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Watch Jean Claude Trichet's On Air Meltdown
Think the ECB is unable to maintain the illusion that central planning works? Think again. Some unlucky sod dares to ask Trichet how the central bank plans to defend its failure as a monetary authority, to which the French president proceeds to have an unprecedented (for a central head banker) on air meltdown with literal foaming in the mouth. "You want the lies?... You can't handle the lies. It is all about ze price stabeeleetee." Hilarity ensues, especially after JCT proceeds to bash his one and only nemesis: Germany. Prepare to watch many more such episodes over the next 2 years as the world voodoo economist PhDs have so carefully constructed for themselves in their ivory towers comes crashing down.
And here are the conference cliff notes from Goldman's Dirk Schumacher
ECB press conference ends. Overall the statement and Q&A part were broadly in line with our expectations. Downside risk to growth and a balanced outlook for inflation have put the ECB now in a wait-and-see stance. Later more.
14:09
As expected, Trichet dodges question on whether ECB will continue to buy sovereign debt under the SMP. Governing Council, understandably, doesn’t want to commit to any figure.
With respect to growth outlook, “enormous uncertainty” arguing for neutral stance.
14:08
With respect to Italian consolidation efforts, very important for Governing Council that latest measures “confirm first commitment”. Trichet makes very clear how important it is for the assessment of the SMP that Italian government sticks to initial plans. This is part of the implicit quid pro quo. No surprise here.
13:52
Interest rate decision was unanimous, suggesting that weakening of data and financial tensions have convinced everyone on the GC to turn neutral for now.
No new liquidity measures beyond what already was announced in August. Trichet stresses that liquidity ‘not an issue’ for banking sector.
13:44
ECB now sees downside risks to Euro area growth (balanced risk in June). Uncertainty particularly high at this point. Staff growth forecast revised down. Financing conditions in some areas have tightened.
Price risks now broadly balanced (upside risks in June). 2012 staff forecast unchanged at 1.7% (but band is narrower).
Overall broadly as expected so far and consistent with wait-and-see stance.
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Different skin, different language, same bankster M.O., to starve the middle class of the world and milk the cow 'till the end. Selfish prick.
I think he needs to crack open that bottle by his side..
My favorite line:
"I would like very much to hear the CONGRATULATIONS of this institution for bringing price stability..."
WTF???!! Really??!! Congratulations????!!! These people are reptilian sociopaths. Ok, here it is. Congrats on bringing price stability, at the cost of Global Stability. Job well done.
When the crooks start ripping you off in broad daylight, then demand for you to thank them, it is time to be very frightened.
"When the crooks start ripping you off in broad daylight, then demand for you to thank them, it is time to be very frightened."
If it works then they've sucessfully created the ultimate goal of sociopathy. The willing victim. They will keep trying until it works. Then couple the violence with the deception. The violence and cruelty so cruel and so violent that you actually wish and hope and pray for the deception. And criticize and attack anyone who attacks the deception. Beause you know the violence is the other fork in that road.
Deception is their only tool to use at the moment. And as you say, once that deception runs out, and it is running out, their last resort is War. Always has been.
Not only that, but there's no challenge in short term stability when you're willing to take on massive, unpayable debts -- refuse to force accounting standards or financial responsibility -- and live in a bizarre fantasy world where the currency is unified, but bonds are not.
He wants congratulations for "faking it" for a decade?
Fuck this clown.
Exactly right. Ask the folks of the Titanic if they were happy with short term stability.
This clowns logic would be similar to the Captain of the Titanic demanding the people on board (who about to die a horrific death) to thank him for keeping the boat afloat for 45 minutes after he hit the iceberg. We are not allowed to question as to why or how you hit the fucking iceberg?
Yeah, thanks... Now say hello to my little friend the pitchfork.
when he runs his head into a brick wall and stops wearing abicrombe and fitch, than i will assign "melt down" status
Totally agree. Trichet is as stingy as it gets when it comes to monetary policy. Those of us with equity portfolios are suffering because these selfish pigs. They simply REFUSE to provide the equity market with the necessary monetary stimulus.
< MillionDollarBonus_ >
IF your Mother is still alive, SUE HER ASS!.
For dropping you multiple times on that dumb assed head.
