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

Financial Times/David Keohane

photo of older John Maynard Keynes holding book“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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