France’s Société Générale chief rejects call for ECB to buy bank bonds

Financial Times/David Keohane

“Société Générale’s chief executive has dismissed calls for the European Central Bank to buy bank bonds, arguing it would support failing rivals and prevent consolidation.”

USAGOLD note:  Societe Generale’s Frederick Oudea makes a case for allowing creative destruction to do its work. I recall the quote from John Maynard Keynes (pictured) made late in life (1946):  “I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.”

Repost from 10-7-2019

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