Kleinleins Klartext

Dear Mr. Draghi

Dear Mr. Draghi

 24.08.2016  Kleinleins Klartext  0 Kommentare  Axel Kleinlein

I am writing this open letter to you, because I am deeply concerned about the old-age provisions of millions of EU-citizens. I am head of a consumer organization (the Bund der Versicherten) and we are fighting for the rights of the insured and we care about old-age provisions, too. Mainly we look at insurance-based or investment-based old-age provisions.

Life insurance and also investments need a proper economical system. Key is the money. Money allows the investors to invest. Without investing it is not possible to create old-age provision as a supplement to governmental systems. That’s why I also try to have a sharp look at your work, too.

As you know, in Germany and in some other EU-Countries too, the “Euro” is our most important currency. And that is where you join the game! Because you are the “shepherd” of the Euro. And as we have seen within the last years, you did your very best to make print as many Euros as possible to buy as many government securities as possible.

By doing that, your ECB got and gets more and more influential over those governments that have sold these securities to you. Some people may think this is dangerous, some may think this is no problem.

And as we could read during the last days, you may want to make print even more Euros! And now you may want to buy even stocks! If you are very successful with printing those Euros perhaps your ECB becomes very influential over the stock-companies. And if you are very, very and extraordinarily successful with that, then: You may rule them all!

But I have to disappoint you. Probably it would not be so good if the ECB or some other governmental institution leads the whole economical system by keeping the majority of all their securities and stocks. Probably that would look a little bit like some weird kind of socialism. Why? Because there would be a lack of competition and lack of other funny things modern economy provides.

Dear Mr. Draghi, our members are already deeply disappointed by the results of your low-interest policy. I wish to warn them, if more uncomfortable decisions from your side are to be expected. Please tell us, whether really you seriously intend to buy stocks on a large-scale or to realize other market-disturbing challenges.

Kind Regards

Axel Kleinlein

PS: Not only members of the “Bund der Versicherten e. V.” (50.000) are interested in that. The members of our befriended organizations of Better Finance are curious, too (altogether more than 4.5 Mio. members).


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