I started writing about Jean-Claude Trichet very early on in my blogging days, but had been on his case long before even that. The following quote from a post I made on Ironies in June 2003 illustrates the point:
I recently wrote a piece on Jean Claude Trichet and annoyingly could not find my copy of Bernard Connolly’s book ‘The Rotten Heart of Europe’. A reader has very kindly provided the information I sought " Spotting this in Ironies I looked up my copy and there are 29 entries indeed ! These include ‘avoidance of criticism’, ‘paranoia about Anglo-Saxon conspiracies’, ‘scepticism about competence of (Trichet)’, ‘sweetheart deals’ and many more!"
The earlier posting to which I referred above, contained a quote from The Times, which now seems particularly pertinent, for the reason that it has been so completely and utterly wrong:
M Trichet has been acquitted over charges in the Crédit Lyonnais affair but his future tenure in Frankfurt will inevitably carry the taint both of this scandal and the unseemly Franco-German stitch-up which paved the way for this change at the top, halfway through the treaty-prescribed term for an ECB President.
On Ironies and Ironies Too, down the long years since those words were written, the taint has not been forgotten and for a flavour of the various posts returning to the topic on this lamentable character click Ironies or Ironies Too according to your choice. The charges regarding the Executive Life Insurance affair and the bank Drexel, Burnham, Lambert are detailed on my Ironies post of 6th August 2003, to which this link may still perhaps work,(although you may have to scroll back through the month’s posts to arrive at that title "Trichet edges closer to his goal" .
So why has the rest of the world apparently chosen to forget this man’s track record and past. After all, it was the very same man at the heart of the collapse of the Exchange Rate Mechanism as detailed by Bernard Connolly in "The Rotten Heart of Europe" ISBN number: 0-571-17521-XISBN first published in Britain in 1995?
As this week rolls along it is already becoming clear that huge liabilities lying within the ECB will soon have to begin to be returned to the Central Banks of the Euro Group former-countries. Are their Central Bankers as Bonkers as their political leaders, who have left Jean-Claude Trichet in charge of the ECB for the past eight years, given all the obvious warning signs. The national political leaders in 2003 were certainly culpable, but so have been many others in between, but where will the blame now fall?
We know who must pay, the people all across the EU, potentially even their children and possibly grandchildren thereafter.
Nowadays more inclined to seek a brighter side to things perhaps I should provide this clip I also found from a post on Ironies in November 2003, when the gold price rose above $402 an ounce, and wondered what Europe’s Central Bankers would then do following the collapse of the EU Stability Pact, as follows:
Re-launching National Currencies will be a competitive business and each will require a solid underpinning, which has historically been gold. Much national gold was shipped off to Frankfurt on the Euro’s launch and might eventually be reclaimable. But again it might not, what better insurance policy therefore than printing more Euros which in the long term appear useless and using them to discreetly buy up some gold.
You never know, perhaps Trichet, has been following my advice over the past several years, and in reality those living in the eurozone are now really rich beyond dreams!