November 21, 2011

Goldman Sachs taking over Europe

Goldman Sachs has already established itself at the reins of the U.S. government (e.g., director of the National Economic Council Robert Rubin under Clinton, Treasury Secretary Henry Paulson under Bush, and Timothy Geithner, president of the NY Federal Reserve Bank under Bush and Treasury Secretary under Clinton and Obama's chief economic adviser and former National Economic Council director Larry Summers, who was also Treasury Secretary under Bush); they are increasingly part of Europe's governments as well, as reported in "What price the new democracy? Goldman Sachs conquers Europe", The Independent, 18 Nov. 2011.

For example, Italy's new prime minister, Mario Monti, was on the GS board of international advisers. (He is also European Chairman of the Trilateral Commission.) Greece's new prime minister, Lucas Papademos, ran Greece's Central Bank when it made derivatives deals with GS to hide size of Greece's debt. (He too, is a member of the Trilateral Commission.) The head of Greece's debt management agency, Petros Christodoufou, is a GS alumus. The new head of the European Central Bank, Mario Draghi, was vice chairman and managing director of GS International.

One is compelled to wonder how much of the Euro crisis was actually manufactured by Goldman Sachs to maintain the U.S. dollar's dominance as world currency.

See also "Just Another Goldman Sachs Take Over" by Paul Craig Roberts.