Otmar Issing: Euro “house of cards” will collapse

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https://www.rt.com/business/363038-euro-house-of-cards-collapse/

The eurozone is like a ticking bomb that will explode sooner or later, said one of the founders of the single currency and the first chief economist of the European Central Bank (ECB) Otmar Issing.

“One day, the house of cards will collapse,” Issing said in an interview with the journal Central Banking.

“Realistically, it will be a case of muddling through, struggling from one crisis from the next. It is difficult to forecast how long, but it cannot go on endlessly,” the economist added.

According to Issing, the ECB is on a “slippery slope”, blasting the system for bailing out bankrupt states.

“The Stability and Growth Pact has more or less failed. Market discipline is done away with by ECB interventions. So there is no fiscal control mechanism from markets or politics. This has all the elements to bring disaster for monetary union,” he said.

The former ECB chief economist also criticized the eurozone for its quantitative easing policy, and buying over €1 trillion in bonds at“artificially low” or negative yields.

“An exit from the quantitative easing policy is more and more difficult, as the consequences potentially could be disastrous,” Issing said.

“The decline in the quality of eligible collateral is a grave problem. The ECB is now buying corporate bonds that are close to junk, and the haircuts can barely deal with a one-notch credit downgrade. The reputational risk of such actions by a central bank would have been unthinkable in the past,” he added.

Issing is known for criticizing the Greek bailout in 2010, saying it was more of a rescue for German and French banks that were financing Athens. He said Greece should have been excluded from the eurozone as a lesson for other members. According to the economist, Athens was to be helped only when it returned to the drachma.

https://en.wikipedia.org/wiki/Otmar_Issing

Since June 2006 Issing has been president of the Center for Financial Studies (CFS) at the Goethe University in Frankfurt am Main and since 1 January 2007 he has been an international advisor to Goldman Sachs.

———-

a GS man..

“The eurozone is like a ticking bomb that will explode sooner or later, said one of the founders of the single currency and the first chief economist of the European Central Bank (ECB) Otmar Issing.”

thats significant..

401

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~ by seeker401 on October 28, 2016.

3 Responses to “Otmar Issing: Euro “house of cards” will collapse”

  1. The Eurozone is an invasion strategy aimed at wiping out white countries and forcing them to be “multicultural” in an effort to exterminate white cultures altogether.

    “We [Jews] intend to turn Europe into a mixed race of Asians and negros ruled over by the Jews” — Jewish EU “founding father” Richard Coudenhove-Kalergi in “Praktischer Idealismus,” 1925

    “I think there is a resurgence of anti-Semitism because at this point in time Europe has not yet learned how to be multicultural. And I think we are going to be part of the throes of that transformation, which must take place. Europe is not going to be the monolithic societies they once were in the last century. Jews are going to be at the centre of that. It’s a huge transformation for Europe to make. They are now going into a multicultural mode and Jews will be resented because of our leading role. But without that leading role and without that transformation, Europe will not survive” — Barbara Lerner Spectre, American Jew, who runs a government-funded Jewish study group in Sweden

    “Make no mistake about it; we intend to keep bashing the dead white males, and the live ones, and the females too, until the social construct known as ‘the White race’ is destroyed – not ‘deconstructed’ but destroyed.” — Noel Ignatiev, Jewish/American history professor at the Massachusetts College of Art, member of the Communist Party USA

    “In these very moments, the protocols are being rewritten. Rich Jews are writing them in their own handwriting. They, in their wealth, are confirming with their own signatures what anti-Semites used to slander them with in days gone by: We, the elders of Zion, pull the strings of Congress, and the congressmen are nothing but marionettes who do our will. If they don’t understand our words, they’ll understand our threats. And if in the past, we ran the show from behind the scenes, now we’re doing it openly, from center stage. And if you forget our donations, the wellspring will run dry.” — Yossi Sarid, the Israeli light Zionist veteran politician, writing in Haaretz

    “By the trick of labeling a person as an anti-Semite, the accused person’s credibility is undermined, and the focus shifts from the evidence against wrongdoing by Israel or the Jews to the motives of the accused anti-Semite. The Jewish controlled media then destroys the reputation of the accused anti-Semite, and he becomes an object lesson for anyone who might consider criticizing Israel or Jews.” — Shulamit Aloni, former Israeli government official

    • white people are the indigenous people of europe. they have every right to protect their lands from invasions.

      of course, white people around the world should help with motherlands… by returning to them. people think i’m joking when i say that, but i’m honestly astonished that some sort of ‘help white people move to europe’ agency or ngo hasn’t been set up.

  2. Reblogged this on World4Justice : NOW! Lobby Forum..

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