A Quote by Hans Tietmeyer
Sometimes it is my impression that most politicians are still not aware of being under the control of the financial markets and are even governed by them.
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Ultimately savings have to go somewhere and I think they will find their home in financial markets and within financial markets, a large part in equity.
Sometimes, occasionally, people will make out in the audience, completely not aware that there's a human being onstage just yards away from them, who can see them. Sometimes people think that you're on television while you're onstage, so you're not even a person.
We have no control over the outcome of anything. Like the planet and global warming, we don't control that. If politicians want a war we don't control that. Acts of terrorism, we can't control them.
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It's important to recognize the vital role that the financial markets play in our economy and that so many of you are contributing to. To function effectively those markets and the men and women who shape them have to command trust and confidence, because we all rely on the market's transparency and integrity. So even if it may not be 100 percent true, if the perception is that somehow the game is rigged, that should be a problem for all of us, and we have to be willing to make that absolutely clear.
When I look at the chaotic and volatile debate right now, both in Germany and around the world, my impression and concern is that the daily barrage of proposals and political statements is making markets and consumers even more nervous. Still, Brussels is pressing for a joint European approach.
There you see how absurd the reactions of the so-called markets are. For a long time, Italy was run by one of the most unprofessional politicians anywhere. But there wasn't much pressure in terms of speculation. Now, in Mario Monti, Italy has the kind of leader you usually only get in Hollywood movies, a distinguished professor who won't even accept a cook at his residence, the Palazzo Chigi. Instead Monti's wife cooks their pasta herself - and this is the man the markets don't trust.
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Even in financial markets, the concept of market efficiency does not hold.
The principal linkages between Japan and the U.S. global economies are trade, financial markets, and commodity markets.
The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
There's been a dichotomy in the world financial markets over the last 30 years between the developed markets and the developing markets. Brazil, for example, always had to pay a lot more in interest to borrow money than governments in developed nations.
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