When is a guarantee not a guarantee? Apparently, when it is a political guarantee. A German Finance Ministry official has "clarified" Angela Merkel's unequivocal guarantee on German bank deposits: "There will be no legislative notification; it's a political declaration. It's a very clear signal that people can have faith in their savings-account, current- account and fixed-term deposits." Trust me, I'm a politician.
Monday, 6 October 2008
It is to laugh even more ...
Remember this? It just got better:
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3 comments:
That is so, so French. When the Germans do that, it is time to be very worried indeed.
Confidence is the name of the game. Merkel should have been absolutely sure before she announced a guarantee.
Perhaps she was, but we can't be sure yet. And that will worry depositors.
Many will buy foreign currencies. Not because they are necessarily safer but to diversify during a crisis. Swiss Francs? Dollars?
The creation of the US FDIC in 1933 was a model of political skill. All banks were ordered closed even though the government lacked the authority to close them. And all closed.
The enabling law was passed almost overnight and when the banks reopened three days later they were insured.
Confidence is the name of the game. Merkel should have been absolutely sure before she announced a guarantee.
Perhaps she was, but we can't be sure yet. And that will worry depositors.
Does this whole shambles not just shriek out how fucking incompetent all these governments are? Christ, none of these cunts saw this coming, and they're practically sacrificing virgins in their desperation to be seen to be doing something. And nothing they're doing is fucking working.
It's like watching Inspector Clouseau, except you'd know he was going to get there in the end. In this movie, it looks like the fuckers are all going to wind up getting shredded in a meat mincer or something.
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