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Merkel Speaks Out on the Fed

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Posted on Jun 3, 2009
Merkel Banks
telegraph.co.uk

The conservative Merkel’s comments come amid a rising tide of unemployment in the 16-nation eurozone.

German Chancellor Angela Merkel expressed what she called “great skepticism” at the ability of central banks to resolve the economic crisis, hinting that reliance on the institutions in Europe, the U.S. and the U.K. might backfire.

The Wall Street Journal:

German Chancellor Angela Merkel, in a rare public rebuke of central banks, suggested the European Central Bank and its counterparts in the U.S. and Britain have gone too far in fighting the financial crisis and may be laying the groundwork for another financial blowup.

“I view with great skepticism the powers of the Fed, for example, and also how, within Europe, the Bank of England has carved out its own small line,” Ms. Merkel said in a speech in Berlin. “We must return together to an independent central-bank policy and to a policy of reason, otherwise we will be in exactly the same situation in 10 years’ time.”

Ms. Merkel also said the ECB “bowed somewhat to international pressure” when it said last month it plans to buy €60 billion ($85 billion) in corporate bonds—a move that is modest in comparison to asset-buying by its counterparts, the U.S. Federal Reserve and the Bank of England. Details are to be unveiled by the ECB’s president, Jean-Claude Trichet, Thursday.

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By KDelphi, June 7, 2009 at 12:33 pm Link to this comment

i cant stand any of them , either—-but Kaptur questioned him and got no answers.

A German perspective ie problems with US lack of regulation and “reform”:

“...But any hopes that Washington would adopt a more modest role in response to the crisis and be more inclined under the newly elected President Obama to cooperate with the Europeans as equals have been dashed. The crisis has only made American capitalism redouble its efforts to solve its problems at the expense of the rest of the world….

...The incredible sums that the Obama administration has made available to stimulate Wall Street have destroyed any hopes of re-organizing the financial markets, while feeding fears of uncontrollable inflation, which would have devastating consequences for Germany’s export industries. It was this fear that Merkel articulated in her speech in Berlin.”

http://www.wsws.org/articles/2009/jun2009/pers-j06.shtml

Pouring money into the same structure, without a new paradigm, that admits the failure of the “free mkt”,will have brutal consequences for Third World countries, as well as the poor in more wealthy countries (or those with a wealthy elite, I should say)

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By Can't stand any of 'em, June 4, 2009 at 6:59 am Link to this comment
(Unregistered commenter)

Do we really have to look overseas for some comment on the utter hypocrisy of a Bernanke preaching fiscal restraint just after he has shoveled trillions and trillions of our dollars out the door?

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By samosamo, June 3, 2009 at 6:12 pm Link to this comment

Ask those South American countries that had milton friedman’s ‘unfettered privately owned’ economic system stuffed down their throats and the disasters it created in each and every country.

Now those countries are coming out of their dire economic straights because any thing to do with central banking, imf, world bank, counsel of foreign relations, trilateral commission and the fed are being shown the door, just as I think indoneasia may be doing, thus leaving the US almost the sole supporter of these ‘elitist’ private corporate money laundrying houses.

And until this country does like wise, it will only get worse and the whole thing will go bust which I am beginning to hope it does, like saudi arabia selling their oil in euros, china cashing in their treasury bonds or whatever, just so there will be nothing for these crooks to steal anymore since our government and law enforcement haven’t the balls to do their duty(because they are paid NOT do enforce the laws).

Traitors everywhere you turn.

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By KDelphi, June 3, 2009 at 12:06 pm Link to this comment

Chairman Bernancke carefully avoided any questioning of the Fed’s new agreements with BlackRock, when questionied at a Hearing today in the HOuse.

His reply to Rep Kaptur’e questioning about democratizing the Fed, was , simply, “no”.

I think that it was Chancellor Merkel who was calling for regulation before we handed out a bunch of assets. Pres. Obama would have none of it, and, has made no moves towards regulating ,even today.

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