The raid on the ECB was successful. What was proposed as a rescue package for the Euro zone, was in fact a raid on the ECB. The wording used over the weekend was to ensure that the ECB will support the Euro by quantitative easing - it is a solution the anglo-saxon way. But it is not a result in the tradition of the ECB. If you heard what Trichet said on Thursday, than you should not surprised to see him resign as the ECB has lost her credibility as an independent central bank. At least if his character is more tightened as his reason of state.
Europe is now on its way, "vorwärts immer, rückwärts nimmer" - the road to revulsion (see our article 'Progress on the road to revulsion'). The markets may applaude for some time, but for the population it is not a holiday - other than a "bank holiday".
Trichet mag gehen, wenn er den Notwendigkeiten im Wege stehen mag.
ReplyDeleteDie Volkswirtschaften der Welt erwirtschaften mit jedem Jahr Wachstum immer gigantischer Mengen an Vermögen.
Dieses Vermögen sucht Anlage. Somit ist es doch ganz natürlich, dass auch die Darlehensgewährung ansteigen muss. Und damit die Verschuldung.
Diese Fundamentalkritik an der Verschuldung ist doch Bullshit, zumal nach dem größten Deleveraging der Geschichte mit Start der Finanzkrise...