Trichet’s Legacy Being Scripted by Crisis
By Jana Randow and Gabi ThesingJean-Claude Trichet’s legacy is still being scripted as he enters the final weeks of his eight-year term at the helm of the European Central Bank.
Chairing his last rate-setting meeting in Berlin today, Trichet may be forced to take the ECB further into uncharted waters before he hands the presidency to Italy’s Mario Draghi on Nov. 1, economists said. With Greece edging closer to default, the central bank is under pressure to deploy unlimited firepower to shore up the region’s bond markets either on its own or through Europe’s bailout fund.
Comment: We have had Greenspan, and Trichet is about to go, but still we shall have Bernanke. All of these three have tried very hard to kill the middle class, to destroy our savings, to make us debt slaves. The first is gone, the second will soon follow. May they live the rest of their lifes in shame. Bernanke is still around. What an episode! What a deceit! What a rip-off! These guys were really up to their jobs: steal as much as you can from those who have worked their ass off all their life. And now they stand naked. Will there be revenge? Of course, there will be. Always there will be revenge. Unfortunately, however, it does not hit the true culprits on their heads. Nevertheless, let's preach the truth: let's call "j'accuse" for Greenspan, Trichet and Bernanke. Bad policies, and even more so: bad intentions.