German Taxpayers Want Equity in Bank Bailouts: Karl Heinz Daeke
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Sept. 16 (Bloomberg) -- When will politicians finallyaccept that their ideology of cheap money has failed?
A low-interest-rate policy after the dot-com frenzyencouraged the housing bubble. The government-sponsored housingboom led to a banking meltdown. And the fight against thebanking crisis resulted in the sovereign-debt mess. Now, becauseit is forced to invest in toxic debt, the European Central Bankis set to lose its independence. A currency crisis is imminent.Already, former Bundesbank President Axel Weber and the ECB’schief economist, Juergen Stark, have resigned in protest.