Trichet Dichet

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This afternoon.

The Royal Hospital, Kilmainham, Dublin.

Jean Claude Trichet, President of the European Central Bank (2003-2011 *cough*) at an event entitled ‘Governance of the Eurozone Past, Present and Future’ hosted by the Institute of International and European Affairs (IIEA ).

In a ludicrous (in fairness) power play Members of the Joint Oireachtas Committee on the Banking Inquiry were forced to attend if they wished to question His Trichetness.

Lizards, dude.

UPDATE:

Jean-Claude Trichet has denied it [ECB] blocked the burning of senior bondholders by Ireland saying they issued advice on full repayment, not an instruction…he described the bank guarantee as a “thunderbolt”. He also said he did not tell then Minister for Finance Brian Lenihan – or the Irish government – to save Irish banks at all costs.

Trichet denies stopping the Irish Govt burning senior bondholders (RTÉ)

(Sam Boal/Photocall Ireland)

21 thoughts on “Trichet Dichet

  1. Joe the Lion

    Why is it ludicrous? M Trichet is not an elected representative of nor accountable to the Irish parliament.

    1. Del McG

      It’s pretty ludicrous that they had to submit their questions to him in writing ahead of time so he could script his answers. Why bother?

      1. Zarathustra

        He’ll be on Prime Time tonight, apparently; I’m sure Miriam will give him a good seeing to.

      2. Joe the Lion

        that’s fairly normal

        it was not a tribune of inquiry or a public forum really

        it was a private event as it happens and probably by invitation only

        the whole thing has the bang of political posturing off it and yet in fairness some of Trichet’s commentary was quite revealing

    2. SOMK

      It’s the same reason people are turning against the EU in their boat loads, who’s serving who, he was head of the ECB, Europe, that’s us, a member of the European Union, an Irish central bank governor on their board. It’s a position of huge power and he held it during a time when the Irish state took on first 65 billion in bank debt, then a 65 billion bailout, in the aftermath of which we’re finally having an inquiry. He should respect that, the only people who should be given that kind of authority are the ones with enough basic humility to be able to respect from where that authority comes from (sure it’s not always [possible and it’s easy to fake, but you’re talking here about a unique and powerful position where it really matters that you know what you’re doing). He should also respect the inquiry for it being an endeavour which attempts to find out what precisely happened in order to prevent such a thing ever happening again, even in retirement, it’s a matter of respect, for the role, for what he did, for what happened and is happening now.

      13 states have seen their debt levels raise more than 50% in the last 7 years, 10 of those countries are in the EU, the top 6 include Greece, Ireland, Portugal and Spain. Trichet blamed it on Irish property developers at one point, how unlucky for all these European countries so soon after the creation of a single currency area that they all have such a massive spike in debt, Europe must have some of the most incompetent property developers in recorded history!

      http://www.mckinsey.com/insights/economic_studies/debt_and_not_much_deleveraging?utm_source=The+Sinocism+China+Newsletter&utm_campaign=92c4b4b56b-Sinocism02_25_152_24_2015&utm_medium=email&utm_term=0_171f237867-92c4b4b56b-29629989&mc_cid=92c4b4b56b&mc_eid=6aa1e1ecb8

      It’s ludicrous because they get away with it, it’s ludicrous because just read how the financial papers are covering Varoufakis, like what matter is whether or not he wear a tie rather than that you’ve got 320 bn in debt Greece ain’t going to find down the back of a sofa anytime soon, it’s patently obvious none of this austerity nonsense is working, even the ECB is doing QE now, to try and give demand a kick up the arse. It’s an ugly mess and it’ll only get uglier because if people like Mr. Trichet. who refuse to ever admit mistakes and let others, in their millions clean up after the mess they made.

  2. Truth in the News

    Joe Higgins has asked Trichet was it his function to save European Banks or to protect the Citizens of
    Ireland, in a convoluted answed he backed the Euro Banks and sympathised for Ireland.
    This man has memory recall problems and has a senior position in the ECB, presided over the and
    inflicted the debt burden on Irish People to protect what is a flawed Currency, in order to impose a
    political Union, in effect what Hitler could not achieve with the SS, Tanks and Guns, is now being attempted
    with paper and ink ,and even now a reversal of previous policy the printing of Money ie…QE.

  3. Mr. T.

    The ECB is a money factory. Nothing to do with being part of any human political society. It stands outside of all accountability. It makes up money and lends it out wholesale just like the Fed in the US which is a private institution. It’s out-souced currency. Outsourced to the usual suspects.

  4. ahjayzis

    Listened to it in work today. He basically pissed on our country. Our parliamentarians were sitting looking up at him. They took 50/50 audience/TD questions. Before the questions he made a speech and then we were subjected to 30 minutes of other dried up geriatric masters of the universe blowing more smoke up a man’s arse than ever thought possible. He said he no longer represented or was connected to the ECB, yet while in the same city, didn’t have the respect to drop into Leinster House. He was plainly appalled that Ireland wasn’t throwing him and the ECB a parade, he said it MANY times that how much ‘help’ they gave us was completely unprecedented.

    By the end of it I wanted the guillotine brought out, I genuinely wanted a violent revolution – this creature and his ilk are everything that’s wrong with our system and world.

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