by Kenneth Schortgen, Shotgun Economics:
With the majority of people in the West having extraordinarily short memories, it should not be surprising that there has been little question of the IMF’s Christine Lagarde being nominated to run the European Central Bank. However if one goes back just two years you would find that Lagarde just happens to be a convicted criminal of financial crimes
International Monetary Fund chief Christine Lagarde has been convicted over her role in a controversial €400m (£355m) payment to a businessman.
French judges found Ms Lagarde guilty of negligence for failing to challenge the state arbitration payout to the friend of former French President Nicolas Sarkozy. The 60-year-old, following a week-long trial in Paris, was not given any sentence and will not be punished. The Court of Justice of the Republic, a special tribunal for ministers, could have given Ms Lagarde up to one-year in prisonand a €13,000 fine. – UK Independent
For Europe, the advent of a financial criminal running its central bank should not be a shock since its current Chief Mario Draghi was well known for fudging Italy’s books in order to get them into the Continental Coalition.
What Lagarde’s occupation as the head of the ECB portends is nothing short of terrifying for the populations of Europe as she has long admitted to being a staunch advocate of negative interest rates along with the need to eliminate cash in order for the central bank to seize total control over Europe’s monetary system.