+++ 16. Juni 2010 +++
EIR Confronts Trichet on Glass-Steagall
EIR news agency again confronted European Central Bank chairman Jean-Claude Trichet on the issue of separating commercial banking from investment banking, at his monthly press conference in Frankfurt on June 10 [cf. Glass Steagall oder Untergang - Trichets Fehler]. A journalist from the Strategic Alert Service intervened to tell the Central Banker Trichet that he was disappointed to see that the ECB's latest Global Stability Review rejected a Glass-Steagall standard on the basis of two arguments: one ideological (the "European tradition of universal banking") and the other technical (a firewall between banking activities could disturb the "functionality" of the markets) [European Central Bank Doesn't Like Glass-Steagall].
However, the EIR journalist countered, traditions can be changed, and markets are already dysfunctional, as Trichet himself had admitted in his introductory remarks. But the main point which is overlooked here, he said, is that “through separation, the issue of protection is clear. Governments can protect deposit taking banks and commercial banks, and the rest is not protected. So, we have all these toxic assets, we have an open-ended guarantee for quadrillions now, how are we going to solve this?”
In response, Trichet admitted, in front of the international media gathered in Frankfurt, that the ECB has no real arguments against Glass-Steagall - by turning the very real policy issue into one of “opinions”. He went on record with the following, incredible statement: “I know your position, because you expressed it already last time. I understand, that one can defend that position. Again, I also see, of course, that it is a debate which is traditional in the United States since a very long period of time. It is also true that it is the position that the ECB took, and you reflected that very well, that we consider that it would not be something that we would consider, I would say, urgent or even extraordinarily appropriate in our situation. But I do not deny that you can have your opinion; you have your opinion, we have ours.”
~ deutsch + english ~
Weltweit
Alle Themen
Weitere Meldungen
+++ 2. September 2010 +++
Das NAWAPA-Projekt, das“TVA des 21. Jahrhunderts“
Lyndon LaRouche kündigte am 25. Juli eine Mobilisierung an für den Bau die Nordamerikanische Wasser- und Strom-Allianz (NAWAPA), um die Wirtschaft in den USA und der übrigen Welt wieder in Gang zu bri...
[weiter]
+++ 2. September 2010 +++
Build NAWAPA, the "TVA of the 21st Century"
At the end of July, Lyndon LaRouche announced a mobilization to build the "TVA of the XXI century", the North American Water and Power Alliance (NAWAPA), to create an economic recovery in the United S...
[weiter]
+++ 29. Juli 2010 +++
Immer deutlicher sichtbar: Obama „dreht durch“
US-Präsident Barack Obama, der schon immer eine anfällige, narzißtische Persönlichkeit war, dreht nun offenbar psychologisch durch. Er und sein engster Kreis brüsten sich zwar mit seinen „erfolgreiche...
[weiter]
+++ 29. Juli 2010 +++
Budapest weist IWF zurück
Am 22.7. stimmte das ungarische Parlament mit überwältigender Mehrheit von 301:12 Stimmen (bei 386 Mitgliedern) für das Gesetzespaket von Ministerpräsident Viktor Orban für eine „nationale wirtschaftl...
[weiter]
+++ 29. Juli 2010 +++
Hungary Tells the IMF to Get Lost
On July 22, the 386-member national parliament of Hungary passed the "national economic revolution" package of Prime Minister Viktor Orban with an overwhelming majority of 301 to 12 votes and one abst...
[weiter]
+++ 29. Juli 2010 +++
Kesha Rogers Mounts in Polls
The first poll numbers released for the Texas Congressional races caused a stir in "official" circles of both parties, including the results for Kesha Rogers, the Democratic Party nominee in the 22nd ...
[weiter]
+++ 29. Juli 2010 +++
Russia Funds Ambitious New Cosmodrome
While a certain faction of the Russian leadership around Anatoli Chubais clings to the illusion of creating a new nanotechnology and financial services bubble, others are moving ahead to build up the ...
[weiter]
