Mr Trichet belongs to that group of bureaucrats who have developed the European Kingdom of High Officials appointed by pseudo democratic methods (namely voting) aimed at perpetuating their thrones by means of legalized pillage and spoilage.
Let’s face it, Europe is a terrible failure: higher taxes on the horizon, no common foreign polices, middle class is disappearing ( 50% of the German population in 2008 from a 54% in 2002), national interests above everything, Germany is (getting tired of) paying the bill, and national politicians (outstandingly the Spanish ones among them) expending and squandering money on subsidies and useless public works to “feed” the unemployed, to get reelected and presumably get some extra income sources and influence, instead of helping to create and develop overall wealth.
In Spain the situation is terrible: eight million people are in a precarious work position, with irregular and short time income sources, more than 4 million are unemployed, hundreds of thousands more are and on reduced weekly activity (part time unenployment) due to the low market demand and Mr Trichet’s advice is .. salary control and cheaper redundancies¡¡¡¡ .
So far the only “social” activity of this gentleman and the Round Table of EEC Bank Members has been increasing and lowering interest rates, always too late and too fast. In less than one year the ECC Official interest rate has gone from 5 to 2%.. I beg you pardon , I forget to mention another outstanding piece of work: the explanation of why things went wrong in the typical inefficient incompetent and useless way the Economists (with very few exceptions) deal with Economy.
Salary moderation should be applied instead to this bunch of vultures and scavengers preying on us with almost limitless expenses, assistants, meetings, dinners, travels, holidays ,leases, conventions, extravaganzas.
Now that things go bad (especially for Spain with no real economy engines once the brick building sector is over) and all the European countries close their borders and try to escape from the wreckage the best way they can, the ECC suggests salary moderation¡¡¡ Is that Mr Solbes’s suggestion when he met Mr Trichet? Or was he thanking Mr Trichet for a new position in the ECC with a “moderate” salary?
With the labor market situation described above salaries are not precisely sky rocketing. Many people cannot pay their mortgages and even getting a renting flat is becoming difficult due to guaranties and deposit payments required by owners and the denial by financial institutions to provide the necessary cash.
Good Lord, Am I going to wake from this nightmare? I am afraid not with these people on top positions. Anybody there?
