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What price the new democracy? Goldman Sachs conquers Europe

Posted By admin On November 22, 2011 @ 4:21 am In Money Watch | Comments Disabled

STEPHEN FOLEY
London Independent [1]
November 22, 2011

While ordinary people fret about austerity and jobs, the eurozone’s corridors of power have been undergoing a remarkable transformation.

The ascension of Mario Monti to the Italian prime ministership is remarkable for more reasons than it is possible to count. By replacing the scandal-surfing Silvio Berlusconi, Italy has dislodged the undislodgeable. By imposing rule by unelected technocrats, it has suspended the normal rules of democracy, and maybe democracy itself. And by putting a senior adviser at Goldman Sachs in charge of a Western nation, it has taken to new heights the political power of an investment bank that you might have thought was prohibitively politically toxic.

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.

 

Full article here [1]


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URLs in this post:

[1] London Independent: http://www.independent.co.uk/news/business/analysis-and-features/what-price-the-new-democracy-goldman-sachs-conquers-europe-6264091.html

[2] Bankers Have Seized Europe: Goldman Sachs Has Taken Over: http://www.prisonplanet.com/bankers-have-seized-europe-goldman-sachs-has-taken-over.html

[3] Goldman Sachs Completes Economic Takeover of Europe: http://www.prisonplanet.com/goldman-sachs-completes-economic-takeover-of-europe.html

[4] Banker Coup: Goldman Sachs Takes Over Europe: http://www.prisonplanet.com/banker-coup-goldman-sachs-takes-over-europe.html

[5] Goldman Sachs’ $550m fine no ‘heavy price’ if markets are anything to go by: http://www.prisonplanet.com/goldman-sachs-550m-fine-no-heavy-price-if-markets-are-anything-to-go-by.html

[6] Goldman Sachs developing in-house private bank: http://www.prisonplanet.com/goldman-sachs-developing-in-house-private-bank.html

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