415 of the world’s leading economists and bankers recently congregated at the International Economic Symposium, held at the uber-swank Hotel George V in Paris, to postulate about the current state of our global financial system, economic progress and political environment. Believe it or not, the keynote speaker was none other than the straight talking Gustavo Laframboise-Pierre, Global Director of Statistical Creation at the European Central Bank. What he had to say goes a long way in explaining how the word ‘truth’ has become nothing more than a hollow collection of 5 letters with no meaning.
The edited & abbreviated commentary, above & below, consists of excerpts from the original post* by David Hague (davidhague.wordpress.com) as re-presented** on munKNEE.com.
Gustavo Laframboise-Pierre’s speech is as follows:
“Ladies and Gentleman welcome to the International Economic Symposium...
On the topic of banking and the economy I am pleased to announce that Global Government Debt has now reached 53 trillion dollars which could not have been achieved without your help.
- Had the leading lights of the economic community not been willing to suspend common sense and proclaim, in lecture halls, newspapers, interviews, books and on television that profligate, permanent, ponderous and profuse government debt was the road to permanent prosperity, there would have been a disaster.
- Had the world governments decided not to gorge themselves on debt, over 100,000 bankers and economists would have lost their jobs. It is a testament to your influence, and might I say, your keen interest in self-preservation that made it possible.
- Before I continue, however, let me remind all of you in attendance that if any of you are tempted by a) your conscience, b) your concern for the 99% or c) your base interpretation of right and wrong, to publicly expose the inevitable disastrous end game of global debt accumulation, a) you will be shunned, b) you will be an outcast, and c) you will be ridiculed, destined to rejoin the 99%.
You have all been outstanding in your ability to anesthetize the public into accepting runaway debt.
Special mention goes to the Federal Reserve’s ability to run their balance sheet over 4 trillion dollars reflecting their leadership in the area of money printing. Once again, this milestone could not have been reached without your help. Had economists chosen the path less travelled and used their influence to describe in detail the inevitable consequences of runaway money printing we would not be here today. In all likelihood this conference would be held in the cafeteria of a newly renovated Alcatraz or the Bastille. Yesterday, the newest member of our banking elite announced that the Federal Reserve would remain accommodative for a very long time. Kudos to Janet Yellen for acquiescing and acknowledging that money printing is not a strategy it is now a way of life. On behalf of the 1% let me simply say, thank you.
As you know, ladies and gentleman, the smartest minds in the world work in the financial industry.
- They have collectively recognized the genius of our approach to monetary policy.
- They are willing to not only bet their own money but they are willing to bet other people’s money as well.
- They have finally heard our message that we Central Bankers have got their back. There is complete confidence in the banking system that we will inflate the market forever.
- They understand that if there is a minor hiccup such as the notional ‘Financial Crisis of 2008′ we Central Bankers, and our acolytes in government, will step in and bail them out.
I encourage you to beg, borrow or steal – just kidding – and invest all your money in the world’s stock markets. They are headed to infinity and beyond!…
Finally, let be briefly comment on our banking system before we take a two hour break. I am empathetic to the exhaustion you feel after I have required you to concentrate on economic matters for 15 minutes. During the break there will be an open bar.
I am pleased to announce that 7 years after the so called ‘financial crisis’ we:
- have achieved a 100% protection rate that back in 2008 was thought to be unattainable;
- have been able to ensure that not one banker or economist has been charged, fined, jailed, fired or inconvenienced despite the fact that under our watch we made 15 trillion dollars disappear;
- have ensured that the net worth of the 1% now exceeds pre-crisis levels (sure there have been some wars, civil strife, famine, and unemployment as capital is stolen, misallocated, and wasted but this collateral damage is a necessary consequence of progress);
- have been able to ensure that no new laws limiting banks behavior have been implemented. Stress tests and capital requirements for banks have been completely eviscerated to accommodate bank behavior that enriches the banks in the short term and will require more bailouts in the future. Banks are ‘good to go’ as we prepare for the next crisis.
Once again, give yourself a pat on the back. Your ability to foist absurd yet plausible rationale on all your public communication ensures that the public will willingly acquiesce to whatever the next idiotic iteration our policies espouse.”[Hague’s comments on the above speech: Our financiers, economists and bankers have set sail on a course straight into the Bermuda Triangle.
- That the ship will reach land some day is indisputable.
- That it will land badly is incontrovertible.
The 99%, who seem to have adopted the Ostrich as their ‘National Bird’, would be well advised to ponder these matters to prepare for the consequences of our current economic policies.]
The above post is presented by the editorial team of munKNEE.com (Your Key to Making Money!) and the FREE Market Intelligence Report newsletter (see sample here – register here) in an edited ([ ]) and abridged (…) format to provide a fast and easy read.
*Original Source: http://davidhague.wordpress.com/2014/04/01/truth-the-first-casualty-of-economics-banking-and-the-ukraine/; **http://www.munknee.com/worlds-greatest-economists-bankers-see-economic-role/
Other Articles Containing Speeches by Gustavo Laframboise-Pierre:
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