Video: Germany will leave the euro unless the ECB is reformed part of Draghi provides markets with much needed ‘pick-me-up’

Video Related To: Draghi provides markets with much needed ‘pick-me-up’

Source: Scoop
Berlin : Germany | almost 2 years ago
The implication of bond buying from the ECB released the pressure valve on Spanish yields which caused traders to rediscover the mood for buying risk assets across the board. The Euro...
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Germany will leave the euro unless the ECB is reformed

Watch the full 40-minute video at Prof. Markus C. Kerber, Professor at TU Berlin, and James Turk, Director of the GoldMoney Foundation, talk about the lack of accountability of the ECB and how it compares to the Bundesbank. Prof. Kerber explains that the system of checks and balances is broken down when it comes to the ECB and tells of the public outcry in Germany when the Bundesbank tried to sell its gold. He explains that Germans are committed to sound money and stable monetary policy and are outraged by the lack of faith to the rules of the treaty, especially in May 2011 when the ECB started buying bonds on the secondary markets. The resignation of Stark is seen as a wake up call to the Germans, as he was one of the founding fathers of monetary union. The last straw was the buying of Italian and Spanish bonds. Everybody understood then that the ECB was not the Bundesbank. This interview was recorded on September 30th 2011 in Vienna.
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