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Federal Reserve Plant To Be Next Greek Finance Minister

Tyler Durden's picture


Update: according to sources, L-Pap has taken the smart way out and has decided to reject the offer to replace G-Pap #2.

According to Greek TV, and this is not confirmed by the Greek government yet, Lucas Papademos ("L-Pap", or "The Plant") will replace "Goldman employee of the year" Giorgios Papaconstantinou, (or G-Pap the Second as he is known on Zero Hedge) who is now the sacrificial lamb of the complete failure that is the PASOK government in Greece. A quick glance at L-Pap's resume explains why the European banking cartel is delighted with this nomination: "He followed an academic career at Columbia University, as well as
serving as Senior Economist at the Federal Reserve Bank of Boston in
. He joined the Bank of Greece in 1985 as Chief Economist, rising to
Deputy Governor in 1993 and Governor in 1994. He was Vice President of the European Central Bank from 2002 to 2010." Take a wild guess whether The Plant will be on the side of his "constituency" or of the Criminal Banking syndicate in the upcoming plunder of Greece. And yes, this is quite bullish for the Ensolventzone Central Bank (and its currency) which was about to be saddled with tens of billions of defaulted debt pledged in its nether regions as cash collateral.

From Wikipedia:

Lucas Demetrios Papademos (Greek: Λουκ?ς Παπαδ?μος; born 11 October 1947 in Athens), is a Greek economist, former Vice President of the European Central Bank.

Papademos attended the Massachusetts Institute of Technology, gaining a degree in physics in 1970, a masters degree in electrical engineering in 1972, and a doctorate in economics, in 1978.

He followed an academic career at Columbia University, as well as serving as Senior Economist at the Federal Reserve Bank of Boston in 1980. He joined the Bank of Greece in 1985 as Chief Economist, rising to Deputy Governor in 1993 and Governor in 1994.

He was Vice President of the European Central Bank from 2002 to 2010.

He has been a member of the Trilateral Commission since 1998.

He is a member of the Academy of Athens, and a professor of the University of Athens.

And here are some of his recent thoughts on what Greece should do from Greek reporter:

A well-known adviser to Greece’s government Saturday warned that a restructuring  of Greece’s debts would be not only be “undesirable” for the country, but would have negative spillover effects to other parts of the 17-nation euro zone.

Lucas Papademos, speaking at an event organized by the Central Bank of Cyprus in the coastal town of Limassol warned that any kind of debt restructuring would “undermine” the government’s overhaul efforts.

“The only sensible way forward” is to push ahead with ambitious and large-scale reforms, including the privatization of state assets, he said.


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Thu, 06/16/2011 - 12:26 | 1374824 Timmay
Timmay's picture

Not going to end well.... for him.

Thu, 06/16/2011 - 12:25 | 1374844 redpill
redpill's picture

I wish ZH would lay off all these innocent Greek Pap guys.  It's turned into a real Pap smear around here.


Thu, 06/16/2011 - 12:31 | 1374859 DavidC
DavidC's picture

Naughty redpill! But very funny!


Thu, 06/16/2011 - 13:16 | 1375005 TruthInSunshine
TruthInSunshine's picture

Guys, guys, guys...listen up.

Please quit talking "nonsense." Thanks.


06-16 13:11: ECB's Mersch says nonsense talk about Greece insolvency must stop now
Thu, 06/16/2011 - 12:45 | 1374902 falak pema
falak pema's picture

So many phony, pedophile Papas for such an orphan country!

Thu, 06/16/2011 - 16:51 | 1375746 G-R-U-N-T
G-R-U-N-T's picture

L-Pap's: "I said start those fuckn' presses NOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

Thu, 06/16/2011 - 12:59 | 1374960 mudduck
mudduck's picture

2 Paps 1 cup.

Thu, 06/16/2011 - 13:13 | 1375008 eureka
eureka's picture

redpill: "a real Pap smear around here"...

Indeed "around here"; smear spawn courtecy Columbia U, Ivy Ilk Globa-Fi-Scum Machine.

Spec not of the speck in Greece, but the logs in Geekman Sachs, Cali, D.C., Penta-gram (ehh "gun")... the USUK collectivist cartels of cricle-jerkle fratboys of death mongering.

My Motto: Angloginem *USUKs delendam esse.

*(US+UK) The original FI-DOM-Scum (DOM; abrv. add "inatrix")


Thu, 06/16/2011 - 12:27 | 1374856 TradingJoe
TradingJoe's picture

I agree, but I don't think he'll take the job, unless he is, well, how shall I put it, "hungry"?

Thu, 06/16/2011 - 12:26 | 1374825 quintago
quintago's picture

Another academic. Oh the joys of education.

Thu, 06/16/2011 - 12:23 | 1374833 Transformer
Transformer's picture

I bet he got good grades in school.

Thu, 06/16/2011 - 12:29 | 1374842 hedgeless_horseman
hedgeless_horseman's picture

Meet the new boss
Same as the old boss

Thu, 06/16/2011 - 12:33 | 1374866 Version 7
Version 7's picture

Another robot.

Thu, 06/16/2011 - 12:23 | 1374826 djsmps
djsmps's picture

Greece needs a transitory government.

Thu, 06/16/2011 - 12:29 | 1374847 agent default
agent default's picture

Greece needs to file for chapter 7.

Thu, 06/16/2011 - 12:33 | 1374867 mayhem_korner
mayhem_korner's picture

Greece is transitory.

Thu, 06/16/2011 - 12:38 | 1374888 baby_BLYTHE
baby_BLYTHE's picture

at this point, it is likely they get a dictator.

