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Sunday, April 15, 2012 8:23 PM


ECB Wants Its Pensions Adjusted For Inflation; Reflections on the Politically Entitled Class


The gall and arrogance of bureaucrats who should not have a job at all, let alone have a pension that no one else gets is rather stunning.

Courtesy of Google translate, please consider Little faith ECB officials

The personal representative of the central bank is now demanding that the employees pensions would be protected against inflation. It requires that an insurance against their own failure.

"Unfortunately, the pensions of the ECB's employees are not protected against inflation," said Carlos Bowles, a spokesman for the staff representatives, the FAS was the retirement of the ECB's staff organized a kind of pension funds.

"We do not understand why the leadership of the ECB refuses to protect our pensions against inflation," complains the Staff Committee. Even a case before the European Court was pending in this matter: A pensioner has complained with the support of the Staff Committee and the central bankers' union IPSO.
Neither the ECB nor the Fed should exist at all. Both present themselves as "inflation fighters" when they are the source of inflation.

Now these arrogant asswipes want to be protected from their own policies while demanding cuts in the pensions of Greece, Portugal, and Spain.

Reflections on the Politically Entitled Class

My friend "fedwatcher" writes ...
"Nothing to see here folks! Move along."

The Politically Entitled Class always seeks to guarantee its benefits while carring nothing for the average man. Many ECB employees show up on Friday Morning to sign-in and then leave for the weekend having secured a full pay check for Friday. They work 4 day weeks, get 18 paid holidays, and 4 to 5 weeks of paid vacations plus per diem payments etc.

The Politically Entitled Class in all nations is growing. It is a cancer.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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