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Kohler: Euro crisis
The reason there is such a mess in Europe is that they haven't worked out that bankers and speculators are in charge now - well, China and banks, actually but they are still operating under the delusion that politicians run the world.The Americans understand the new world order, largely because investment bankers are running Washington. When the crisis struck in 2008, the US Treasury Secretary was a former CEO of Goldman Sachs - Hank Paulson - and the administration was, and is, full of his mates. A lot of people think that's bad, that it means undue power in the hands of Wall Street resulting in them lining pockets and in people camping in Zuccotti Park in protest. Well, yes, that's true. But it also meant that someone in Washington understood what was happening and responded accordingly - that is, by throwing huge amounts of cash at the masters of the universe - the banks - money that was both borrowed and printed. In Brussels and Berlin they haven't quite figured out that their sovereignty has been ceded to banks. It happened way back when they created the euro and then allowed Italy, Greece, and Portugal to borrow from said banks in flagrant breach of the Maastricht rules. The banks showed their power with Greece but Germany didn't care enough about Greece. Now they're turning the screws on Italy, and that is very serious indeed because seven times the money is involved. The Germans don't want to face up to the fact that bankers control the world now because their country is fine. But that's not the point. The euro was their idea and they're stuck with it - along with the reality of the new world order. Posted by: tipper 2011-11-19 |
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