Goldman Sachs Takeover of Bank Of England

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Finally the successor to Mervyn King is announced. In one corner was Goldman Sachs Jim O’Neil and in the other was Goldman Sachs Mark Carney who was the lucky winner.  Carney is not due to takeover from King until next June but ZeroHedge put forward a theory of Carney being picked for damage limitations purposes.

“Why not get a head that’s global? Bankers aren’t very popular, and a Canadian sounds like a good choice,” said Kent Matthews, a professor at Cardiff University and former Bank of England researcher. “It may well be that to restore credibility they have to look outside.”

 

So that’s the strategy: play Carney off as a Canadian, instead of as Goldman. We wonder how many minutes the general public will be fooled by that particular strawman.

Click here for map of Goldman Sach’s European domination so far.

Remember the trader Alessio Rastani on the BBC declare

“The governments don’t rule the world, Goldman Sachs rules the world.”

Check out the clip at 2:38

source: ZeroHedge, Guardian, Huffington Post

Corporate Takover Via Trans Pacific Partnership

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The Trans Pacific Partnership is a free trade agreement currently being negotiated ( 14th round, 9th – 15 September 2012) between United States, Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam but is open for others to join. The TPP is poised to become the largest free trade agreement in the world, potentially impacting jobs, wages, agriculture, migration, the environment, consumer safety, financial regulations, Internet protocols, government procurement and more.

But there is a more sinister side to the TPP which in actuality it is a long-dreamed-of template for implementing a binding system of global corporate governance as bold as anything the world’s wealthiest elite has attempted before. Of the 26 chapters under negotiation, only a few have to do directly with trade. The other chapters enshrine new rights and privileges for major corporations while weakening the power of nation states to oppose them. The TPP essentially proposes to establish a parallel system of justice where companies can sue countries in a tribunal of judges composed of unaccountable international trade lawyers with little to no process for appeal.
This wild bastardization of the concept of justice endangers everything from affordable medicines, internet freedoms and intellectual property rights to democratically enacted labor laws and environmental protections. And that’s not to mention the massive outsourcing of middle class jobs from the US to countries like Vietnam and Brunei.

Gordon Campbell a columnist with scoop.co.nz went on to say

Thanks to a process conducted entirely behind closed doors, New Zealand seems about to sign up to a document that will allow foreign investors to sue us before overseas tribunals if this government ever tried – or any future New Zealand government ever tried – to pass laws to protect our health, safety or the environment, but which happened to cause foreign investors to lose money. Such “investor state” dispute resolution panels are very cosy affairs. They do things judges would never be allowed to do. As pointed out below, such panels are commonly comprised of trade lawyers who sometimes serve as the arbitrators, and sometimes as the advocates for the claimants engaged in suing governments.

Campbell criticized  New Zealand’s Trade Minister Tim Groser negotiations:

Well, Groser does have a reputation for competence in trade matters, but it is largely a self–reported one. In effect, what he and his Cabinet colleagues are asking for is a blank cheque. There is utterly no transparency to the TPP negotiation process. Thus, the Key government is expecting the public to sign away significant sovereign rights, in the hope of securing a potential trade bonanza downstream – but the entire process is being carried out in a total information blackout, to the point where the first official insight the public will get about the TPP details will be well after Groser has signed up the current New Zealand government, and committed future generations to its terms. Oh, but rest assured it will all be “well designed.”

So serious is this trade agreement that a number of US law professors wrote a letter to Ambassador Ron Kirk, Office of the United States Trade Representative.

Reviews also show that the US proposal is manifestly unbalanced  – it predominantly proposes increases in proprietor rights, with no effort to expand the limitations and exceptions to such rights that  are needed in the US and abroad to serve the public interest. Yet, we only know these things because the highly secretive law making process USTR established, including a ban on the release of all negotiation proposals until four years AFTER the conclusion of the agreement, has failed to prevent the US proposals from leaking to the public.