+1 Funny.
Dood---your sarcasm detector is broken.
Once Obamatron and the Super Committee (with O.J.'s help!) nab the real killers, justice will be served! :>D
Same blood, same 2nd language, same bankster M.O., to starve the middle class of the world and milk the cow 'till the end. Selfish prick. (fixed)
we can say what we want about trichet but euro still holding 1,40 and markets still look bid from here.
I watched the Reuters Video Clip of press conference.
In short: Trichet, IMHO, is doing a good job in a very difficult situation (I'm not being sarcastic).
the conference cliff notes from Goldman's Dirk Schumacher are what you can expect from GS.
in the FT, Izabella Kaminska reports from something outside the Video Clip, where "there was a funny moment" when a German Reporter shouted/asked for "the truth" and got a shouted funny "preeze stability" answer which just underlines that Trichet has little humour and a lot of pressure on him. The British press, bless their little souls, just love those moments.
Have a look yourself http://ftalphaville.ft.com/blog/2011/09/08/672756/a-few-good-central-ban...
There, Izabella writes "Or something like that. (We’ll bring you the proper transcript as soon as it’s available, for compare and contrast purposes.)" This is something I've now experienced many times, first some first hand reporting with a promise of corroboration, meanwhile Mr. Ambrose-Ritchard can do some commentary on it using the "provisional wording" and by then who is really interested about who said what exactly?
I know that ZeroHeads have a great hatred for all Central Banks, but please, just think: are you against all banking, period? Because Central Banking is a facility to the banks, something in the category of Police or a trash removal service. It is not bad itself, it just can be used for bad things by unscrupolous people.
Central Banking was, by the way, a product of the idea of a gold-backed currency. And it did bring price stability, even while being (mis-) used to finance two world wars and after that countless other wars.
Until the FED and Nixon thought it might be better used to dollarize the world.
The SNB just showed recently that people and business want one thing and one thing only from a currency: stability. Even a constant decline is better then ups and downs and ups again. because THOSE WHO ARE IN BUSINESS HAVE TO DO SOME BLASTED PRICE CALCULATION, for criminy. If you don't understand this, then you were never trying to do business, you were only speculating (which is OK for me, by the way, it's just that you can't have an economy based on it only). The same unions that want more salary for the hard work they represent usually prefer softer money to the threat of more companies going belly up. As much as I wish for a world with harder money, just remember that hard money is HARD ON DEBTORS and business goes more often bust than with a soft currency.
And for all the SNB bashers: how would you explain that for the sake of a hard currency you are going to sacrifice 15% of the economy?
Believe me, even a constantly depreciating Lira or French Franc were better than some other currencies that were going erratically up and down.
Trichet, you are still my hero. I do appreciate your work and I shudder when I think you will soon be replaced by a disciple of the Squid.
you are trying to take the principled theoretical view of central banking. i agree in general. but specifically, it is a very powerful tool to use at the disposal of a corrupt or non-corrupt society.
right now, we have had a corrupt society for at least 12 years in america. probalby more like 30. so price stability is not good for debtors as you say it is. price deflation is not bad for debtors either.
why? because there are bankruptcy laws. and after and during a collapse, major waves of bankruptcy will happen . is this bad? well it depends how you define bad. can a sick lepper with gangrenous rot indefinitley go on being sick by bringing in a doctor who offers treatment of the symptoms. at some point the gangrene must be amputated and the cause cured.
the gangrene is the overhanging debt that was created through fraudlent lending schemes, and the cause is both cheap money at low interest rates, and system which allows for unregulated insurance, securitization and derivitive transations to be created at the highest levels in order to create a paper milll of loans at the bottom . i believe in a global economy and one world order. but i also believe derivatives of all sorts and fraud on a massive scale , the same fraud that helped entangle many economies, is the biggest obstacle to a smooth global economy---perhaps even a ticking time bomb to global trade, as imploding economies start imposing tarrifs.
tool or weapon, you can do evil with everything, particularly words
to be frank, I know I know nothing about bankruptcy law in the US and very little of Common Law
in most of the EuroZone, we have bankruptcy laws that go strongly back to the Napoleonic Codex and Roman Law, nothing seriously substantial has changed since long
well yes, collapse goes with bankruptcies, my point is that strong inflation gives much less bankruptcies than "normal" and a strong deflation gives the highest amount of bankruptcies
of course, if the law changes, the equation would change too - my argument is more of a "at same conditions" from history
Jesus. Where do I start.
