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View Diary: If the Euro fails. (282 comments)

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  •  French and German elites were the engine (8+ / 0-)

    behind the Euro. They failed to protect their economies and the rest of Europe from the technocrats and banksters. This is another needless disaster that many clear eyed critics warned about 20 years ago.  

    The march over the last 30 yrs to put control of the world economy into the control of fewer and fewer players, while making the financial system more complex and vulnerable to graft, is collapsing the whole system onto the rest of us.

    Goldman Sachs alums are the PMs of Greece and Italy and the ECB is in their hands. These elites will be able to find safe havens for years while other Europeans lose everything.

    We're all on the menu.  

    •  What price the new democracy? Goldman conquers (7+ / 0-)

      What price the new democracy? Goldman Sachs conquers Europe

      ...This is the most remarkable thing of all: a giant leap forward for, or perhaps even the successful culmination of, the Goldman Sachs Project.

      It is not just Mr Monti. The European Central Bank, another crucial player in the sovereign debt drama, is under ex-Goldman management, and the investment bank's alumni hold sway in the corridors of power in almost every European nation, as they have done in the US throughout the financial crisis. Until Wednesday, the International Monetary Fund's European division was also run by a Goldman man, Antonio Borges, who just resigned for personal reasons.

      Even before the upheaval in Italy, there was no sign of Goldman Sachs living down its nickname as "the Vampire Squid", and now that its tentacles reach to the top of the eurozone, sceptical voices are raising questions over its influence. The political decisions taken in the coming weeks will determine if the eurozone can and will pay its debts – and Goldman's interests are intricately tied up with the answer to that question.

      Simon Johnson, the former International Monetary Fund economist, in his book 13 Bankers, argued that Goldman Sachs and the other large banks had become so close to government in the run-up to the financial crisis that the US was effectively an oligarchy. At least European politicians aren't "bought and paid for" by corporations, as in the US, he says. "Instead what you have in Europe is a shared world-view among the policy elite and the bankers, a shared set of goals and mutual reinforcement of illusions."

      •  Goldman (2+ / 0-)
        Recommended by:
        Grabber by the Heel, Creosote

        has been maneuvering throughout this slow-mo implosion like Nijinsky dancing to Mussorgsky
        they got bailed out in Greece, Spain etc while their bonds were still worth plenty, now they're poised to move back in for the kill...

      •   Shared Illusions by Financial Elites (2+ / 0-)
        Recommended by:
        reset, mrsgoo

        Are just as dangerous as greedy bankers and corrupt politicians. The book Lords of Finance comes to mind. Strong and the heads of the European banks in the 1920s seemed to be patriotic and honest men sensitive to the need not to plunge the world into crisis, and yet they helped produce the Depression and the 2nd WWII. Our generation of banksters, who prize recklessness and wealth beyond anything, could make the calamity these bankers in the 1920s produced with their ernest incompetence, seem like a mild recession with a football riot.    

        •  Yes, yes! (1+ / 0-)
          Recommended by:

          They never rush and any swift move is followed by what seems like a quiet interlude. But every time there is a loud crash in the world economy goldman has been there and gone. They have been moves ahead before most of the world knew the music started.

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