Christine Lagarde, president of the European Central Bank, appears on Face the Nation to describe the current status of EU success in shrinking the economy to achieve parity with the shrinking of energy development. Ms. Lagarde is very happy with their ‘management of the transition’ so far, and sees slow economic growth combined with a citizenry happily accepting the lower standard of living, the new normal.
As Lagarde outlines, the lowered economic activity is helping the central banks support the objectives of the government officials and corporations who are giving the instructions. Overall, she is optimistic the common man and woman will continue accepting less ability to achieve personal economic and financial success, as the bankers and politicians continue managing the western transition. Things are going swimmingly. WATCH:
MARGARET BRENNAN: We’re joined now by Christine Lagarde, former head of the IMF, now the president of the European Central Bank. Good morning.
PRESIDENT OF THE EUROPEAN CENTRAL BANK CHRISTINE LAGARDE: Good morning, Margaret. Lovely to be back.
MARGARET BRENNAN: Good to have you here, and your recovery is going all right?
MADAME LAGARDE: Yes, in a couple of days, I think I’ll be fine.
MARGARET BRENNAN: I’m glad to hear that. You have a long list of things ahead of you. And I want to ask you about the global recovery. You were speaking a few days ago and you said the recovery for the economy is fragile and uncertain in this country. The Fed thinks we’ll see a mild recession later this year. What is it that you predict?
MADAME LAGARDE: First of all, there is recovery. That’s, I think, a point that was not really firm only six months ago where we all assumed that there would be a recession, if only a technical one. If you look at all the forecasts at the moment, it’s all positive. It’s been slightly downgraded. But overall, we have a recovery and we are faced with high uncertainty because of multiple factors, you know, from all corners of the world. It’s the war in Ukraine. It’s the financial stability that clearly has been shaken up a bit by the US and Switzerland development. It’s inflation that we are fighting. It’s all that which really create a hollow of uncertainty around a recovery that we want to embed. That’s pretty much where we are.
MARGARET BRENNAN: So there were those recent bank failures here in the United States, also one in Switzerland. Given that, it sounds like you’re saying you don’t see a hard landing, you’re seeing a positive trajectory for the global economy?
MADAME LAGARDE: I think we have a narrow path to navigate, which requires that both the governments and the central banks around the world adopt the right policies.
MARGARET BRENNAN: OPEC just cut output.
MADAME LAGARDE: Hm?
MARGARET BRENNAN: OPEC just cut output, but you don’t see that as a disruption?
MADAME LAGARDE: I know. And- and we have to be very attentive. But in the meantime, if you look at- I’ll have to look at Europe at the moment. We have reduced our overall consumption of gas energy, for instance, by more than 15 percent. So it’s not as if we negotiated here or there. We just cut down our energy consumption, number one. Number two, we have renegotiated with multiple partners ranging from Norway to the United States of America, which is a big supplier of our energy. And I think that our dependency, which we learned the hard way about, has significantly declined. So I think that we moved from the illusion of plenty of energy, free money, to a time of resilience and building buffers. This is what has happened.
MARGARET BRENNAN: It’s interesting to hear that optimism. I mean, given the bank failures we just saw, you hear from bank CEOs in this country, this idea that they’re getting more cautious about lending money, largely that there’s some contraction in credit there. How concerned are you and how does that complicate your planning?
MADAME LAGARDE: It’s funny you should ask, complication because in a way it facilitates my planning and it complicates the future as far as growth.
MARGARET BRENNAN: Because it slows down business activity so you don’t have to raise rates as much or as frequently.
MADAME LAGARDE: We don’t have to reduce. We’ll see. Because we need to really measure what will come out of this- this financial events that took place recently. What impact will it have? How will banks react? How will they assess risk and how much credit will they lend? But if they don’t lend too much credit and if they manage their risk, it might reduce the work that we have to do to reduce inflation, okay? But if they reduce too much credit, then it will weigh on growth excessively. So it’s a fine balance to have between credit risk, good management on the one hand, and on the other hand, financing the economy as is expected by- by the business community. The business community wants to invest at the moment. Some of them have big buffers and they can use those buffers, others are going to need credit financing from the banking sector and the markets, both of them.
MARGARET BRENNAN: I want to ask you about the U.S.. And it’s not a political question, it’s an economic one. But there are predictions that the U.S. could default in its national debt as soon as June, some say September, and we have a political standoff in this country, virtually no negotiation happening on how to resolve this. Does that undermine your confidence in the United States? And what message does that send to the world?
