LONDON (MarketWatch) – European Central Bank President Mario Draghi declined to fully elaborate on his pledge in London last week to “do whatever it takes” within the central bank’s mandate to preserve the euro. Speaking at a news conference in Frankfurt, Europe’s top banker said that no countries in the euro zone had asked for support from the European Financial Stability Facility, the region’s rescue fund, and that there wasn’t [...]
June 27, 2012
The shadow-banking component that adds to the risk of non-regulatory oversight just deepens the mystery behind the most powerful banking institution that runs roughshod over global finance. In order to gain an insight into the complexity of deception, examine the function of the BIS. The granddaddy of all central banks, the Bank for International Settlement, latest BIS Annual Report 2011/2012, foretells future financial consolidation.
Watch the Banker to the World’s [...]
With the Greek tempest-in-a-teapot about to hit Whale-size, as Tsipras says he will not join the coalition and Venizelos says that Syriza’s participation is a prerequisite (via Bloomberg), it seems now would be an opportune time to look forward (not backward at the GGB2s dropping below EUR17 for the first time ever!). As we were among the first to state that their would be a second (if not more) election [...]
Is it possible to construct a legitimate fiscal and political union for the eurozone, while allowing member states to enjoy some degree of sovereignty? The answer, I think, is a cautious yes. I propose that the eurozone create a “fiscal club”, whose members would, most of the time, enjoy fiscal autonomy. If, however, their fiscal positions deteriorated so that they could no longer raise funds at a reasonable interest [...]