Ahora el director del BCE sabe lo que siente un "pavo rostizado"

January 10, 2008 (LPAC) –At his first press conference this year, Jean-Claude Trichet, Governor of the European Central Bank (ECB), issued a call on EU governments, those 15 inside the eurozone and the other 12 outside, to contain what he termed "spiraling risks" of inflation and to preserve "monetary stability" by not making concessions to labor unions' demands for higher wages. Only vaguely, Trichet described what in reality is a full-blown global financial collapse, with misleading terms like "upside risks" and "downside risks," "protracted inflation," but was very definite on the ECB's antipopulation line: he spoke of a "clear message" to the EU governments not to let down on their budget-cutting "reforms."

Trichet reiterated his line over and over again, stating that the ECB was "not neutral" but on pro-austerity side, also during the question & answer period after his report, and his repeated remark that the ECB was "fully prepared to intervene" by "preemptive steps," were read as a not-so-veiled threat with new interest rate increases. A

An EIR representative on site intervened with a reminder that the official inflation rate of 3.1% percent that Trichet was citing, did not reflect the dynamic of real inflation in everyday crucial consumer goods like food and gasoline, and that because of that dynamic, more and more experts would agree with "American economist LaRouche who says that we are already at the beginning of a process of hyperinflation." Furthermore, EIR asked, if things turned to the worse during 2008, who would be the lender of last resort? Trichet answered after some seconds of visible irritation, that the ECB was not an institution to take care of "solvency problems," implying that the ECB did not want to be a lender of last resort.

(LINK FIXED BELOW)

To see Trechet get his turkey cooked, follow this link:
http://event.netvision.de/basic_dispatching/?ecb_080110_stream_video
(Make sure you select "Question and Answer Session" from the drop down box below the video display).