Trichet's fake game plan

David Mchugh, AP Business Writer, On Tuesday April 5, 2011, 7:17 am EDT

FRANKFURT, Germany (AP) -- The spotlight will fall on the European Central Bank on Thursday as markets look to see how aggressively the bank follows up an expected interest rate increase as it seeks to snuff out rising inflation.
Bank President Jean-Claude Trichet has made it clear that a spike in inflation is not the legacy he wants to leave when his term ends Oct. 31, and he has clearly signaled his determination to start raising rates despite the economic ripples from the disasters in Japan and turmoil in the Arab world and Europe's own debt crisis.
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Comment: Trichet's game plan will backfire. His idea is to impress the market and save his face. He doesn't take into account that he can no loger save it. The era when central bankers had an almost unnatural aura is over. There is mistrust and fear in the markets, and a lot of despair.