The Money Moguls

In the 1990s Mario Draghi was the director of the Italian Treasury where he worked with private investment banks to arrange derivative contracts designed to sneak Italy into the Eurozone. After lying about the magnitude of Italy's debt to the EU authorities, he obtained a position at Goldman Sachs in 2002. After three years there, he had a sure foot in any door. By 2006, Draghi was the governor of the Bank of Italy. In that position, he was the one responsible for the massive cover-up of Banca Monte dei Paschi di Siena’s loss of 367 million euros, a financial disaster that was fixed by a taxpayer-funded bailout. With all these experiences on his résumé, Draghi was the top choice for governor of the European Central Bank, a position he took up in 2011.

Draghi’s American correlate—Ben Bernanke,
the current chairman of the Federal Reserve—
is famous for bailing out Wall Street and, after the financial crash, which he failed to foresee, dumping a trillion dollars into a corrupt banking system. Before that he was a career academic with positions at Stanford, NYU and Princeton.

The trouble with these two guys is that all they ever talk about is interest rates, stimulus, quantitative easing and GDP growth, in other words money ... but at a time when ecosystems are crashing all around the world and climate change looms as the biggest market failure the world has ever seen,

we need people at the helm of the global economy who understand that the economy and ecology are inextricably intertwined and that it's crazy to keep pumping money into the capitalist corpse just to keep it twitching.

Tell President Obama to forget about Lawrence Summers, Janet Yellen and all the other Big Finance insiders, and appoint instead an economist with ecological tendencies as the next chairman of the Fed? Wouldn't that be something?

Taken from AdBusters Magazine