Central Banking was, by the way, a product of the idea of a gold-backed currency
No, currency was always gold backed, because gold was money. Central banking was a product of the idea that it would eliminate the possibility of bank runs because banks essentially all became franchises of the Central Bank, at least in terms of how their reserves were stored.
And it did bring price stability
Really? Then how do you explain the fact that the US dollar roughly retained its purchasing power for the century preceding the formation of the Fed, but has lost 98% of its value in the century since then?
Are you a shill, or just an idiot?
thanks, don't think shill or idiot apply
gold is money, there we agree
currency was not always gold backed, even the Romans started to coin with a lesser-then-officially-stated ever-decreasing-amount of metal, the Mongols have probably invented fiat currency, the Chinese had a few bouts of hyperinflation every seventy years or so for some thousand years, etc. etc.
less bank runs thanks a central facility, there we also agree
franchises of the Central Bank? No, the "center" is not necessarily this powerful, see the Swiss National Bank which is run by the Swiss State Banks, and each State Bank is usually owned more or less completely by that particular Swiss State. By the way: SNB born 1907, FED 1913.
And now the big bang: the FED is a BAD COPY of the SNB (of that "stile of CB", that "age of reasoning") - and you can see why bad if you compare them closely.
I am talking about central banking, how Trichet is doing with the EuroZone Central bank in an article about him - why do you bring in the Dollar? I was on CHF, EUR and central banking in general.
The EUR has been price stability for the EuroZone, hell, it still is. This is a fact which you might perhaps only appreciate if you "were there" before it.
Just to be sure we understand us: if I were an US Citizen, I do would have a few choice words about the FED (unless I were a TBTF million-bonuses profiteering bastard, of course...)
On the other side, I do have to say that even the FED would never had even the POSSIBILITY of monetize that much federal debt without all those US Treasuries being printed.
You want to starve a CB? Have a strong currency? Have budget surpluses, or, if really not possible, a trade surplus. and as Ron Paul would agree with, wars are also bad for a currency...
Oh yeah, price stability. My rent is up 100% in 10 years, the best that has ever been obtained in Europe in fifty years-according to Trichet.
I love the smell of panic in the morning.
The system is so fucked!
Is James Rickards book now on sale?
Will be released on Nov 20th. Order now.
OR you can buy it straight from the publisher:
http://us.penguingroup.com/nf/Book/BookDisplay/0,,9781591844495,00.html?...
didn't think you could slip that amazon link by me so easily, now did you mr. cog? :)
Or Books-A-Million, who has it for nearly as cheap as Amazon. The publisher wants full price.
http://www.booksamillion.com/p/Currency-Wars/James-Rickards/9781591844495?id=5154951505520
Looks like Buy.com has it as cheap as Amazon.
http://www.buy.com/prod/currency-wars/q/loc/106/220563780.html
nice one! looks like they're a good ol' boy company down in Alabama. janus should approve.
http://www.booksamillioninc.com/
.
In the good old USSR they had security guys/woman with injection needles and horse tranquillizers to keep the speakers from central planning talking without interuption.
ANOTHER OPPORTINITY TO CREATE JOBS!!
We zere kaled tu perserre ze de mo crock icies aznd ze zelivered im pecc ibly. IM PECC IBLY.
Well, at least he didn't grab his junk and hip thrust.
He did towards France, Italy and Germany. Then mooned Greece.
Or start eating his tie like Georgian president.
...and he closes with a joke
He IS a joke.
lol
"First Commitment"?????? We have finished!!!!
Go on buying our bungabunga bonds and shut up!
The guy in the video has some of the lowest scores on this game: http://www.ecb.europa.eu/ecb/educational/html/index.en.html
They ALL MUST GO!!
You mean the schvatzes on welfare? or the Jew bankers?
learn to spell , then die - or just die. fuck you, you white-trash piece-of-shit!!
Just out of curiosity: how do you know he's white?
