The ECB said the "risks to euro area financial stability increased considerably in the second half of 2011". It said "positive market responses" to European summit agreements had been "short-lived – indeed, a bumpy ratification process appears to have contributed to additional market uncertainties."" Wow, the ECB seem to be able to see into THE PAST. I'm in awe of their genius. I mean, absolutely NOTHING like this was remotely on the radar of a at least a few billion people. Speaking for myself I thought Europe was working fine and had things thought through until that bombshell. I was so impressed I stopped reading on the assumption that brainpower like that would naturally fill the rest of such a report with totally rational steps to a brighter future. A little bird tells me though that that isn't actually the case and that the ECB see the solution as implementing more of the same policies which THEY THEMSELVES report have already failed - and this despite their unique hindsight genius??? I notice also that the E in ECB stands for Europe, much like the E in 'Euro' stands for Euroland. But then someone else pointed out to me that the E in 'Euro' is not the same as the E in EU, although it is the same as the E in ECB, but only on a waning moon when the morning of the next solstice coincides with the witching hour according to CET, although the E in that is not the same as the E in EU nor is it the same as the E in 'Euro' nor is it the same as the E in ECB nor the E in, well, 'Europe' for that matter. I'm confused frankly. I may well be thick but might this mean that Europe is actually being run by complete "arseholes"?
Access Investments-Building Awareness - European Union-ROMANIA
Tuesday, December 20, 2011
Wow, the ECB seem to be able to see into THE PAST.
The ECB said the "risks to euro area financial stability increased considerably in the second half of 2011". It said "positive market responses" to European summit agreements had been "short-lived – indeed, a bumpy ratification process appears to have contributed to additional market uncertainties."" Wow, the ECB seem to be able to see into THE PAST. I'm in awe of their genius. I mean, absolutely NOTHING like this was remotely on the radar of a at least a few billion people. Speaking for myself I thought Europe was working fine and had things thought through until that bombshell. I was so impressed I stopped reading on the assumption that brainpower like that would naturally fill the rest of such a report with totally rational steps to a brighter future. A little bird tells me though that that isn't actually the case and that the ECB see the solution as implementing more of the same policies which THEY THEMSELVES report have already failed - and this despite their unique hindsight genius??? I notice also that the E in ECB stands for Europe, much like the E in 'Euro' stands for Euroland. But then someone else pointed out to me that the E in 'Euro' is not the same as the E in EU, although it is the same as the E in ECB, but only on a waning moon when the morning of the next solstice coincides with the witching hour according to CET, although the E in that is not the same as the E in EU nor is it the same as the E in 'Euro' nor is it the same as the E in ECB nor the E in, well, 'Europe' for that matter. I'm confused frankly. I may well be thick but might this mean that Europe is actually being run by complete "arseholes"?
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5 comments:
Draghi is correct. The central bank should never bail out governments or even banks. Banks should not be fractional reserve and governments should not spend more than they can tax. Anyone who says we should keep on printing money to solve the problem is simply papering over the real issues and creating future social problems. Taking heroin today may seem a good idea, but the effects will eventually catch up with us.
Amid all the backbiting and recriminations among the euro leaders one thing is clear. They are still not focusing on the problem. They are spending their time covering up the magnitude of the mess. As I understand it, all of the solutions are either illegal or politically unacceptable. That said, someone should be planning for an orderly unwinding of the mess. If they squander the time available, a disorderly unwind becomes more likely and that isn't going to be fun for anyone
Dealing with our catastrophic decline in productivity is the only way out of this appalling mess. The ECB talking about a cycle of risk does absolutely nothing to address the real problem, instead it is still thinking that the right sort of money magic will, presto, get us all out of this mess without having to do anything else.
The Euro Zone leaders seem to be in some fatal love affair with money magic... they ignored the advice of the Chinese Finance Minister who dared utter the taboo 'p' word.
The competition between countries is a productivity competition. Not low wages and long hours. It is a competition based on the quality of management.
Our management class is selfish, disloyal, greedy and is fast becoming a social cancer. It is this group of people who need sorting out and sorting out fast.
Printing mountains of money or piling debt on debt is a catastrophic plan rather like smearing Nivea onto a crushed leg thinking it will mend in a few days when major systemic attention to the whole body is urgently needed.... blood transfusions, anti-biotics, etc:
A start might be to introduce a modification to limited liability... bring collective responsibility to board directors for all criminal and civil offences. Perhaps, a supporting law for criminal secrecy to prevent the cloaking of theft, fraud, corruption or gross mismanagement.
Make withholding certain information from shareholders a serious offence. It is monstrous how directors blame shareholder inaction for what is going on, when they are manipulating information and pulling as many levers as possible to corner fund managers and keep them as ignorant as possible.
European Union finance ministers have come up 50 billion euros ($65.19 billion) short of their goal of providing the International Monetary Fund with 200 billion euros ($260.78 billion) to help heavily indebted nations avoid default.
The eurozone will provide an extra 150 billion euros to the IMF through bilateral loans, Jean-Claude Juncker, the prime minister of Luxembourg, who also chairs the meetings of the currency union's finance ministers, said in a statement Monday.
Greece, Ireland and Portugal, which have received multibillion euro bailouts, won't have to contribute to the IMF loans.
Of the non-euro countries, only Denmark, Poland, the Czech Republic and Sweden will also send extra money to the Washington-based fund, Juncker said, without giving specific amounts. Poland had previously said it would provide around euro6 billion, while Denmark has promised 5.4 billion euros — underlining that the 200 billion euro target will be missed.
Draghi said that the top priority was for Europe's citizens to trust the EU authorities (et al) again.
So what those EU jerkoffs doing to regain trust: lending money to the IMF so the IMF can lend it back to them - in order to avoid their own EU treaty laws.
Oh - so that's the way the EU idiots are make people trust them, is it? - by doing a sleight-of-hand operation that even cheap street con artists would be embarrassed by.
And why doesn't Cameron - or any other political 'leader' in Europe - have the guts to point this out, publicly: that the EU leaders are engaging in such disgraceful, shameless shenanegans simply to get around their own laws?
Cameron should have said publicly that Britain has no wish to participate in such shameful, underhand methods of throwing tax payers billions straight out of the window, in a hopeless attempt by the moronic and economically illiterate EU leadership to delay by a few weeks (at most) the inevitable collapse of their cherished folly - the Euro.
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