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Fraud*
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

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Tuesday, April 30, 2013

Key Central Bankers Come from Goldman Sachs

Neil Macdonald, an investigative journalist at the CBC, has reported on the role of the central banks in implementing Quantitative Easing and the intended and possible unintended consequences of that monetary policy.  He does not mention the fraud that TBTF banks committed (and the central bank policy that bailed them out), fraud which played a key role in bringing about the financial crisis.  It is stunning, though, how many times we bump up against Goldman Sachs guys when the new financial technocrats are listed in the global world of banking.

What is clear is that the central banks do not care about or are not able to actually create employment.  According to Carney, economies grow by "taking risks."  No mention that creating jobs will also grow the economy.

Notice that of the three central bankers in the story, two earned their stripes at Goldman Sachs--Mark Carney and Mario Draghi.

Neil Macdonald:  The 'monarchs of money' and the war on savers
Power Shift:  First in a series on the rise of the central bankers and the global imposition of cheap credit
By Neil Macdonald - CBC News

Quietly, without much public fuss or discussion, a new ruling class has risen in the richer nations.

These men and women are unelected and tend to shun the publicity hogged by the politicians with whom they co-exist.

They are the world's central bankers. Every six weeks or so, they gather in Basel, Switzerland, for secret discussions and, to an extent at least, they act in concert.

The decisions that emerge from those meetings affect the entire world. And yet the broad public has a dim understanding, if any, of the job they do.

In fact, these individuals now wield at least as much influence over the lives of ordinary citizens as prime ministers and presidents.
The tool they have used to change the world so profoundly is one they alone possess: creating money out of thin air.

There is an economic term for this: quantitative easing. More colloquially, it's called printing money.
Since the great economic meltdown in 2008, these central bankers have probably saved the world's economy from collapse, and dragged it into the unknown at the same time.

The amounts they have created are so vast as to be almost incomprehensible — trillions of dollars in pounds and euros, among other currencies.

See a video of the original CBC program and the article here
See the video of the Mark Carney interview here
See video with Jeffrey Sachs on Corruption here

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