The unbalanced product results from an unbalanced process. The only private individuals in the US who have ongoing access to the US proposals on intellectual property matters are on an Industry Trade Advisory Committee (ITAC) which is dominated by brand name pharmaceutical manufacturers and the Hollywood entertainment industry. There is no representation on this committee for consumers, libraries, students, health advocacy or patient groups, or others users of intellectual property, and minimal representation of other affected businesses, such as generic drug manufacturers or internet service providers. We would never create US law or regulation through such a biased and closed process.

Sources: Office of the United States Trade Representativecitizenstrade.org, scoop.co.nz,  Open letter from Law Professors

Goldman Sachs taking over Europe

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If every there was proof of the bankers taking over Europe now its becoming more clear than ever.

Image

 

Check out the video from France 24.

Of course there was the video of the trader Alessio Rastani on BBC who said Goldman Sachs rules the world.

Germany’s secret plans to derail a British referendum on the EU

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Germany is reported in the Telegraph to scupper plans by the British on a referendum to overhaul the EU. It goes a little deeper than this as a leaked memo from the German foreign office to outline plans for an intrusive new European body that will be able to take over the economies of beleaguered eurozone countries.

It discloses that the EU’s largest economy is also preparing for other European countries, which are too large to be bailed out, to default on their debts — effectively going bankrupt. It will prompt fears that German plans to deal with the eurozone crisis involve an erosion of national sovereignty that could pave the way for a European “super state” with its own tax and spending plans set in Brussels.

so more power to Germany again 😉

The six-page German foreign ministry paper sets out plans for the creation of a European Monetary Fund with a transfer of sovereignty away from member states.

The fund will have the power to take ailing countries into receivership and run their economies. Even more controversially, the document, entitled The future of the EU: required integration policy improvements for the creation of a Stability Union, declares that the treaty changes are a first stage “in which the EU will develop into a political union”. “The debate on the way towards a political union must begin as soon as the course toward stability union is charted,” it concludes.

The negotiating document also explicitly examines ways to limit treaty changes to speed up the reforms. It indicates that Mrs Merkel will tell Mr Cameron to rule out a popular EU vote in Britain.

It was reported in the Guardian

Documents seen by the Guardian, including a green paper on stability bonds (eurobonds), show Brussels envisages a huge transfer of national sovereignty to the centre in order to ensure there is no repeat of the sovereign debt crisis – and guarantee a solution to the current one. The aim is to regain the confidence of financial markets by tying any current bailouts or future loan programmes for distressed countries to improved economic governance and competitiveness sanctioned by a “stability commissar”.

they go on to say

The commission’s plans include monitoring of national economies going beyond that meted out to Greece, Portugal and Ireland. In effect, unelected officials would have power to veto national budgets of eurozone members. This follows the furore in Ireland when the government’s draft budget was leaked first to the Bundestag in Berlin.

Even though the loss of national sovereignty would be extensive, some Brussels officials argue they do not require treaty change, let alone referendums.

Eurozone governments would also be urged to enshrine fiscal rectitude in their constitutions – on the lines of the German “debt brake” – and to draw up budgets on advice proffered by a UK-style independent office for budget responsibility.

A 40-page green paper on stability bonds, meanwhile, outlines proposals for pooling sovereign risks via a central European treasury or debt management office. This and enhanced budgetary surveillance are required, it says, to minimise “moral hazard” among countries in financial distress.

In order to ensure that the EU sticks to its “no bailout clause”, the paper talks of granting “extensive intrusive powers at EU level”, including putting a country into administration or imposing seniority of debt service over all other forms of public spending.

Max Keiser gets in on the act. An article with Acitve Investor Max Keiser says

“With the eurozone breaking up, you have a reunified Germany, you have people talking about bringing back the Deutsche Mark, they have the Bundesbank ready to go. So you could see, either Germany breaks out and you have the emergence of a superpower, Germany 4.0 as I call it. Or they’re within the eurozone but there calling all the shots and everything is going through Berlin and effectively they’re running the show in Europe.”

It sounds like some country is getting to big for its jack boots.

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