ECB Executive Board Member and Governing Council, Jürgen Stark, Resigns

A few months ago Axel Webber had already resigned following a clash with Trichet's illegal sovereign bond buying, and on friday, another member of the executive board left:
Today, Jürgen Stark, Member of the Executive Board and Governing Council of the European Central Bank (ECB), informed President Jean-Claude Trichet that, for personal reasons, he will resign from his position prior to the end of his term of office on 31 May 2014
Accordingly to CalculatedRisk, Stark was an inflation hawk and opposed all EU bailouts and ECB bond buying.

Trichet doesn't have much time left at the ECB — only about 60 days — and it's really high time he leaves and takes his legacy of illegal actions and lies with him.

Isn't it ironic that in French, "Trichet" is pronounced the exact same way as the verb "tricher", which in French means "to cheat"?

Trichet should have followed Greenspan and left when it was the peak of the markets with a positive legacy. He will now fall in the abyss as one of the worst central bankers along with Bernanke.

In any case, it means that the Germans are getting really really annoyed by the ECBs actions, adding even more pressure to the situation. I'm curious to see how this pans out, but it's obvious it's not good for the Euro, nor for the sovereigns on the verge of collapsing.

A complete crippling of the ECB and the default of the sovereigns will have positive outcomes for the people though.

No comments: