Robert Fisk writes for the Independent in the UK of the dominance of Bankers in Western countries. In light of the dominance that they appear to have on policies on TARP in the US and their influence on Sovereign debt not be allowed to be restructured in Europe its not hard to see Roberts point. In fact it would be very difficult to argue against the point that they appear have a strangle hold over decisions that cleary go against the interest of taxpayers.

The banks and the rating agencies have become the dictators of the West. Like the Mubaraks and Ben Alis, the banks believed – and still believe – they are owners of their countries. The elections which give them power have – through the gutlessness and collusion of governments – become as false as the polls to which the Arabs were forced to troop decade after decade to anoint their own national property owners. Goldman Sachs and the Royal Bank of Scotland became the Mubaraks and Ben Alis of the US and the UK, each gobbling up the people’s wealth in bogus rewards and bonuses for their vicious bosses on a scale infinitely more rapacious than their greedy Arab dictator-brothers could imagine.

Funny how the rating agencies backed all dodgy securities as AAA during the good times. This enabled banks to leverage up to extraordinary levels. These massive debts would normally be restructured in bad times but are sovereign nations are being asked to bail out these banks and recapitalize them where required. It is only now that the rating agencies appear to be doing their job, in fact a little too well.  It appears that they are being used as a tool. Clearly Robert is not a big fan of them.

I didn’t need Charles Ferguson’s Inside Job on BBC2 this week – though it helped – to teach me that the ratings agencies and the US banks are interchangeable, that their personnel move seamlessly between agency, bank and US government. The ratings lads (almost always lads, of course) who AAA-rated sub-prime loans and derivatives in America are now – via their poisonous influence on the markets – clawing down the people of Europe by threatening to lower or withdraw the very same ratings from European nations which they lavished upon criminals before the financial crash in the US. I believe that understatement tends to win arguments. But, forgive me, who are these creatures whose ratings agencies now put more fear into the French than Rommel did in 1940?

In the case of Ireland, the Irish Taoiseach during his address of the nation last week claimed that while the Irish people didn’t cause the banks to over leverage themselves, the Irish taxpayer will damn well pay for it. As Fisk points out, no explanation has been given as to who was responsible.

The Irish Taoiseach, Enda Kenny, solemnly informed his people this week that they were not responsible for the crisis in which they found themselves. They already knew that, of course. What he did not tell them was who was to blame. Isn’t it time he and his fellow EU prime ministers did tell us? And our reporters, too?

In fact the CEO of Anglo Irish Bank, the main cause of Ireland’s debt has still not being charged or brought to justice despite being arrested for the second time but was left go again. As stated below in the Independent yesterday, which just about sums up how the bank elite get away with it;

Sean FitzPatrick may have breezed through the last three years on golf courses and foreign holidays since the collapse of Anglo Irish Bank

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