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US STOCKS SNAPSHOT-Wall St falls after ECB Stark's resigns

Friday, September 09, 2011 2:42:15 PM (GMT+01:00)

Provided by: Reuters News

NEW YORK, Sept 9 (Reuters) - U.S. stocks fell sharply at the open on Friday after sources told Reuters that European Central Bank Executive Board Member Juergen Stark would step down from his post because of a conflict over the central bank's bond buying program.

The Dow Jones industrial average <.DJI> was down 169.53 points, or 1.50 percent, at 11,126.28. The Standard & Poor's 500 Index <.SPX> was down 16.27 points, or 1.37 percent, at 1,169.63. The Nasdaq Composite Index <.IXIC> was down 28.02 points, or 1.11 percent, at 2,501.12.

(Reporting by Angela Moon; Editing by Padraic Cassidy)

Anyone got any more on this?

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He lacked can control skills. He had worries about debt.

Sep 1st

A debt crisis is still gripping the developed world, European Central Bank policymaker Juergen Stark said, adding there was no alternative but for countries to take painful steps to consolidate their public finances.

"The crisis is not over. Not just in Europe is it not over, it is also not over in other regions of the world," he said, adding the United States had an "enormous" debt problem and lacked the structures to get the problem under control.

Stark estimated the level of public debt at around 84 percent of gross domestic product for the euro zone and at a little below 100 percent of GDP for the US, according to Dow Jones newswire.

"Just consider what levels of debt we are passing on to future generations," he said, according to DJ. "This isn't responsible, politically, morally or ethically."

Stark, a member of the ECB's executive board, declined to discuss ECB monetary policy during a panel discussion at the Alpbach Forum economic conference on Thursday.


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Well the man was clearly an idiot. I'm surprised they didn't sack him.

The Germans are clearly getting soft.

In the good ol' days he would have been left in a room with a Luger and a shot of malt to steady his hand.

Edited by Deckard
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here is his resignation letter in full:

7H15 M3554G3 53RV35 7O PR0V3 H0W 0UR M1ND5 C4N D0 4M4Z1NG 7H1NG5! 1MPR3551V3 7H1NG5! 1N 7H3 B3G1NN1NG 17 WA5 H4RD BU7 N0W, 0N 7H15 LIN3 Y0UR M1ND 1S R34D1NG 17 4U70M471C4LLY W17H0U7 3V3N 7H1NK1NG 4B0U7 17, B3 PROUD! 0NLY C34R741N P30PL3 C4N R3AD 7H15. R3 P057 1F U C4N R35D

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He's the German representative? Does this mean that Germany is stamping its foot and saying "Nein" to prinitng money and buying up PIIGS government debt?

no,they've just got a case of cold feet.

the german politico have figured out where this is heading...and know the ultimate consequence of attempting to gain hegemony over eurpoe the way they are is going to lead to their utter decimation at the hands of the USA,russia and the EU "rebel" states....not to mention the ragheads when it becomes clear that the US and UK were set up by these guys to do all the donkey work and take the flak.

the ploy to set the US and russia against each other seems to have failed...for now.

I think ratzinger had better pack his bags,he will be tripping over the dead bodies of his priests as he attempts to flee.

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The German government will nominate Deputy Finance Minister Joerg Asmussen to replace Stark on the ECB's six-member board, Germany's N-TV reported, without saying where it got the information.

Between this and the ex Italian CB chairman to be at the helm of the ECB the euro might as well be toilet paper. This is the last straw for me, I'm getting out of euros.

Edited by _w_
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Between this and the ex Italian CB chairman to be at the helm of the ECB the euro might as well be toilet paper. This is the last straw for me, I'm getting out of euros.

You could have given Sir Mervyn a mention

The ESRB contributes to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system. It takes into account macroeconomic developments, so as to avoid periods of widespread financial distress. The ESRB also contributes to the smooth functioning of the internal market and thereby ensures a sustainable contribution of the financial sector to economic growth.

The Chair of the ESRB is the President of the European Central Bank, Mr Jean-Claude Trichet. The first Vice-Chair of the ESRB is Sir Mervyn King,Governor of the Bank of England. He was elected by the members of the General Council of the ECB on 16 December 2010 for five years.

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