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Bankers Have Seized
Europe: Goldman Sachs Has Taken Over
''Just
as an unelected banker was installed as prime minister of Italy, an
unelected banker was installed as prime minister of Greece. Obviously,
they are intended to produce the bankers' solution to the sovereign
debt crisis.''
Dr. Paul Craig Roberts
Activist Post
On November 25, two days after a failed German government bond auction
in which Germany was unable to sell 35% of its offerings of 10-year
bonds, the German finance minister, Wolfgang Schaeuble said that
Germany might retreat from its demands that the private banks that hold
the troubled sovereign debt from Greece, Italy, and Spain must accept
part of the cost of their bailout by writing off some of the debt.
The private banks want to avoid any losses either by forcing the Greek,
Italian, and Spanish governments to make good on the bonds by imposing
extreme austerity on their citizens, or by having the European Central
Bank print euros with which to buy the sovereign debt from the private
banks. Printing money to make good on debt is contrary to the ECB's
charter and especially frightens Germans, because of the Weimar
experience with hyperinflation.
Obviously, the German government got the message from the orchestrated
failed bond auction. As I wrote at the time, there is no reason for
Germany, with its relatively low debt to GDP ratio compared to the
troubled countries, not to be able to sell its bonds.
If Germany's creditworthiness is in doubt, how can Germany be expected
to bail out other countries? Evidence that Germany's failed bond
auction was orchestrated is provided by troubled Italy's successful
bond auction two days later.
Strange, isn't it. Italy, the largest EU country that requires a
bailout of its debt, can still sell its bonds, but Germany, which
requires no bailout and which is expected to bear a disproportionate
cost of Italy's, Greece's and Spain's bailout, could not sell its bonds.
In my opinion, the failed German bond auction was orchestrated by the
US Treasury, by the European Central Bank and EU authorities, and by
the private banks that own the troubled sovereign debt.
My opinion is based on the following facts. Goldman Sachs and US banks
have guaranteed perhaps one trillion dollars or more of European
sovereign debt by selling swaps or insurance against which they have
not reserved. The fees the US banks received for guaranteeing the
values of European sovereign debt instruments simply went into profits
and executive bonuses. This, of course, is what ruined the American
insurance giant, AIG, leading to the TARP bailout at US taxpayer
expense and Goldman Sachs' enormous profits.
If any of the European sovereign debt fails, US financial institutions
that issued swaps or unfunded guarantees against the debt are on the
hook for large sums that they do not have. The reputation of the US
financial system probably could not survive its default on the swaps it
has issued. Therefore, the failure of European sovereign debt would
renew the financial crisis in the US, requiring a new round of bailouts
and/or a new round of Federal Reserve "quantitative easing," that is,
the printing of money in order to make good on irresponsible financial
instruments, the issue of which enriched a tiny number of executives.
Certainly, President Obama does not want to go into an election year
facing this prospect of high profile US financial failure. So, without
any doubt, the US Treasury wants Germany out of the way of a European
bailout.
The private French, German, and Dutch banks, which appear to hold most
of the troubled sovereign debt, don't want any losses. Either their
balance sheets, already ruined by Wall Street's fraudulent derivatives,
cannot stand further losses or they fear the drop in their share prices
from lowered earnings due to write-downs of bad sovereign debts. In
other words, for these banks big money is involved, which provides an
enormous incentive to get the German government out of the way of their
profit statements.
The European Central Bank does not like being a lesser entity than the
US Federal Reserve and the UK's Bank of England. The ECB wants the
power to be able to undertake "quantitative easing" on its own. The ECB
is frustrated by the restrictions put on its powers by the conditions
that Germany required in order to give up its own currency and the
German central bank's control over the country's money supply. The EU
authorities want more "unity," by which is meant less sovereignty of
the member countries of the EU. Germany, being the most powerful member
of the EU, is in the way of the power that the EU authorities desire to
wield.
Thus, the Germans bond auction failure, an orchestrated event to punish
Germany and to warn the German government not to obstruct "unity" or
loss of individual country sovereignty.
Germany, which has been browbeat since its defeat in World War II, has
been made constitutionally incapable of strong leadership. Any sign of
German leadership is quickly quelled by dredging up remembrances of the
Third Reich. As a consequence, Germany has been pushed into an European
Union that intends to destroy the political sovereignty of the member
governments, just as Abe Lincoln destroyed the sovereignty of the
American states.
Who will rule the New Europe? Obviously, the private European banks and
Goldman Sachs.
The new president of the European Central Bank is Mario Draghi. This
person was Vice Chairman and Managing Director of Goldman Sachs
International and a member of Goldman Sachs' Management Committee.
Draghi was also Italian Executive Director of the World Bank, Governor
of the Bank of Italy, a member of the governing council of the European
Central Bank, a member of the board of directors of the Bank for
International Settlements, and a member of the boards of governors of
the International Bank for Reconstruction and Development and the Asian
Development Bank, and Chairman of the Financial Stability Board.
Obviously, Draghi is going to protect the power of bankers.
Italy's new prime minister, who was appointed not elected, was a member
of Goldman Sachs Board of International Advisers. Mario Monti was
appointed to the European Commission, one of the governing
organizations of the EU. Monti is European Chairman of the Trilateral
Commission, a US organization that advances American hegemony over the
world. Monti is a member of the Bilderberg group and a founding member
of the Spinelli group, an organization created in September 2010 to
facilitate integration within the EU.
Just as an unelected banker was installed as prime minister of Italy,
an unelected banker was installed as prime minister of Greece.
Obviously, they are intended to produce the bankers' solution to the
sovereign debt crisis.
Greece's new appointed prime minister, Lucas Papademos, was Governor of
the Bank of Greece. From 2002-2010. He was Vice President of the
European Central Bank. He, also, is a member of America's Trilateral
Commission.
Jacques Delors, a founder of the European Union, promised the British
Trade Union Congress in 1988 that the European Commission would require
governments to introduce pro-labor legislation. Instead, we find the
banker-controlled European Commission demanding that European labor
bail out the private banks by accepting lower pay, fewer social
services, and a later retirement.
The European Union, just like everything else, is merely another scheme
to concentrate wealth in a few hands at the expense of European
citizens, who are destined, like Americans, to be the serfs of the 21st
century.
Dr. Paul Craig
Roberts is the father of Reaganomics and the former head
of policy at the Department of Treasury. He is a columnist and was
previously an editor for the Wall Street Journal. His latest book, "How
the Economy Was Lost: The War of the Worlds," details why America is
disintegrating.
Νov. 26, 2011
..................................................
In accordance with
Title 17 U.S.C. Section 107, this material is distributed without
profit to those who have expressed a prior interest in receiving the
included information for research and educational purposes.
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