Wednesday, October 21, 2009

Trichet Sweats

Jean-Claude Trichet, president of European Central Bank:
“We never had a grand plan to promote the international role of the euro,” he said.“We always said the contrary, we said we are not campaigning for the international use of the euro.”
"I trust that it is extremely important that the U.S authorities, the Secretary of the Treasury and the Chairman of the Fed will pursue policies that are taking into account the fact that the strong dollar is in the interest of the United States of America, and I trust them to respond very clearly."
While Airbus pressures:
"At current levels, the situation is becoming very difficult for all industrial companies that have their costs in euros,” Airbus SAS Chief Operating Officer Fabrice Bregier said in Paris on Oct. 8. “We can only appeal to monetary authorities to ensure currency stability."
No single country has the non-financial productive capacity to support the weight of a reserve currency. Yet breaking up the post-World War 2 order within the context of capitalism, means the collapse of globalization, destabilizing nation-state disputes, and possibly a replay of the events that led to world war. The gangsters in New York and Washington know this, and count on their weaker cousins to preserve the system, even as they drive the dollar into the ground.

1"Trichet Says U.S. Must Pursue ‘Strong Dollar’ Policy" - Bloomberg
2"ECB's Trichet: strong dollar comments important"- Forbes

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