TO YOU JCT:
turn it up, old fart
http://www.youtube.com/watch?v=RCqxq6xqoXI
on the thirty first floor/
a gold plated door/
won't keep out/
the Lord's Burning Rain/
the scientists say/
it'll all wash away/
but we don't believe anymore/
cause we've got our recruits...,
The Brazen Serpent
That's awesome!
...sorry, could have been, but not true. Too much imagination (or vodka I guess) from Izabella Kaminska (Alphaville) trying to be funny:
@14:55 "In case you missed Jean-Claude Trichet coming over a bit Jack Nicholson at Thursday’s ECB press conference we thought we’d reprise events.They went a little like this.."
..then a little later she tries to rectify:
@18:17 "(*cautionary note for those not familiar with A Few Good Men, Trichet didn’t actually say the following, it’s just what it reminded us of...He didn't actually say the above. The above is a quote from the film 'a few good men' which is what his actual quote -which I've now added- reminded us of.)"
Videoclip apparently:
http://insider.thomsonreuters.com/link.html?cn=share&cid=260559&shareTok...
"That Lehman’s collapse, while tragic, probably saved banks."
As in we had to let Lehman go because we had to save Goldman Sachs.
Awesome^2
I love the smell of "spread" in the morning...
Cocaine is a helluva drug...
It's a celebration, bitchez!
Fuck your couch, banksta!
Hmm, Telegraph has noted that Trichet really did go "Biblical".
14.10 Mr Trichet is struggling with his old problem of journalists hogging the microphone and asking too many questions.
He agrees to take three points from Reuters, despite his two-question rule, perhaps befitting the ECB's policy of 'benign neglect' of national governments, which he stresses again.
Despite that, it doesn't sound like the ECB has been sitting back recently - Mr Trichet says the central bank "has been preaching in the desert."
http://www.telegraph.co.uk/finance/financialcrisis/8720479/Debt-crisis-l...
Matthew 3:1 In those days John the Baptist came, preaching in the Desert of Judea
Two obvious snarks - either he's admitting that it'll take the 2nd coming of Christ to solve EU issues, or there's a big surprise for everyone coming up in Winter, and he fully expects to lose his head for it. Merkel as Salome? That one has cartoonists salviating. Upper class Brits do snark like no other.
Incorrect interpretation.
Preaching in the desert means he is trying to help but there is no one around to listen. It was a compliment to faith sustained and conviction maintaied in spite of no one else caring.
You of all "people" should see the UNibomber when you meet him.
On reflection to the Telegraph, you're most likely correct - I apologise for mistaking the piece, my interaction with the Bible is lacking.
I thought my version was more accurate however.
When we meet John the Baptist we are told that he is the precursor of Christ, bearing firm witness to him. The desert is perhaps a strange place in which to preach. There are, after all, few people to hear. Yet there are few competing voices, either, and the message may be heard in all its uncompromising clarity. John's message certainly was heard, for we read that the Priests and Levites sent messengers from Jerusalem to interrogate him.
Mark 3:2-4 This is He who was spoken of through the prophet Isaiah: "A voice of one calling in the desert, 'Prepare the way for The Lord, make straight paths for Him.'" John's clothes were made of camel's hair, and he had a leather belt around his waist. His food was locusts and wild honey."
Isiah 40:3 A voice of one calling: "In the desert prepare the way for the LORD; make straight in the wilderness a highway for our God.
What is it with Bankers & doing God's work? Reminds me of Blair becoming godfather to Murdoch's child whilst they were all dressed in white at a baptism in Jordan at the place where St John baptised Christ.
http://www.dailymail.co.uk/news/article-2033808/Tony-Blair-godfather-Rup...
Its not like the Bible isn't explicitly clear about the whole business: hint not in favour. http://www.openbible.info/topics/money_lending
Love the spittle.
I think Bernanke was under the table blowing him during this speech.
Any chance of a youtube link? The Reuters stream doesn't work for me.
He kinda looks like a guy that is still trying to get over the fact that what ever money he's been squirling away in a swiss bank account has just been polluted and deluted... the game is getting a little too close and pesonal for him now I guess.
Yeah, I guess he was waiting for them to manipulate gold down far enough for him to buy in at a good price, but the anti-deluvian barbarous relic has more fight in her than was expected.
