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Old April 16th 04, 10:08 PM posted to aus.invest,misc.invest.stocks,uk.finance
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First recorded activity by FinanceBanter: Jul 2003
Posts: 64
Default Oh dear, ECB confronting democracy

"BERLIN (Reuters) - Bundesbank President Ernst Welteke resigned in a
dispute with the government on Friday after two weeks of intense
pressure to quit for .....

......letting a top German bank pay an expensive hotel bill".
(http://www.reuters.com/newsArticle.j...1&section=news)

For public consumption:
Inappropriate behaviour of a regulator in accepting, er, 'a gift' from
the regulatee

Real story?
ECB wants to cut rates and Welteke was in the way

Real story?
Can't have the fox watching the henhouse

Where's the gold folks?!


B J Foster wrote:
This story has it all:
1. Central bankers "softening up" the public via the media

2. Central bankers "insisting" that the ECB "could not let itself be
'pushed around by governments'"

3. Central bankers leaking 'internal' documents forecasting inflation
(Huh? Why is this information not made PUBLIC as a matter of course???

4. Central bankers accepting gifts from private banks...

5. ...character assassination via leaks to the press...


"ECB in crisis as rate cut blocked by revolt
...
EU sources said Mr Trichet had pledged a rate cut to Europe's political
leaders but faced unexpectedly stubborn resistance from German and Dutch
colleagues. Mr Trichet and his allies had signalled a rate cut through a
'softening-up' campaign in the media, while key national capitals were
reassured that monetary policy would at last be loosened.

The campaign was accompanied by a LEAK OF INTERNAL ECB documents
forecasting a sharp fall in the inflation rate next year to 1.3pc,
clearing the way for rate cuts.

Mr Trichet's less than subtle campaign infuriated a bloc of hardliners
led by Germany's Bundesbank, who resented the way the ECB was being
'bounced' into rate cuts. Officials say Germany's Otmar Issing and
Holland's Nout Wellink orchestrated a counter-coup, insisting that the
ECB could not let itself be 'pushed around by governments'".
(http://www.telegraph.co.uk/money/mai...xportal. html)



...followed by:

"Germany's central bank said its President Ernst Welteke will not resign
despite drawing continuing fire from media over a big hotel bill that a
commercial bank settled for him two years ago.
...
'If a Bundesbank head makes such a grave misjudgement of public opinion,
one is justified in asking whether he has a better judgement of the
economic situation', Financial Times Deutschland wrote.

'He neither possesses a large amount of economic expertise, nor does he
shine with intellectual brilliance', the newspaper added, also calling
Welteke an 'awful' central banker".
(Source: http://groups.yahoo.com/group/gata/message/2045)
(Original: http://www.onbusiness.ie/2004/0406/bundesbank.html)



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Old April 19th 04, 10:39 AM posted to aus.invest,misc.invest.stocks,uk.finance
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First recorded activity by FinanceBanter: Apr 2004
Posts: 1
Default Oh dear, ECB confronting democracy

B J Foster wrote:
Real story?
ECB wants to cut rates and Welteke was in the way

Not very realistic! Germany needs this tax cut! I do not believe that
Welteke opposed a tax cut.

The real reason is that BUBA president is appointed for several years - next
BUBA president has to be appointed 2007 and at this point of time its very
unlikely that actual governement is still in power. Therefore they want to
fill this position now with a candidate from the left wing.



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Old April 19th 04, 08:38 PM posted to aus.invest,misc.invest.stocks,uk.finance
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First recorded activity by FinanceBanter: Jul 2003
Posts: 64
Default Oh dear, ECB confronting democracy

"The most vocal central banking advocate of selling central bank gold
over the past couple of years has been Ernst Welteke. Supposedly, he has
resigned over a flap about some hotel bill. I donít buy it.
....
However, is the real issue about selling gold, or how to declare to the
German public their gold was leased out, and since they cannot get it
back (without driving the gold price hundreds of dollars per ounce
higher), they must find a graceful way of downsizing their official
reserves? Something stinks here".
(http://news.goldseek.com/LemetropoleCafe/1082385873.php)

Hmmm...you heard it first in aus.invest!!!


B J Foster wrote:
"BERLIN (Reuters) - Bundesbank President Ernst Welteke resigned in a
dispute with the government on Friday after two weeks of intense
pressure to quit for .....

.....letting a top German bank pay an expensive hotel bill".
(http://www.reuters.com/newsArticle.j...1&section=news)


For public consumption:
Inappropriate behaviour of a regulator in accepting, er, 'a gift' from
the regulatee

Real story?
ECB wants to cut rates and Welteke was in the way

Real story?
Can't have the fox watching the henhouse

Where's the gold folks?!


B J Foster wrote:

This story has it all:
1. Central bankers "softening up" the public via the media

2. Central bankers "insisting" that the ECB "could not let itself be
'pushed around by governments'"

3. Central bankers leaking 'internal' documents forecasting inflation
(Huh? Why is this information not made PUBLIC as a matter of course???

4. Central bankers accepting gifts from private banks...

5. ...character assassination via leaks to the press...


"ECB in crisis as rate cut blocked by revolt
...
EU sources said Mr Trichet had pledged a rate cut to Europe's
political leaders but faced unexpectedly stubborn resistance from
German and Dutch colleagues. Mr Trichet and his allies had signalled a
rate cut through a 'softening-up' campaign in the media, while key
national capitals were reassured that monetary policy would at last be
loosened.

The campaign was accompanied by a LEAK OF INTERNAL ECB documents
forecasting a sharp fall in the inflation rate next year to 1.3pc,
clearing the way for rate cuts.

Mr Trichet's less than subtle campaign infuriated a bloc of hardliners
led by Germany's Bundesbank, who resented the way the ECB was being
'bounced' into rate cuts. Officials say Germany's Otmar Issing and
Holland's Nout Wellink orchestrated a counter-coup, insisting that the
ECB could not let itself be 'pushed around by governments'".
(http://www.telegraph.co.uk/money/mai...xportal. html)



...followed by:

"Germany's central bank said its President Ernst Welteke will not
resign despite drawing continuing fire from media over a big hotel
bill that a commercial bank settled for him two years ago.
...
'If a Bundesbank head makes such a grave misjudgement of public
opinion, one is justified in asking whether he has a better judgement
of the economic situation', Financial Times Deutschland wrote.

'He neither possesses a large amount of economic expertise, nor does
he shine with intellectual brilliance', the newspaper added, also
calling Welteke an 'awful' central banker".
(Source: http://groups.yahoo.com/group/gata/message/2045)
(Original: http://www.onbusiness.ie/2004/0406/bundesbank.html)





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