In an interview with Financial Times, Jean-Claude Trichet, the president of the European Central Bank, proposed that Eurozone members that break the region's rules on public finances should be excluded temporarily from Europe’s political decision-making.
On a first look at such a statement maybe it doesn’t sound too bad. I mean they should have some leverage, some kind of punishment against rough elements not doing what has been decided. Right? Europhiles will probably have nothing against this interpretation or usage of any such potential rules.
However, we need to consider two things here; even a real hardliner Euro-lover should do the same.
Firstly we need to see his statement in context with the rest of the interview wherein he, among other things, said that “we need the same rules at the global level” and described the rise in importance of the Group of 20 summits, which also include China and India, as “one of the major structural transformations of global governance over the last three years”.
Straight out of A-Z book for NWO-conspiracy nuts isn’t it? But you don’t need to put on your favorite tin-foil hat to see a future were the world economies (in reality its leaders) dictates interest rates and money policies on a global scale. That is the future we are seemingly heading for and a decade or two down the line I would be very surprised if that’s not a reality.
Secondly this is a statement that cannot be implemented today (or soon) in the Eurozone. The asymmetric shocks, people’s unwillingness to comply to with the wishes of the European parliament and an already very upset populace in the more sensible countries paying for the less prudent ones’ mistakes, makes such an suggestion very hard to follow through. In essence Mr Trichet is actually saying something to accomplish something else.
I can only think of one thing that could make him utter such a stupidity right now; another country is about to default. Maybe they are about to revealed that they have found yet another hundred billion Euroes of Greek debt hidden away, but I feel it is far more likely that another country need a rescue package.
If so, then his statement will be a prelude to making and passing such legislation a couple of years from now, because if yet another country shows horrid numbers and is heading for a fall, such a suggestion can be taken seriously and would make more sense to a dumb down populace. He cannot pass such legislation today, but tomorrow with more problems or something more to point at, he might be able to.
In either case there is a fishy smell over this guy and his suggestion. Something isn’t being said. I can bet my right shoe that there is something he’s not telling us. Stay tuned to find out what it is.
I can hardly wait, can you?