..
..
14:09-Trichet-"Inflation expectations remain frimly anchored"
Reporter responds by asking,"But what about relentless move in Gold ?"
14:10-Trichet-"The Euro sucks....pardon my french, i-i-i m-m meant to say the Euro is a sucksess."
Actually, if you pull up a 2-yr. chart of FXE, looks as if it has been building a long consolidation and could be ready to take off within the next couple of weeks.
So you have to give Trichet a decent grade at maintaining currency strength despite horrific sovereign problems in Europe.
When are the humans on this planet going to get rid of these charlatans? Is the species going to have to start in the womb or before that by evolving or bio-engineering different species? Without question that is the weak link in democracy, even Plato knew that but unfortunately the weaker pro-species killed him.
H. G. Wells was so right on, I should know.
It was hilarious
The best part of his speech:
"we are talking to the desert" => no european Piggs listen to the ECB.
"we've done everything we could" => THIS IS IT! THIS IS FINALLY IT! WE'RE BROKE!
Like socialism was ever gonna end any other way!
Personally, I don't think it's human nature in MOST humans to expect a free ride; but most of them will happily get on the bus when it pulls up to the kerb, even though they're nowhere near a bus stop, and the driver mentions that there are free drinks and hookers, too.
Trichet looks like Jim Sinclair in the still above.
Central banks must be popular work environments. Here's a piece from NPR's Marketplace Report during which Diane Swonk ends with her shameless pandering for a job at the Fed. Could it be anything else?
http://marketplace.publicradio.org/display/web/2011/09/08/am-will-obama-...
Hobson: One more quick thing, Diane. Here's Mitt Romney, last night in the debate, talking about Ben Bernanke.
Hobson: So does he have a point, Diane?
Swonk: I think presidents and presidential candidates should stick to fiscal policy, not monetary policy. Ben Bernanke's one of the bravest men I know.
Hobson: Diane Swonk, chief economist with Mesirow Financial, thanks as always.
Swonk: Thank you."
A paragon of virtue to be sure.
To think that we shall still have to put up with them for 2 more years?
Notice how all the central banker douche bags (bernenke, trichet, et al) seem to forget they were the one's advancing the fucked up polices that got us into this mess in the first place.
they like "the mess", what they don't like is being questioned by "the rabble".
I can't help but think that if we lined up every economist, politician and MBA on the plant against the wall and shot them, things in this country would be fixed in quick order.
bankers and billionaires first please.
I am having a hard time figuring who should go first, the banks or the bills?
Do we have enough silver to make bullets?
We'd have to do all the lawyers, too, or they'd find some way to delay execution indefinitely.
Freightening low-grade sociopathic behavior by a man not so in control of both his mind and a not so small segment of the global financial system.
Plato WAS right: the venal fools are running the show.
STOP! ............try this trick: Where Is My Mind?
FUCK YOU JC TRICHET!
Can't handle the lies? No, I'm pretty sure it's the truth that most are fleeing.
And Nigel Farage was nowhere to be seen. Speaking of which, where is he now that his moment of victory seems so close at hand?
Croatia. And what he had to say during the Q&A was darned interesting.
http://www.youtube.com/watch?v=Ue5qY8nyN9s
http://www.youtube.com/watch?v=JEQ1TCqJ7tQ&feature=related
http://www.youtube.com/watch?v=A4RdugjPxi0&feature=mfu_in_order&list=UL
The EU oligarchs are looking for more slaves and assets to strip.
HACKS WITH PhD's FOR THE EPIC FUCKInG FAIL!!
The Clownzos have 1 job and 1 job only. To remain calm and appear as an authority who is altruistic while spouting the same lies of how globalization, erosion of sovereignty and how necessary it is to fuel it all using the tax payer and their future off-spring..
With that said Trichet could not achieve that. Things must be much worse than we are aware as if that is even possible at this point.
stress is a bitch.
Where's that flying penis from Kasparov's news conference when you need it.
May you rot in hell you jew.
I can deliver price stability as well if you allow me to counterfeit and hide my losses until you find out.
