the person, which are capable of responding to the needs of the common good and universal brotherhood, and which transcend all forms of economist stagnation and performative mercantilism.

On the basis of this sort of ethical approach, it seems advisable to reflect, for example, on:a) taxation measures on financial transactions through fair but modulated rates with charges proportionate to the complexity of the operations, especially those made on the “secondary” market. Such taxation would be very useful in promoting global development and sustainability according to the principles of social justice and solidarity. It could also contribute to the creation of a world reserve fund to support the economies of the countries hit by crisis as well as the recovery of their monetary and financial system;

b) forms of recapitalization of banks with public funds making the support conditional on “virtuous” behaviours aimed at developing the “real economy”;c) the definition of the domains of ordinary credit and of Investment Banking. This distinction would allow a more effective management of the “shadow markets” which have no controls and limits.

Conclusions: complete unofficial translation  here

Mon, 10/24/2011 - 14:38 | 1805297 SixFeetFromTheHedge
SixFeetFromTheHedge's picture

I'm a student and I just lost 1300 Euro on my SPX 1250 stop-loss :) Ironically SPX hit 1250 and is just hovering there... probably crashing soon.

Ohhh well just going to short again :)

Mon, 10/24/2011 - 14:44 | 1805323 Ned Zeppelin
Ned Zeppelin's picture

Not with these rumors of QE3 circling.  Do not short the S&P, I think. 

Mon, 10/24/2011 - 14:42 | 1805314 anonnn
anonnn's picture

shorter Trichet:

Trust me. I am your friend.

Mon, 10/24/2011 - 14:45 | 1805331 slewie the pi-rat
slewie the pi-rat's picture

they sound like young pirates!

no more money for banks,” and “say no to debt tyranny.”

what music! 

Arrrghhhhrghhhhh!

Mon, 10/24/2011 - 16:11 | 1805739 HardlyZero
HardlyZero's picture

Pope will throw out the moneychangers.  New Rome will take control.

Mon, 10/24/2011 - 17:05 | 1805966 lindaamick
lindaamick's picture

The Occupiers serve to educate and awaken more and more of the populous. 

The longer these groups hold their parks and city areas, the more people will finally see what is happening.

The hope for us all is a peaceful uprising of the masses. 

 

Mon, 10/24/2011 - 17:22 | 1806023 PulauHantu29
PulauHantu29's picture

Yeah, bend over so you can Bail out the Bankers.....it's odd how the bankers did not share their mega-profits the last decade with The People but now want The people to Bend over and take it....

Tritchet must have been Bonging before this speech.

Mon, 10/24/2011 - 17:28 | 1806045 SunBlaster
SunBlaster's picture

Everything is working out as planned:

First - Euro Currency and EU 1999

Then - European Ministry of Finance 2015?

After - World currency and World Ministry of Finance ????

The lag time is decreasing proportionally to number of "manmade disasters"

 

 

Mon, 10/24/2011 - 18:30 | 1806247 JW n FL
JW n FL's picture

 

 

http://www.youtube.com/watch?v=tuSwstj0VTg

Uploaded by on Jan 27, 2011

http://www.weforum.org 27.01.2011
The euro should contribute to the stabilization of the EU national economies. However, in recent times, it has considerably lost value. Numerous euro-countries have been unable to keep to the criteria of stability and growth. High national debt brings them to the edge of insolvency. The European Monetary Union is endangered.

What effect does the euro crisis have on Switzerland? How should Switzerland contribute to finding a solution to the crisis? In the long term, how can the euro and the EU survive? What effect does the crisis have worldwide? Is international financial stability once more facing a collapse?

• Wilhelm Hankel, Professor of Economics, Johann-Wolfgang-Goethe University, Germany
• Patrick Odier, Senior Partner, Lombard Odier Darier Hentsch & Cie, Switzerland
• Dimitri Papalexopoulos, Managing Director, Titan Cement Company, Greece
• Nouriel Roubini, Professor of Economics and International Business, Leonard N. Stern School of Business, New York University, USA; Global Agenda Council on Fiscal Crises
• Jean-Claude Trichet, President, European Central Bank, Frankfurt

Moderated by
• Susanne F. Wille, Journalist, Swiss Television SF DRS, Switzerland

Mon, 10/24/2011 - 21:36 | 1806766 Buck Johnson
Buck Johnson's picture

They can't save the system, they must let it go down.

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