Sunday, March 03, 2013

We was robbed

European Central Bank board member Benoît Cœuré, in a speech in New York City --

In the crisis, the ECB’s continued commitment to price stability and the integrity of the euro has been one of the few elements of certainty in a highly volatile and uncertain environment. This commitment to monetary stability is not only grounded in its economic merits but is also a cornerstone of the social contract. It protects poorer households from the dire effects of inflation on purchasing power. It ensures that no redistribution of wealth takes place that is unsanctioned by democratic processes, which is exactly what inflation does.

What democratic process in Ireland sanctioned the ECB's 2010 mandate to Ireland to continue paying in full senior unsecured debt in insolvent banks?