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Do you really think it is wrong that the largest economy in the Eurozone has some influence?

I think it is wrong that incompetent fuckwit ideologues have any influence at all, let alone disproportionate influence.

And the highest concentration of incompetent fuckwit ideologues East of London happens to be in the BuBa.

And capital doesn't vote the heads of the central bank do.

Yeah, yeah, on paper.

Just like, on paper, every NATO member has veto rights over foreign adventures.

The Americans call that sort of kabuki theatre "legal fiction."

In your hate of the Bundesbank you don't seem to see what is happening here: They are losing and try to use extraordinary means to compensate for the fact that at the regular CBE decisison nobody listens to them.

On what planet do you spend most of your time?

The ECB's playbook for this crisis has been a virtual carbon copy of the Bundesbank's playbook for the 1993 ERM breakup. And every single time the ECB has deviated a single millimeter from the BuBa 1993 playbook, the incompetent fuckwit ideologues at the BuBa have pitched a public hissy fit. In direct violation of the rules of confidentiality that the same incompetent fuckwit ideologues insisted on to begin with.

If the ECB had consistently overruled the BuBa, not a week would have gone by without a BuBa hissy fit. The fact that we only have about one hysterical tantrum a month demonstrates that the other 22 business days in each month the ECB is toeing the BuBa line to the letter.

You mean Trichet.

Yeah, him too.

But the thing about responsibility for fuckups is that it does not become more diluted by being spread out over more people.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Sep 7th, 2011 at 04:00:13 PM EST
[ Parent ]
Let it go. The eighties are over and he nineties are over. Your obsession with the Bundesbank just shows that you never left the last century.
by IM on Wed Sep 7th, 2011 at 06:13:57 PM EST
[ Parent ]
Theory: The BuBa irrelevant to ECB decisionmaking.

Hypothesis: The ECB's decisions should not conform to longstanding BuBa policy more often than would be the case by random chance.

Empirical reality: The ECB's policies conform to longstanding BuBa policy with very few exceptions, and when one of these exceptions arises, the BuBa throws a histrionic tantrum as if their most sacred and fundamental rights have been violated.

Conclusion: The theory is falsified.

You can repeat the fact that the BuBa has only one vote on the board until you go blue in the face. That does not change the readily observed fact that the BuBa is setting policy.

And I really don't care whether they do that by bullying the rest into line with their supposed Seriousness; by packing the analysis staff with their insane Hayekian crackpots (but I repeat myself); or even by plying the other members with hookers and cocaine (although the latter would admittedly be the more entertaining version).

I care about the fact that they are setting policy. Because their policies are not sanity-based.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Sep 8th, 2011 at 02:11:23 AM EST
[ Parent ]
JakeS:
or even by plying the other members with hookers and cocaine (although the latter would admittedly be the more entertaining version).

The central difficulty in writing a novel about the current ongoing crisis is finding a plausible explanation for the ECB's decisions. This one works better than any of the others I have played around with.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Thu Sep 8th, 2011 at 05:00:43 AM EST
[ Parent ]

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