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TheCountOfNowhere

Banker End Game Out In The Open Thanks To Greece.

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http://www.bbc.co.uk/news/business-31030425

As if anyone hadn't already guessed,

"Mr Carney said sharing a currency without also sharing decisions on taxes and spending did not work."

The bankers want complete control.

...think I would agree with him on that one ....although how does that work for the BofE in the current devolution debate..he needs to look to his own position.....that is why independence is better route for all re Scotland ..and Greece would have been better off remaining outside Europe... :rolleyes:

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Banks don't like nations being sovereign - I means they are more powerful than the banks and can default and after a few years get of the hook.

Better for the banks if everyone is lumped together and that the pips are squeezed out of everyone.

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...think I would agree with him on that one ....although how does that work for the BofE in the current devolution debate..he needs to look to his own position.....that is why independence is better route for all re Scotland ..and Greece would have been better off remaining outside Europe... :rolleyes:

I agree, what he says make sense. He fails to mention a more viable proven alternative, Go back to the way it was.

if you are Greek or Austrian, french or Italian, did you agree to join the common market just so a group of bankers can control your entire country and population. I doubt many want this.

Edited by TheCountOfNowhere

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"Without this risk sharing, the euro area finds itself in an odd position," he added.

If the banks hadn't been so greedy likely there wouldn't have been such a crisis and there wouldn't be an "odd position" to be in.

What risk sharing do the banks participate in. When they're not sharing out the savers money they only seem to participate in sharing out the bailout money or the bail in money.

Edited by billybong

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What have banks got to do with this? I have read the article and there is no obvious link.

The banks do not control Greece, the EU and IMF do (or want to).

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I agree, what he says make sense. He fails to mention a more viable proven alternative, Go back to the way it was.

if you are Greek or Austrian, french or Italian, did you agree to join the common market just so a group of bankers can control your entire country and population. I doubt many want this.

I think this is a very interesting development... it certainly piques my interest in Mr Carney - I don't know much about him - though I was surprised that a Canadian was drafted in to be chairman of the Bank of England... one has to assume he has some special talent.

I also think it interesting that this statement is made the week following one from Mervyn King (the first I've heard about him since he finished as chairman) in which, to parahrase my understanding of it, he says "No good will come from this ECB QE" -- a statement I thought significant as Mervyn was heavily involved in the first rounds of QE at the BoE.

I can't fault the logic that a common currency requires a common fiscal policy... though, I suspect, it is news to quite a lot of people. I wonder, is putting this centre stage more likely to prompt fiscal union, or scupper it?

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I think this is a very interesting development... it certainly piques my interest in Mr Carney - I don't know much about him - though I was surprised that a Canadian was drafted in to be chairman of the Bank of England... one has to assume he has some special talent.

I also think it interesting that this statement is made the week following one from Mervyn King (the first I've heard about him since he finished as chairman) in which, to parahrase my understanding of it, he says "No good will come from this ECB QE" -- a statement I thought significant as Mervyn was heavily involved in the first rounds of QE at the BoE.

I can't fault the logic that a common currency requires a common fiscal policy... though, I suspect, it is news to quite a lot of people. I wonder, is putting this centre stage more likely to prompt fiscal union, or scupper it?

I doubt that the blabberings of MC in a newspaper are likely to alter events on the ground much in either direction. My opinion is that we are now further away from fiscal union, because even if they just cut Greece loose, the next crisis/country wanting to re-negotiate will be along pretty soon.

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It seems the BoE/Mr Carney (plus the UK government) would like eu fiscal union to progress otherwise he wouldn't have used the word "timidity" in connection with it - that's if he's being reported accurately.

Otherwise he would have emphasised words like foolish, circumspect and wary when considering progressing with fiscal union (for the time being and after NuLabour the word prudent has lost a bit of its meaning).

The timing could also be to do with the possible eu referendum in that when that happens they would like to claim that all the eu's problems have been sorted out. Possibly part of the "negotiations" in advance of the referendum.

That's not to say he necessarily wants more fiscal union for the UK - that is not at this stage - because the UK doesn't, of course, have the eu's economic problems. The UK's economy being more like a tiger economy ;)

Edited by billybong

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I'll go with Peston's analysis that part of speech is aimed internally at Osb' 'austerity'. A reported comment is along lines that ECB QE cannot fix economic stagnation.

Edited by Ash4781

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Forces..... We are gradually becoming more and more like the EU everyday, the federal state of Europe something that nobody voted for.....but is where we are driving at,the rudderless boat?

Edit to say....it is common sense that central banks can't keep pumping money into assets secured xby debt, into bonds and stocks to show they are doing well by rising in value when real growth and demand is low.the prices have little relevance to strength....all debt has to be repaid or at least serviced within a reasonable period of time....tons of manufactured money and nowhere to put it and few able to pay for it, because real work no longer pays....wages paid with IOUs and debt does not make a recovery.

Edited by winkie

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This is the man who can't bring himself to mention the credit bubble attached to our over-inflated housing yet can recognize Europe's problem as a "Debt Trap".

Is he now suggestion budgets don't need to balance.

He is avoiding the simple truth, the socialist Eu has run out of money and is now being forced to print by Tsipras, another socialist. Devaluing the Euro.

Maybe they can just leave a note saying they've run out of money and leave the mess for someone else to clear up.

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I think this is a very interesting development... it certainly piques my interest in Mr Carney - I don't know much about him - though I was surprised that a Canadian was drafted in to be chairman of the Bank of England... one has to assume he has some special talent.

I also think it interesting that this statement is made the week following one from Mervyn King (the first I've heard about him since he finished as chairman) in which, to parahrase my understanding of it, he says "No good will come from this ECB QE" -- a statement I thought significant as Mervyn was heavily involved in the first rounds of QE at the BoE.

I can't fault the logic that a common currency requires a common fiscal policy... though, I suspect, it is news to quite a lot of people. I wonder, is putting this centre stage more likely to prompt fiscal union, or scupper it?

Central bankers are publically supporting each others view that they cannot effectively do their job as LOLR in a currency union unless there is also a fiscal union. Nothing new in that, but it is clearly becoming pressing in EZ.

Mario Draghi has been saying precisely the same thing increasinly loudly in his public speeches recently too.

Problem here is german political/BuBa intransigence/stupidity

They have to decide - Is it EU/EZ or is it every man for himself.

Theres little indication germany wants to be in a currency or fiscal union beyond her own national self-interest, if that continues she should simply exit and stop causing such pain elsewhere (insane levels of unemployment, poverty etc etc)

Edited by R K

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This is the man who can't bring himself to mention the credit bubble attached to our over-inflated housing yet can recognize Europe's problem as a "Debt Trap".

Is he now suggestion budgets don't need to balance.

He is avoiding the simple truth, the socialist Eu has run out of money and is now being forced to print by Tsipras, another socialist. Devaluing the Euro.

Maybe they can just leave a note saying they've run out of money and leave the mess for someone else to clear up.

Socialist EU ?

I don't think that the banks , politicians or conglomorates that are running the economy in the EU (UK included) have a socialist agenda. Quite the opposite , in my opinion.

The true "Socialists" in Greece have just won power. I suspect they don't have the same view of the world as the Socialist EU you seem to be lumping them with.

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