MADAME LAGARDE: I have huge confidence in the United States. You know, ever since my year in this country, and this city in ’73, ’74, I have had confidence in this country and I just cannot believe that they would let such a major, major disaster happen of the United States defaulting on its debt. This is not possible. I cannot believe that it would happen. But if it did happen, it would have very, very negative impact, not just for this country where confidence would be challenged, but around the world. Let’s face it, this is the largest economy. It’s a major leader in economic growth around the world. It cannot let that happen. I understand the politics, I’ve been in politics myself. But there is a time when the higher interest of a nation has to prevail. I’m sorry.
MARGARET BRENNAN: And you think that will happen?
MADAME LAGARDE: I have huge trust in this country yet again.
MARGARET BRENNAN: You’re bringing a lot of optimism to a show where we don’t have a lot of optimism.
MADAME LAGARDE: Oh. I’m sorry (laughs)
MARGARET BRENNAN: No, I like it. It’s interesting. It’s a change. I want to ask you, though, about what you just said in terms of U.S. leadership. You look to the other side of the globe and Xi Jinping has said he wants China to be the world’s leading power by 2049. And Beijing is very interlinked into so many economies, particularly in Europe. Is the U.S. losing global influence?
MADAME LAGARDE: There is clearly a competition between these- these large economies. The U.S. is the first economy in the world. China is clearly competing, and is putting all forces in that competition. I think competition is healthy. It has to stimulate innovation. It has to stimulate productivity. But it’s inevitable that these two large economies are facing each other. What I hope very much is that they can have a dialogue because, you know, all these relationships, whether it’s trade, whether it’s politics, whether it’s economic development, whether it is financial stability, it’s a two-way street. We cannot ignore each other, and trade should not be confrontational. It has to be careful. It has to identify the areas that are strategic for one country or the other- or all the others. But it shouldn’t be confrontational. I’m on the same page as Henry Kissinger on that, or Kevin Rudd, the new Australian ambassador. Conflict is not unavoidable.
MARGARET BRENNAN: But there is, it seems, increased political pressure to choose between the United States and China in many ways in some of these political capitals. Is that even practical from an economic point of view?
MADAME LAGARDE: It would lead to economic downside, the amount of which is uncertain. Is the global economy going to be affected by one or X percent? There are multiple forecasts, all of them are negative. So the decoupling and the sort of bipolarization of the world would lead to less economic growth, less prosperity in the world, more poverty across the world. So I think that this is something that should be by all means avoided.
MARGARET BRENNAN: Madame Lagarde, it’s always wonderful to have you here. Thank you. We’ll be right back.
It is typical of a ‘superior’ European, especially French, to look down their rather long noses at the lowly US citizen as they are snobs.
That’s why Americans call them…EUROTRASH!
I like to consider two questions when hearing from “economic leaders”:
1) did they run a profitable business before entering government position? (Would reflect success in labor, marketing, taxes, BUDGETING)
2) would I trust them with my credit card? (Obvious)
Unfortunately, the doers in society have provided too much to the thinkers. And when the thinkers are wrong there is no accountability. In most cases, they are allowed to double down on their mistakes.
LaGarde has no sense of reality and/or humiliation.
Let’s put her on $100k/yr and see how she does.
I would say put her on what the average income is in the US, which is, I believe, a little less than $50,000 a year.
These creeps are always right out of central casting.
Whiplash?
She speaks a lot of words but says very little.
Racketeers announce themselves with imperious equivocations.
She is a women. She is a European woman. Ergo, she is FOS, and doubly so.
She’s a dude
It looks like she goes to the late and great Berlin Philharmonic conductor Herbert von Karajan’s hair stylist! (But she put the “tan” in Tannhauser)
…or the Zoo in Zoolander?
The Elites just swap seats so no one gets the blame. No one has to answer questions.
What an ignorant sow. It’s no wonder the globalists are playing her and Powell like puppets.
Correct! Add Janet Yellen to that. Globalist stooges they are.
You will own nothing and you will be happy.
Or rather we will be happy and you will miserable, but that’s the way we want it. Thus, the proper person will be happy.
Where do all these psychopaths come from??
The more significant question in my mind: How did she get where she is? Who gave her all her power?
Or is “she” a “he”?
Last but not least, I hope it takes Margaret Brennan with it when it leaves.
I’ve decided to stop coming to CT on Mondays. If I wanted to see reruns of the Sunday talk shows I’d just go to the MSM websites or Youtube.
I don’t get comments like this. Are you really so vain that you think every post must please and interest you? What part of the concept of scrolling past something you do not like on this vast internet is beyond you?
Not only do you not have to read everything, you certainly aren’t required to make nasty comments. Other people find something you don’t. You can’t just let them enjoy it and move on?
I come to CT precisely to see what happened on the Sunday shows, so I don’t have to watch.
