The recent Greek elections resulted in the Hellenic Republic staying in the Euro zone, for now. According to the New Democracy leader Antonis Samaras, the people of Greece chose “policies that will bring jobs, growth, justice and security.” Of course, we all hope that to be the case. The debt-suicide epidemic and the abandonment of children on the street by their families is hard for anyone to watch. Even Greece's historic archaeological sites are being opened up to advertisers and other ventures due to the financial crisis. We are witnessing a collapse that we can only hope doesn't replicate itself here in America.
When crises occur, the reaction is vitally important. What should the government do? Will the new election make a difference? Fellow PolicyMic Pundit Barry Lyndon lays out the case for Ron Paul's favored school of economic thought, the Austrian School—bailouts, inflationary stimulus, and other government interventions only prolong the crisis, making the inevitable burst of the bubble much more severe than it would be if the recession, the correction, was allowed to occur. Something we should also consider: how did Greece get in this situation? It wasn't the typical government largesse alone; Greece and her people are the victims of financial terrorism. None other than Goldman Sachs, campaign contributor to both Barack Obama and Mitt Romney, not Ron Paul, profited immensely from the debt trap they set for the Greek people.
Back in 2001, Goldman Sachs struck a deal with the Greek government to mask their debt in order to gain entrance to the European Union. These "currency exchanges" were hidden, off-the-market, making the Greek economy appear to be better off than it actual was. These weapons of mass financial destruction resulted in Goldman profiting in the hundreds of millions, at least. For more information on this and other acts of financial terrorism in the global markets, see recently ranked #1 Most Dangerous People in Financial Media, Max Keiser and Stacey Herbert from the Keiser Report on RT.
Goldman Sachs, an investment bank headed by CEO Lloyd Blankfein, has a history of controversial activities. Goldman's involvement in child sex trafficking certainly raises a few eyebrows. Twelve-year Goldman recruiter Greg Smith authored an op-ed in the New York Times citing a "toxic and destructive" environment within the Wall Street oligarch's workplace. Thanks to Ron Paul's efforts to audit the Federal Reserve, a partial audit revealed that Goldman received a $814 billion loan from the Fed during the 2008 crisis. As former Obama White House Chief of Staff and former Goldman adviser Rahm Emmanuel said, "You never want a serious crisis go to waste."
The revolving door between Washington D.C. and Wall Street shows that not only do Goldman alumni hold some of the highest positions in financial areas of our government; the tentacles of this vampire squid have extraordinary influence in both parties:
- Robert Rubin, 26 year Goldman veteran; Bill Clinton's Treasury Secretary
- Henry Paulson, former Chairman and CEO of Goldman Sachs; George W. Bush's Treasury Secretary
- Mark Patterson, former Goldman lobbyist; Obama's chief of staff to Treasury Secretary Timothy Geithner (former President of the Federal Reserve Bank of New York)
- Elena Kagan, former Goldman adviser; Obama's 2010 Supreme Court appointment
This list goes on and on. And even in Europe. "Well, of course we need those with extensive financial experience to be at the helm of government finances." This is incredibly naive. The power of the Federal Reserve in conjunction with the Wall Street overlords' thirst for risk-free profits should not be underestimated. So powerful in fact, both Barack Obama and Mitt Romney are Goldman Sachs- approved frontmen. Remember, 'risk-free'.
As independent trader Alessio Rastani stated on BBC, "Goldman Sachs rules the world."
If the Federal Reserve wasn't allowed to create credit out of thin air, Goldman Sachs would not have been in the position to profit from the debt trap that has ensnared Greece. Sound money, the Austrian School—policies advocated by Ron Paul—would have prevented this catastrophe.
If the United States wants to avoid a similar fate to that of Greece's, perhaps we should steer clear of having a Goldman Sachs head of state.