I can also deliver peaceful co-existance entirely for 13 years as long as you allow me to break down your door after 13 years and slaughter everyone in your house which is pretty much what your fraudulant approach to price stability delivers.
Business cycle, fraud cycle, violence cycle. Tis a season for everything.
As the world marches rapidly down the road to financial serfdom, asks Central Banker Jean-Claude Trichet while “pulling the financial string to grab property and tighten the fiscal screws” around the EU: “In this Union of tomorrow, or of the day after tomorrow, would it be too bold, in the economic field, with a single market, a single currency and a single central bank, to envisage a ministry of finance of the Union?”
Answers Economist Dr. Michael Hudson: Twisting the knife into the long history of European idealism, he deceptively depict(s) his proposed financial coup d’état as if it were in the spirit of Jean Monnet, Robert Schuman and other liberals who promoted European integration in hope of creating a more peaceful world – one that would be more prosperous and productive, not one based on financial asset stripping.”
When “financial assistance” and “strong adjustment” don’t help floundering EU members achieve solvency, Trichet, Bernanke’s twin at the ECB, suggests “authorities” simply take them over…lock and key. He outlined the plan in his speech accepting the “Charlemagne” prize at Aachen, Germany this summer.
This means, according to the Jewish international banker, “giving euro authorities a much deeper and authoritative say”… “a direct influence, well over and above the reinforced surveillance that is presently envisioned.”
Trichet's outline for a dictatorship of Europe begins with the banker takeover of floundering nations :
“In the present concept, all the decisions remain in the hands of the country concerned, even if the recommendations are not applied, and even if this attitude triggers major difficulties for other member countries. In the new concept, it would be not only possible, but in some cases compulsory, in a second stage for the European authorities – namely the Council on the basis of a proposal by the Commission, in liaison with the ECB – to take themselves decisions applicable in the economy concerned.
“One way this could be imagined is for European authorities to have the right to veto some national economic policy decisions. The remit could include in particular major fiscal spending items and elements essential for the country’s competitiveness.” …
Once there is veto power over a parliament that’s the end of that parliament. Nothing can go through without higher approval.
http://www.counterpunch.org/2011/06/03/europe-s-new-road-to-serfdom/
Pool da strink!!
http://www.youtube.com/watch?v=L7Dw60SVXQ4
The bats have left the bell tower / The victims have been bled
http://www.youtube.com/watch?v=zq7xyjU-jsU
Nobody tell this guy that its a monetary crisis in real terms if commodity prices advance against currencies multiple times over in the short span of 20 years. Spittle fest. Bring the rain.
He seems nice and sincere.
But I bet he could give his GrandKids a Mean Wippin.
Two years? Another 2 years? Ah screw'em.
Wow, this guy wasnt angry at all
Title of article is slanted propoganda.
All further postings ignored.
Speak the truth or lose all credibility.
You should see the the state of the Hub Caps on his Citroen
He was certainly strident and staunch in his stance - and of course the article is slanted, ZH is not pro-EU at this point.
You need to look at other examples: look here 26th Jan http://www.bloomberg.com/video/66192622/ for him saying almost exactly the same script, at least until he hits ESFS bond purchasing. "Worst crisis since WWII, would have been worst since WWI if we had not done such bold moves". He's also very keen on "the plan". It really is worth a watch, because the language is identical.
Watch it: then watch the clip above. The stress levels used on exactly the same words are not the same. He might not have been raging bull angry, but he was definitely laying a slap down.
Another central blanker blowhard! Jean Claude CLICHE!
On Air Meltdown? Is this article posted by a politically correct pussy? The man talks firm with coviction and regardless if you believe what he's saying, you're a weak tit if you think this is a meltdown. Grow some balls and delete this post.
Reminds me of when that bright analyst asked Enron's Skilling a otugh question and Skilling refused to answer and just cursed at him saying he would not answer an asshole.
That analyst should be given the medal of Honor.
Honesty hates lies.
more like Lies hate honesty?
MERDE PURE MERDE.
2 % Price stability in a envoirment of credit hyperinflation was only acheived via wage deflation - very little technological & non oil based capital growth has been acheived since the mid 90s.
I.E. wage deflation is in reality inflation by another name.
