Prosecute ECB president Trichet at ECJ in Luxembourg!
Posted by Ivo Cerckel on June 11th, 2010
On Thursday 10 June 2010, European Central Bank president Jean-Claude Trichet held his monthly press conference after the decision of the ECB governing council leaving interest rates unchanged.
The main news was about additional offers of unlimited three-month liquidity, which will cover the period until the end of the year. On the controversial government bond purchases, there was no additional detail. Just as it would with foreign currency intervention, the ECB is maintaining an air of mystery. (1)
Why the air of mystery?
World trade is being conducted with unbacked, at least irredeemable, paper money.
A major event was threatening in the last 24 months the functioning of the European economy and market?
Let it threat. And then it was up to the ECB come forward with its, or to say in the open that it has, gold reserves which are marked to market (-price) on a regular basis.
No, Trichet also maintained the air of mystery by declining to further comment on his argument that the euro is a credible currency that keeps its value and whose track-record in maintaining price-stability is exceptional and that this capacity to maintain price stability is a major asset for domestic and international investors.
What’s the problem with this man?
Jérôme Kerviel is being prosecuted in Paris for having taken “enormous” and “stratospheric” risks for the future of Société Générale . (2)
Trichet should be prosecuted at the European Court of Justice (ECJ) in Luxembourg
for taking such risks for the future of the euro
by not speaking explicitly about the ECB gold reserves.
Ivo Cerckel
honestmoney@maktoob.come
honestmoney@maktoob.come
NOTES
(1)
ECB plays it safe (except with the UK)
June 10, 2010 5:55pm
by Ralph Atkins
by Ralph Atkins
blogs.ft.com/money-supply/2010/06/10/ecb…/
(2)
Ex-colleague ‘revolted’ by Kerviel’s ‘risks’
By Scheherazade Daneshkhu in Paris
Published: June 11 2010 03:00 | Last updated: June 11 2010 03:00
SNIP
Jérôme Kerviel was denounced by a fellow former trader yesterday for taking “enormous” and “stratospheric” risks that had put Société Générale in danger.
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