Tremonti Continues His Glass-Steagall Campaign
September 13, 2012 • 10:55AM

Giulio Tremonti was interviewed by Tgcom24 yesterday, and several wires report on it, mentioning banking separation in the headlines.

Asca: "Crisis, Tremonti, Banking Division Is the Way Out."

Tgcom: "Tremonti's Recipe: The Way Out Is Separating Productive Banks From Speculative Banks."

The wires quote Tremonti saying, "The way out can be the implementation of what President Roosevelt did, that is, separation of productive banks from speculative banks. If you use citizens' money, you cannot speculate.

"What you see now is a financial technique which moves the toxic assets from one pocket to the other. Since the market doesn't want to buy them any more, then the ECB buys them."

On the ECB's new OMT measures, Tremonti said he wants to see the conditions attached to bond purchases, and whether this means "a transfer of powers from single governments to the financial market."