Interest rates controling inflation is the biggest monetarist lie of all time - interest payment is only wealth extraction , they are so low now because so little wealth remains.
looking after the poor me hole............. MERDE.
He has a point though. The governments of Germany, France and Italy haven't exactly been diligent or acting in good faith, blaming ECB, the US, China or what have you when faced with their own failure. After all, they set up the rules in the first place for the Euro and the ECB.
You don't understand the present monetory system - the lack of fiscal spending by Goverments lead to a deindustrialisation of Germany & France when they exported their capital to the edge of Europe.
Large fiscal spending is needed to prevent credit hyperinflation.
double post.
Has reuters skipped the first part of this clip? Because he doesn't seem remotely angry to me... and what he says doesn't tally with the FT's recounting of it, either.
The clip must have been changed. I heard Guy Johnson, of CNBC Europe describing his unprecedented, total meltdown and this clip does not fit that description.
He's like the pope... or any religious zealot. Worshipping at the temple of Keynes. Full Blinders, full on, all the time. And of course, explain the bad shit all away in your mind - there's a computer model for anything. So Trichet's biased views are pillars of stone, instead of salt. Zee prize stabilitee... u zee...
Hey, who ordered pizza? Get the door, it's Domino's. The delivery guy looks just like...uhh... it's DSK.
http://tradewithdave.com/?p=7897
Dave Harrison
www.tradewithdave.com
so in essence, what he's saying is that he givin the Euros an opportunity to consume Americo on the cheap. wonder if they like that mo' betta than Americons consuming them on the cheap? betya there's a smaller line at Mickey D's for sure. also wonder if the Chinese tourists are still comin to see the Sights or have they backed off as well?
Thank you for this post, as this was my exact reaction when I watched this. How can you still possibly own any euro-denominated paper asset after watching this?
"It's over Johnny. It's over!"
What foaming at the mouth? He did not seem hilarious to me. Trichet gave a great extemporaneous defence of ECB activities. ECB policies may or may not be fubar, but as a spokesman he gave a good answer.
Calling that a meltdown is some serious hyperbole...I was hoping to see something akin to Cramer via '08.
I personally found it amusing that he felt the need to mention how difficult the job is. Really? You have one metric to follow...inflation. You made it clear that you don't give a shit about anything else. Methinks if Uncle Ben heard you say that, he'd want to headbutt you with his shiny dome.
JCT: "Our fellow citizens are our masters"
What a slogan. Ever reversed the meaning of what is advertized and wondered how it often accurately reflects the actual state of things?
Look, we are all being presented with a false set of choices/arguments by this international Plutocracy. Very few on this board are challenging fundamental problem with the world’s monetary system.
That is that all debt based monetary systems eventually collapse once they hit the tipping point in which the interest payments exceed the net wealth generating capacity of the society. After reaching that point you have two fundamental choices. Either you print more currency bringing about hyper-inflation or you destroy the money supply by paying off the debt (hyper-deflation). Either path is just a means to the same end for this cartel since they control the currency supply.
The solution is for all nations to go back to issuing debt free currency thereby cutting off this international bank cartel. A cartel that has been manipulating the currency supply between abundance and scarcity as one would operate a pump in order to steal the accumulated wealth of individuals and nations for centuries.
Also it doesn’t matter what your currency is made from, all that matters is that the supply is sufficient to maximize commerce yet not so abundant as to outstrip population and productive growth. The cancer at the heart of this beast is that we have foolishly combined the power of banking with what should be the sovereign power of currency supply. These powers must be separated.
In this new monetary world, banks that make bad loans must be allowed to fail along with their shareholders (ie depositors earning interest). If you just want a safe place to put your cash than an insured vault will do.
The currency supply on the other hand should managed by constitutional law with formulas established based on key population and commerce levels not changeable by a simple majority vote. Ditto, for the ability to run a nation debt, not precluded, but any national debt increase should require a super majority and approval by the States (ie Constitutional Amendment).
Further national debts can also be paid off with just printing debt free money rather than taxes provided the new currency issuance doesn’t cause serious inflation. All that matters is that the currency in circulation is commensurate with the population and productivity of the nation.
http://www.youtube.com/watch?v=swkq2E8mswI
Love the modified Nicholson quote, thanks Tyler!