#trichet

[detournementsmineurs]

''L'Odyssée des Minéraux" documentaire réalisée en 3D par Théo Jollet, Martin Maire et Thomas Trichet, mars 2024.

[giuseppearagno]

Il padre costituente Cosa pensereste di un uomo che, ricevuta una lettera da un estraneo che pretende di spiegargli come gestire casa sua, invece di mandarlo a farsi benedire e s’inchina ubbidisce senza fiatare?

[giuseppearagno]

Il padre costituente Cosa pensereste di un uomo che, ricevuta una lettera da un estraneo che pretende di spiegargli come gestire casa sua, invece di mandarlo a farsi benedire e s’inchina ubbidisce senza fiatare?

[giuseppearagno]

Al liceo Sannazzaro proibito ricordare le Quattro Giornate Tutto si tiene. Il Parlamento dei nominati, la Costituzione di Trichet, la ministra che nella vita ha fatto solo la Madonna nel presepe vivente e il pupo analfabeta che si atteggia a statista.

[rjlapetra-blog-blog]

Trichet, envía una señal

El mercado mantiene un pulso contra la posición del Banco Central Europeo (BCE) sobre su política monetaria. Y hoy se va a ver quien está ganando. Pese a que no se han movido los tipos interbancarios -aquellos que reflejan las expectativas reales de un movimiento en el precio del dinero-, los inversores parecen manejar en sus quinielas un cambio en el sesgo del banco central. El euro/dólar, el tipo de cambio entre las dos grandes monedas del mundo, está cotizando ese potencial nuevo rumbo. Su comportamiento en las últimas jornadas así lo revela. El dólar se está apreciando pese a las fuertes bajadas de tipos en EEUU, que han llevado a la Fed a su movimiento más agresivo desde 1982. El BCE, fiel a su ultrarrigor, a lo suyo, ya que ha sido también más prudente en el pasado, también tiene mayor margen de maniobra. Tipos en el 4%, zona neutral, a la que se ha llegado tras elevarlos despacio y no de forma compulsiva como la Fed, que ha subido el precio del dinero en dos años la friolera de 17 veces , del 1% al 5,25%. La foto es la siguiente. El BCE comunicará su decisión de mantener los tipos de interés a las 13,45 horas. 45 minutos antes, el Banco de Inglaterra habrá rebajado los tipos del 5,5% al 5,25%, siguiendo así el camino de quien (Fed) mueve los hilos de la política monetaria mundial. Esto si se cumple lo esperado por el consenso del mercado. Si no se cumple pueden venir las sorpresas, aunque Jean Claude Trichet y Mervyn King no son dos personas proclives a sorprender. Sin embargo, de nuevo, todo el mundo estará pendiente del código de palabras que utilice Trichet a las 14,30 horas en su rueda de prensa. Si nos atenemos a lo último que dijo sobre tipos, en el seno del BCE sólo existen dos posibilidades sobre la mesa: mantener o subir. Y precisamente ahí puede estar la señal esperada por el mercado. Una tercera vía: bajar los tipos de interés. Los argumentos para justificar cualquiera de las tres posibles acciones monetarias son pesados y simples. 1) Subir los tipos de interés supondría coherencia con lo único que por ley -está en sus estatutos fundacionales, no lo olviden- deben tener entre ceja y ceja los gobernadores del BCE y no es otra cosa que la estabilidad de los precios de consumo, es decir, la inflación o el IPC. Esta estabilidad tiene nombre y apellidos, el 2%, y, sin embargo, hace ya tiempo que se quebró. Según los últimos datos disponibles, la inflación interanual en la zona euro alcanzó el 3,2% en enero, su nivel más alto de los últimos diez años. Por tanto, tendría sentido una subida de los tipos de interés que se ha postergado debido a la crisis financiera registrada desde agosto. 2) Mantenerlos es permanecer en la posición de prudencia de los últimos meses. Esperar y ver qué pasa. 3) Una bajada de tipos que no es nada probable para hoy, pero sí que puede llegar antes de verano. Para ello, Trichet enviará una señal abriendo la puerta a este último escenario y no descartando cualquier acción monetaria ante lo que parece venir: un deterioro económico para el conjunto de la eurozona y una menor inflación a medio plazo.

[classe]

Durante la presidenza di questo signore una banca d’affari denominata Goldmann Sachs contribuì a falsificare i bilanci dello Stato greco – ricavando dall’operazione 600 milioni di euro – e contribuendo a creare le condizioni per la catastrofe in cui quel paese è sprofondato, provocando immense sofferenze alla popolazione. Orbene occorre chiedersi se Trichet era al corrente dell’operazione compiuta dalla Goldmann Sachs oppure no. Nel primo caso egli è complice di criminali, nel secondo caso un imbecille. In entrambi i casi non si capisce perché l’Università di Bologna lo abbia laureato.

[midwest-musings]

