'European Central Bank risks being 'wiped out' by bail-outs'

the sooner the better...........plenty of room in gitmo for these crooks..........from the telegraph......

"The International Monetary Fund's partner in the recent international bail-out missions is itself in danger of becoming a liability, Open Europe has argued.

In a report published on Monday entitled A House Built on Sand?, Open Europe has calculated that the ECB has a total exposure of about €444bn (£397bn) to "struggling eurozone economies".

The bank is now "23 to 24 times levered" as a result of bailing out Greece, Ireland, Portugal and Spain.

The London-based think tank argued: "Should the ECB see its assets fall by just 4.23pc in value . . . its entire capital base would be wiped out."

Open Europe said: "Hefty losses for the ECB are no longer a remote risk." It added: "The ECB is ultimately underwritten by taxpayers which means there is a hidden – and potentially huge – cost of the eurozone crisis to taxpayers buried in the ECB's books"...............LINK

'The Bank of England's astonishing escape from the financial crisis'

from the telegraph.......

Unreported outside the business pages, a remarkable hearing took place last week – one which may well culminate in the Commons Treasury Select Committee demanding a full independent inquiry into the Bank of England's handling of the financial crisis.

The reason such an inquiry might seem appropriate is that over the next few years the Bank acquires new powers and responsibilities that will make this 317-year-old institution arguably the most powerful authority in the land – more powerful in terms of its influence over the economy than the Chancellor himself"..........LINK

'Central banks in 'uncharted waters', Lamfalussy tells ACI Congress'

from fxweek......

“Whether they like it or not, central banks are in the front line when it comes to keeping price manifestations under control. But what is new in our current experience is that most central banks have had to carry out their liquidity boosting operations in an environment where the liquidity shortage turned rather quickly into solvency problems of frightening dimensions, for which there has been no precedent since the 1930s,” said Lamfalussy.

Speaking at the ACI World Congress in Budapest today, Lamfalussy recognised central banks have had to resort to an “increasing variety of non-standard central banking interventions”, ranging from quantitative easing to an increased length of maturity of liquidity support, which has put pressure both on their operational capacity and their relations with governments.

Lamfalussy expressed little optimism that the pressures on central banks would fade away. “Our globalised, competitive and highly innovative markets have an unlimited capacity to breed financial disturbances of a size and nature that could lead to systemic meltdown. We badly need a co-ordinated action at the global level to extricate ourselves from the moral hazard trap implied by the prevailing expectation that systemically significant banks will always be bailed out,” he said"..............LINK

'Tyranny of the Central Bankers'

from isn.ethz.ch

"The worst economic downturn in 70 years has failed to change the behavior of central bankers. Recent decisions to maintain inflation rate targets at the expense of employment and output only highlight the need to hold central bankers more accountable for how they manage the economy.

The worst part of this story is that these fundamental decisions about economic policy are made by a small, secretive clique operating largely outside of the public's purview. Central bank decisions on interest rates are likely to have far more impact on jobs and growth than any of the policies that are debated endlessly be elected parliaments. Yet, these decisions are made largely without democratic input.

In fairness, politicians bear much of the blame for this situation. They established institutional structures that largely place central banks beyond democratic control. There is probably no bank that is as insulated from the democratic process as the ECB, in large part because of its multinational structure, but all the central banks in wealthy countries now enjoy an extraordinary degree of independence from elected governments. In many countries they are even more independent than the judicial system".............read more here

'Libya all about oil, or central banking?'

from asia times online and ellen brown..........

"Several writers have noted the odd fact that the Libyan rebels took time out from their rebellion in March to create their own central bank - this before they even had a government. Robert Wenzel wrote in the Economic Policy Journal:

I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising. This suggests we have a bit more than a rag tag bunch of rebels running around and that there are some pretty sophisticated influences.

Alex Newman wrote in the New American:

In a statement released last week, the rebels reported on the results of a meeting held on March 19. Among other things, the supposed rag-tag revolutionaries announced the "[d]esignation of the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and appointment of a Governor to the Central Bank of Libya, with a temporary headquarters in Benghazi."

Newman quoted CNBC senior editor John Carney, who asked, "Is this the first time a revolutionary group has created a central bankwhile it is still in the midst of fighting the entrenched political power? It certainly seems to indicate how extraordinarily powerful central bankers have become in our era.".............read it here


for background on the evil rothschild's banking cabal.....“The global banking cartel, centered at the IMF, World Bank and Federal Reserve, have paid off politicians and dictators the world over — from Washington to Greece to Egypt.  In country after country, they have looted national economies at the expense of local populations, consolidating wealth in unprecedented fashion – the top economic one-tenth of one percent is currently holding over $40 trillion in investible wealth, not counting an equally significant amount of wealth hidden in offshore accounts.  IMF imperial operations designed to extract wealth and suppress populations have been ongoing for decades.  As anyone researching economic imperialism will know, a centrally planned Neo-Liberal aristocracy controls the global economy.”......from goldseek.......read it here

'Secretive Plan For a Global Currency'

"The new book by Global Research Publishers (And Ellen Brown), "The Global Economic Crisis: The Great Depression of the XXI Century." 

"Is the Group of Twenty Countries (G20) envisaging the creation of a Global Central bank? Who or what would serve as this global central bank, cloaked with the power to issue the global currency and police monetary policy for all humanity? When the world’s central bankers met in Washington in September 2008 at the height of the financial meltdown, they discussed what body might be in a position to serve in that awesome and fearful role. A former governor of the Bank of England stated:

The answer might already be staring us in the face, in the form of the Bank for International Settlements (BIS)... The IMF tends to couch its warnings about economic problems in very diplomatic language, but the BIS is more independent and much better 

placed to deal with this if it is given the power to do so"...............from Global Research................read more here: