“The ECB is not a “central bank” in the traditional sense, so why do we call it one?”
This was all part of the EU elite’s master plan. It’s ALL designed to give the impression of an unstoppable move to a European superstate. That is ALSO why the EU has spent SIX BILLION EUROS on a fatuous diplomatic service which exactly duplicates the national ones already existing. It is for the SAME reason that the elite pay themselves VAST salaries. If Van Rompy is paid twice as much as Cameron then it must CLEARLY mean that he as President of the EU is twice as important as the leader of Britain. It is psychological propaganda. And of course it is all total rubbish and insulting to the people paying for it all = YOU and ME etc.
The ECB is clearly NOT a central bank in the traditional sense but if you CALL it that then people will THINK it is and IT ALSO may start to think it is and thus start BEHAVING as if it is.
So THIS was the cunning plan, usually aided and abetted by usually getting a Frenchman to run the show. But BOY have the EU elite had a shock with Draghi, who must be a humungous disappointment to them. Expected – particularly as a feckless Italian member of the European elite – to play the good EU soldier and simply print loads of “money” to get them out of their own hole, he is resolutely refusing to do so – though NOT – we should note – absolutely, since there is a constant dribble of junk bond purchases to try to keep down the yield down.
However, by not turning on the printing presses full blast he alone with Frau Merkel has the power to end the euro simply by OBEYING THE RULES, something the EU elite just cannot understand. How the latter must be seething …… and of course regretting they didn’t manage to lever yet another compliant French crony into the job.
Still, it’s all good entertainment. My favourite bit is when Sarko has to pretend to agree with Merkel about the ECB and “eurobonds” (or as they are known in the trade: “sub-Ponzi over-leveraged desperation stakes kick-the-can-down-the-road-till-after-the-election cunning plan number 247”), even though every man and his uncle’s monkey knows he is smiling through gritted teeth.
He’s been doing a lot of that lately – that and having a good sneer at the Anglo-Saxons …… I am feelng a fair bit of deja vu here in fact ….. still, PLUS CA CHANGE and all that!