Trichet and the ECB -Its kind of funny that this morons act like Gurus

I can not recall that any of this new declared Gurus from the FED to the ECB ever mentioned that there would be a downturn but they seem to have specific skills calling the bottom? – give me a f… b.. – pack your stuff and have the decency to go. It is outrageous that this people still have their jobs although they are doing harm in the deepest sense and that the public tolerates it.
The depression or crisis was foreseeable as If I could see it without having the workforce and think tanks why did they fail to do so – or was that a deliberate undertaking misleading people as they do now again. The top positions in all this area’s are recruited by the same breed of people all members of the CFR or Bilderberger as official outlets but you can bet anything you have that they also mingle in other clubs like Freemasonsit versions off different types in the highest ranks just see through the ranks of Skull and Bones which was founded by the biggest Opium smuggler of those times and also started the Republican Party. The Bush family are members for 4 generations now with 2 presidents. Trichet has made an unbelievable bad job as European banks might be overall in bigger trouble compared to American banks but nobody calls for him to resign. A regular person with 5% of Trichet’s ( and stuff) performance would have been fired months ago. Why is it to much these days to expect that people are prudent and have integrity – it may be that Clinton started the global erosion with his public lies and since than nobody seems to care anymore. Denmark is so rotten it needs to die only from the ashes a new foundation might be possible it seems to me for the whole society – definitely not the New World Order as some laws in the Universe do work and a group of elitist morons is not meant to rule the world and put the regular guy into slavery- that is the idea they have since they did it for a few hundred years. After they eliminated all the kings which was done over centuries because democracies are easier to control for them as they can make anyone they like President of chancellor.

Worldbank and IMF give conflicting signals as the IMF has recently improved its outlook the Worldbank plays the bad Cop now.

Excerpt

By JUDITH BURNS

WASHINGTON — Developing countries’ net private capital inflows fell 41% last year and will be cut nearly in half this year, the World Bank said in a report that offers little hope that the countries will provide the spark for the global economic engine.

Meanwhile, European Central Bank Gov. Jean-Claude Trichet said Sunday that the ECB expects the global economy to moderate its slide over the remainder of the year and resume climbing in 2010.

The World Bank estimated in its annual development-finance review that gross domestic product in developing countries will grow just 1.2% this year, well off the 8.1% pace in 2007 and the 5.9% gain in 2008.

The report, issued at a conference in Seoul, projects a 2.9% contraction in global GDP this year, as rich countries contract by 4.5%.

“The crisis of the past two years is having dramatic effects on capital flows to developing countries, and the world appears to be entering an era of lower growth,” World Bank Chief Economist Justin Lin said.

The report said net flows of private capital to developing countries fell to $707 billion in 2008 from $1.2 trillion in 2007, and it projects they will fall an additional 48% this year to $363 billion.

“Net private capital flows will be insufficient to meet the external financing needs of many of these [developing] countries, and in view of the intense fiscal pressures triggered by the crisis, the prospects for large increases in aid flows are dim,” the report said.

“The bulk of new commitments by international financial institutions will go to middle-income countries in 2009, and workers’ remittances to low-income countries are projected to decline by 5%. Such sobering facts reinforce the importance of broad international agreement to mobilize the necessary resources to achieve” United Nations’ goals for alleviating world poverty.

On a regional basis, the report offered the following outlook for developing countries:

East Asia and the Pacific: China’s fiscal-stimulus efforts should spur a recovery in the region, starting later this year, with regional GDP rising 6.6% in 2010 and 7.8% in 2011.

Europe and Central Asia: GDP is projected to fall 4.7% in 2009, and grow by just 1.6% in 2010.

Latin America and the Caribbean: Regional GDP is seen falling by 2.3% this year, then growing about 2% in 2010.

Middle East and North Africa: While less directly affected by the global credit crunch, growth in the region is expected to be cut roughly in half this year, to 2.1%, before accelerating to 3.8% in 2010 and 4.6% in 2011.

South Asia: GDP is expected to grow by 4.6% this year, followed by 7% next year and 7.8% in 2011.

Sub-Saharan Africa: Sharp declines in remittances and export prices will take a heavy toll on a region that was growing at a 5.7% annual rate in the past three years, with growth slowing to 1% in 2009 and 3.7% in 2010.

In Paris, Mr. Trichet said in an interview with French radio station Europe 1 that the Iran conflict means “there is clearly an additional risk for the international economy,” but that Iran isn’t the only area of instability in the world. That is all the more reason to proceed quickly with the program put together by the Group of 20 countries in April to deal with the global economic crisis and regulatory reform, he said.

He repeated that the ECB expects the global economy to recover next year. “We expect a slowing in the decline of activity,” Mr. Trichet said. “The first quarter was very bad; the following quarters will be less bad, until the end of the year when one can expect pretty much stability in terms of activity,” he added. “We should record a resumption of positive activity over the course of next year.”

But Mr. Trichet cautioned that governments must gradually address their bloated budget deficits as the economic recovery gathers pace next year.

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~ by behindthematrix on June 22, 2009.

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