There are also many of us who don’t watch the Sunday shows and refuse to visit the MSM sites or Youtube and appreciate the opportunity to see the narratives that are being presented and commented on right here.
I watch very little TV so I appreciate that Sundance saves me the trouble of searching for ‘news’ from Sundays. To each his own. Maybe you could learn to scroll on by?
Go away……………………
Well, each to their own. However, I appreciate Sundance and his crew stomaching watching what the robot mouth pieces of the Grubermint left wing/right wing Uniparty elites are scheming for the WEF criminal elites.
Knowledge is power. Therefore, I actually look forward to the articles on the Sunday talk show propaganda to get the important parts of what the enemies of liberty (both Marxist Democrats and their RINO “bipartisan” partners) are saying. I know I would never watch that crap even if I had cable TV to do so and wouldn’t know what “talking points” and narratives the brainwashed useful idiot sheeple are being spoon fed.
More kool aide for the low information voters to drink. I’m a deplorable and a denier and don’t share their opportunistic views. They are lying worse than a politician.
The EUs version of Dr Brix, scarf and all.
And extremely difficult to even look at, let alone listen to. She/he speaks as though this is the final word. Hmmm…trying to tell us something?
Wish we would cut off every tie with the EU…tired of listening to the nonsense.
The NWO/WEF is NOT selling in the EU any more than it is selling here. Madame LaGarde looks like the evil Bond villain version of Scarf Lady. The disinformation is so thick my ears are rapidly clogged by the bs.
Like Obama and the SOP of Progressives, LaGarde spews lots of gobblygook mush with no real substance. Instead of asking proving questions, – and there are so many that could be asked – Brennan simply applauds LaGarde for being “optimistic”.
Not mush. They are planning our return to the Dark Ages. Literally.
America or feudalism. That’s all.
Would love to hear Trump view on this garbage.
It might not be elegantly spoken by the EU elites but I could give a damn.
”You will own nothing and be happy”.
The State owns all.
But the State guarantees (ha!) you won’t starve.
That’s why they demand happiness.
And the State (Macron) is now rolling back most of the “guarantees” made by the welfare State a few years ago.
The rich need this wealth they pretended to cede.
You have your own property under American liberal democracy. Nothing else is real.
Now let’s put the focus where it belongs: bipolarization, big buffers and business community.
LAGARDE
“So the decoupling and the sort of bipolarization of the world would lead to less economic growth, less prosperity in the world, more poverty across the world. So I think that this is something that should be by all means avoided.”
LAGARDE
“The business community wants to invest at the moment. Some of them have big buffers, and they can use those buffers, others are going to need credit financing from the banking sector and the markets, both of them.” <–China and U.S.
War with China would disrupt our businesses in China. And since we’re talking Trillions of our dollars, we must put a stop to this. Add to this that a law called Trading With the Enemy Act” since it’s still in effect. Who has these Trillions (LAGARDE)? Well, it’s not us. Large corporations or business community (LAGARDE) with ownership in China.
So what happens if China attacks Taiwan? Then much of this money would disappear. So what is your contention to support this: “Trading With The Enemy act” would cause a total break between the U.S. and China, with large corporations becoming dysfunctional.
On March 9, 1933, Roosevelt issued Proclamation 2040. It referred to the national emergency and again asserted Sec. 5(b) as authority for it. Roosevelt then proclaimed that the Proclamation of March 6, 1933, would remain in full force and effect until proclamation by the president. It remains in force to this day.
Therefore, an effectively permanent law exists that allows the president, by declaring an emergency, to assume the role of dictator. He may designate agencies of his choice to investigate, regulate, and license any transaction of any person (enemy) within the United States, by means of rules and regulations he may prescribe. In the event the reader has lingering doubt concerning the nature and effect of the Trading With the Enemy Act, it is suggested that he read Senate Report 93-549.
From Senate Report 93-549:
A majority of the people of the United States have lived all their lives under emergency rule. For almost 40 years, freedoms and governmental procedures guaranteed by the Constitution have, in varying degrees, been abridged by laws brought in force by states of national emergency.
The preeminent legal researcher on the subject of the War Powers is Dr. Eugene Schroder. His treatise on the subject can be reached by clicking on “Emergency Declared,” within this site’s menu. Video presentations are available here.
https://beforeitsnews.com/alternative/2015/08/trading-with-the-enemy-act-of-1917-now-today-3199932.html
shrinking the economy seems to be a recipe for disaster…it’s the economy, stupid! Hey, we can use that too…
I don’t trust this man
Sundance
Thank you for the transcript!
Why are they all such freaks? “She” looks like a tranny.
I expect to see her tongue flick out and catch some flies.
Hey lady, isn’t that what they said in France in 1789 before the Guillotines came out??? 🤯