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Matt Taibi of Rolling Stone was right about the Vampire Squid: "the first thing you need to know about Goldman Sachs is that it's everywhere."
Now a scion of Goldman Sachs is to be the governor of the Bank of England.
The Chancellor's announcement today is audacious. He rode roughshod over a careful and open appointments procedure to ensure that Britain will, for the next eight years have a governor of the Bank of England whose experience, history and record is totally aligned with 'the takers' - the bankers and speculators that have asset-stripped the British economy.
Once again, the interests of Britain's industrialists and businessmen - 'the makers' - have been subordinated to the interests of the City by the Treasury.
Mark Carney - the new Bank governor - is steeped in the culture of Goldman Sachs, the world's most notorious bank. He worked for thirteen years in its London, Tokyo, New York and Toronto offices - and held a range of senior positions.
The one of greatest interest was his role as managing director for Goldman Sachs's investment banking division.
While Mr Carney may well argue for a "belt and suspenders approach (to) capital and leverage ratios" for banks - an approach that is retrospectively, and hopelessly trying to shore up banks that are effectively insolvent, we all know that the risks lie elsewhere. In particular, in the close links that exist between banks' retail and investment arms.
The City of London was dead against the appointment of any governor that threatened a break-up of the banks.
And once again, the City of London has won. That does not forbode well for stability in the future.
Hold on to your seats. Another financial failure of the banking system very likely lies ahead.
Follow Ann Pettifor on Twitter: www.twitter.com/AnnPettifor
The Canadian Mortgage Housing Corporation offers government guarantees on 90% of the mortgage market. Think Fannie & Freddie.
Canadian house prices are now roughly double that of the US, encouraged by loose monetary policy with near zero base rates.
Think US circa 2004.
Carney is an old school central banker in the style of Alan Greenspan and Ben Bernanke.
When there is trouble inflate a bubble. When that bubble bursts - create a bigger bubble.
Carney worked for Goldman Sachs for 13 years, and was involved in the Russian crisis of 1998, where Russian National Assets were sold off for pennies to the Oligarchs by Yeltsin (on American banking advice).
Carney's cv
http://ian56.blogspot.co.uk/2012/11/another-goldman-sachs-coup-mark-carney.html
Canada's property market and monetary policy under Carney.
http://ian56.blogspot.co.uk/2012/11/canadian-house-prices-continue-to-rise.html
bilderbergmeetings.org/participants2012.html
bilderbergmeetings.org/participants2012.html
bilderbergmeetings.org/participants2012.html
So expect more mega-bonuses and QE, and very little change to the power banks hold over our economy. We will be hostage to external economic events as per usual, and bankers will pay no price for their failures as per usual, passing all costs onto the economy.
bilderbergmeetings.org/participants2012.html
Give me some cold, hard reasons, policy decisions or examples, and maybe I'll take this piece seriously.
bilderbergmeetings.org/participants2012.html
bilderbergmeetings.org/participants2012.html
And woe betide anyone for suggesting these days that the scorn is politically motivated because as we have seen recently with NIESR, absolute statements implying that pension fund managers are lending money to the UK govt with no consideration of HOW said govt intends to repay, well these absolute statements are 'provable' and therefore non-political. And when countries like Ireland buck NIESR claims then they are taken out of the calculations! Er...
Instead we get Krugman, an economist who got a Nobel prize for research into 'equilibrium equations' relating to Global trade flows. Most impressive! It is a shame that Krugman didn't spot the growing and now largest ever global trade imbalance between East and West that now enslaves western taxpayers with debt! Guess he was busy wuth the spreadsheets 'proving' things..
None of these economists (Krugman, Blanchflower, Wren-Lewis) ever cite Soros, a man who started as a philosopher and moved onto economics and whose predictions have been far more accurate than all 3 put together. Apparently he's not 'rigorous' enough. Soros' principle rely on developments in mathematics in the last 30 or so years, whereas the dinosaurs are still regurgitating ideas that are so general in nature that it is no surprise they never see a crisis coming- which incidentally, many did.