EUROTHROAT CALLS

My main man called over the weekend. He resides in Brussels for his sins but gets paid a bundle from the Commission. It's a nice life and he's on the inside. I've Americanized the content to protect the guilty. "Well, I've been calling you for two days. Where the hell have you been?" "Charlie, Charlie, relax. This has been a tough week." "I'm in tears. What happened?" "Well, as you Americans like to say, it was a food-fight at dinner. The Germans were being German, the French were being superior, the English above the fray, the Spanish somewhat irate, the Greeks contrite and the Irish very Irish, spoiling for a fight." "Yet reports have an agreement being reached." "Oh Charlie, you know better than that. It was midnight, everyone was most tired and what was put out was a series of unconnected dots, left to be connected in two weeks time. The Greeks got a bit but not enough. Frau Merkel made encouraging noises as to what she was prepared to do IF...and it is a bigger if than one would think...all affected parties do would she wants." "...And will they?" "Well, that remains to be seen, but I must say the new Irish on the block simply dug in their heels." "On the tax question?" "Indeed, as you predicted, and of course we are now in the game...what do you call it...chicken? We want them to raise the corporate tax rate and they keep reminding us about their banks all of whom owe the continent a lot of money so why should they continue to bail the continental banks out? Is an interesting question, no?" We like our banks just as they are. "Yes, and shall remain such. And the rest..." "Ha! The Greeks get a little break but the Portugese yield is now 12% which of course cannot last but about that, no one is talking. But Trichet seems to be saying if you issue, we will buy. Sounds like your man although Trichet even said he may buy direct..." "I can get it for you wholesale." "What?" "Never mind, an old American joke. So what happens in 10 days?" "I don't know, but funny is it not. They are speaking, not with one voice but they actually said some things I did not expect so maybe they can find one voice in the time up to the next meeting." "Prediction?" "I think not. More talk, that's all. We speak as the European Union but we are seperate countries still. How you say, old habits die hard? We still don't really trust each other. It is not like a political disagreement, it is the national psyche syndrome. But the one thing they agree about is that you are no help. I tell you, you say Bernanke and people just shake their heads. No one can understand his positions and why he seems not to listen. This is bad, Charlie, it really is. It should not be so." "I'm told a lot of people involved here feel the same way. Just don't blame us for your home grown problems. Listen, thanks for the update, I appreciate it." "I know, Charlie, on this you are right. Spring is coming, Charlie, come visit. Brussels is good in the spring." "Almost everywhere is good in the spring my friend, but Brussels is too expensive." "Which is why they pay us so much, Charlie. Life is good."

[midwest-musings]

L'ETAT C'EST MOI

No, this isn't about Looie 14.  I am referring to what the head of French banking might say if one could be found.  For years there has been very little to choose between the banking sector in France and the government of France.  All of the leaders come from the same class; all of the leaders went to the same school; all of the leaders come from the same party more or less.  The French banking system was...and is, tho to a lesser extent...an arm of the state and does the state's bidding.  Want some proof?  Well, Mme. Lagrande, former head of the Tresor and therefore head of the banking system, became head of the IMF and before one could say "Zut Allores," called for a vast increase in tier one capital on the part of all Euro Banks which is not a bad thing for the head of the IMF to propose.  Of course it would have been better said when she was running things but that's another story.  She was immediately told to shut up and did.  That is why Jim Kramer is an idiot when it comes to all things international for proclaiming how wonderful was Mme. Lagrande.  He was advised to shut up and he did.  Anyway, we now find ourselves in the interesting position of a swirling controversy regarding the funding capabilities of the French banking system which, by definition, brings the credit standing of France into play as well.  

Greece is supposedly the problem and the French news guys immediately debunked the story claiming that the exposure to Greece on the part of French banks was less than 50 billion Euros.  So what's the problem?  Well, as the guy on the pre-game says, "Not so fast my friend."  That is the cross-border exposure.  The Frence banks are the largest contingent of foreign banks inside Greece.  What do those banks/subsidiaries have on their books?  I haven't a clue.  So is there a problem?  Yep.  Could it be a REAL problem?  Yep.  Will it be a REAL problem?  I don't think so or at least I hope not because the French state will pull out all stops to cover it's banking system.  As to it's funding?  Well, in regard to dollars, that's what swap lines between central banks are for boys and girls. As long as their liquidity in Euros is maintained, it will be a rough ride but probably turn out ok.  Remember, banks die on the liability side of their balance sheets; the viability of Greece's credit can be delt with over time.  At the end of the day it might be necessary for a bank to disappear ala Credit Lyonnais (or Debit Lyonnais as it was known in the trade) in 2008.  C'est dommage, but these things happen.  Let's see if I'm right.

Yesterday, Little Paulie Krugman was at it again in the Times, in a stupid and ad homonim attack on the ECB and Jean Claude Trichet.  Now JCT needs no help from me to defend himself against attacks from Little Paulie but a few words must be written in any case.

Little Paulie didn't like JCT responding to a question with the thought that the ECB had behaved "impeccably" as a guardian of price stability claiming that the ECB's action was the reason that the Euro was in danger of collapse.  You see, Little Paulie thinks that the ECB should be buying up the debt of all of Euroland because in his mind there is a "run" on the nations themselves for some reason that he just doesn't understand. Let's see if we can put Little paulie straight.

To begin, unlike the Federal Reserve, the ECB has a single mandate: price stability.  They are not in the business of fixing economies...that is the business of the politicians or as the late Freddie Prinze used to say, "Is not my Yob."  But of course, Little Paulie, like his "progressive" friends could care less for the niceties of laws or regulations.  Being the brightest among us they have carte blanch to interfere where ever needed.  Further it is never, NEVER the fault of the debtor; personal responsibility is never a consideration be it individual or statist in nature.  This is only for moralizers.  The fact that Greece had lied through its teeth as to the state of its finances is of no concern.  Spain?  Spain was doing just fine...forget about the fact that their savings banking system is bust because of speculative real estate lending.  Buy Spanish debt with German money!  And while you're at it buy Italy too!

And so Little Paulie must distort and reshape both the facts of today and the facts of the past.  The reason why he must do this is that, dear Lord, he was wrong.  He is smart enough to recognize that what he is looking at both here and in Euroland is the end of the welfare state that he so dearly loves, the end of the soft socialism that lesser mortals had told him would end when it could not be supported by other people's money.  He was wrong and do you know what life is like for Little Paulie when he has to admit to himself that he was wrong?  Unbearable.  And for we lesser mortals?  Sheer, unbridled joy!