Thu, 06/16/2011 - 12:28 | 1374827 Cognitive Dissonance
Cognitive Dissonance's picture


They aren't all Federal Reserve plants. I find that disappointing. Time to ring up the Bilderbergers to find out who's dropping the ball..............besides Miami.

Thu, 06/16/2011 - 12:31 | 1374858 Arius
Arius's picture

the fact that he is a longterm serving member of the Trilateral commission makes me comfortable he will follow the script...time to buy!

Thu, 06/16/2011 - 12:32 | 1374875 Cognitive Dissonance
Cognitive Dissonance's picture

Hope springs eternal in the human breast.

Thu, 06/16/2011 - 12:36 | 1374891 Problem Is
Problem Is's picture

"They aren't all Federal Reserve plants."

Do you mean plant as in treasonous covert operatives... or plant as in potted (e.g. "Crazy Chester" Greenspan)?

Thu, 06/16/2011 - 12:38 | 1374898 Cognitive Dissonance
Cognitive Dissonance's picture


Thu, 06/16/2011 - 12:41 | 1374906 Problem Is
Problem Is's picture

BTW: "who's dropping the ball..............besides Miami."

LeBron certainly suffers from cognitive dissonance...

Thu, 06/16/2011 - 12:56 | 1374945 Cognitive Dissonance
Cognitive Dissonance's picture

I'm a little surprised I wasn't showered with junks. I'll try harder next time. :>)

Thu, 06/16/2011 - 12:27 | 1374829 malikai
malikai's picture

He'll do a great job, for whoever he's really working for.

Thu, 06/16/2011 - 12:27 | 1374831 agent default
agent default's picture

He may get nominated but I don't think he will take the offer.  One of the reasons G-Pap is postponing the government reshuffle is because he can't find any people willing to join.  Seriously.

Thu, 06/16/2011 - 12:25 | 1374845 Cognitive Dissonance
Cognitive Dissonance's picture

Will all finance whores please raise their right hand.

See, there are plenty of takers. You must be mistaken.

Thu, 06/16/2011 - 12:29 | 1374865 agent default
agent default's picture

Not in front of a lynching mob.


Thu, 06/16/2011 - 12:36 | 1374893 Cognitive Dissonance
Cognitive Dissonance's picture

Xe to the rescue.

If I were negotiating his contract I would demand there be a 5 man team of bodyguards on duty at all times and an extraction team on standby 24/7.

But that's just me.

Thu, 06/16/2011 - 12:28 | 1374837 alexwest
alexwest's picture

is he going take $$$/drahma printing press w/ him?
or benny jet will deliver fresh crisp 'benjamins' by himself


Thu, 06/16/2011 - 12:24 | 1374838 PY-129-20
Thu, 06/16/2011 - 12:30 | 1374855 redpill
redpill's picture

I think I saw a step ladder in IKEA with that name

Thu, 06/16/2011 - 12:32 | 1374864 DavidC
DavidC's picture

You're on a roll today! That made me laugh more than the Pap smear one!


Thu, 06/16/2011 - 12:48 | 1374913 falak pema
falak pema's picture

IKEA is a dangerous place to bombs every about eskalation.

Thu, 06/16/2011 - 12:40 | 1374895 Incubus
Incubus's picture

I'm guessing this is what euro-guido wannabes listen to?

Thu, 06/16/2011 - 12:44 | 1374911 PY-129-20
PY-129-20's picture

No, they're actually listening to the original version. You need to understand some German to understand the joke. It's about a party that is getting messy.

But I actually like Feindflug...

Thu, 06/16/2011 - 12:28 | 1374839 cognus
cognus's picture

The Repo man for the syndicate

Thu, 06/16/2011 - 13:09 | 1374995 Bob
Bob's picture

So The Family hopes. 

Thu, 06/16/2011 - 12:29 | 1374843 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Worldwide fascist dictatorship... a step closer everyday.

Thu, 06/16/2011 - 12:31 | 1374860 centerline
centerline's picture

So far it seems to be progressing nicely.  Just let the unsustainable debt and austerity topple the governments one-by-one until everyone is begging for salvation.

Thu, 06/16/2011 - 12:48 | 1374923 Version 7
Version 7's picture

People have now gone through such an enduring process of detachment from reallity and gratuitous mindlessness, that I fear they will happily continue to go along, enslaved by a lack of awareness that has become chronic, satisfied in their misery.

Thu, 06/16/2011 - 12:26 | 1374848 tickhound
tickhound's picture

"...Columbia University, as well as serving... at the Federal Reserve Bank of Boston... Chief Economist... Governor in 1994... Vice President of the European Central Bank..."

= recipe for another financial weapon of mass destruction.

Thu, 06/16/2011 - 12:30 | 1374849 QQQBall
QQQBall's picture

L-Pap "The Auctioneer"

Thu, 06/16/2011 - 12:30 | 1374850 centerline
centerline's picture

When history looks back on this time, all of this will be either be forgotten (because the "people" lost and the bankers won and history was written accordingly) or we will collectively have to hold our heads in shame.

Thu, 06/16/2011 - 12:28 | 1374861 mayhem_korner
mayhem_korner's picture

Meet the new boss...same as the ol' boss.

Any word on whether he chauffered for the Rockefellers?

Thu, 06/16/2011 - 12:44 | 1374903 Cognitive Dissonance
Cognitive Dissonance's picture

For Bin Laden.

Thu, 06/16/2011 - 12:32 | 1374863 TradingJoe
TradingJoe's picture

Mr Market doesn't seem to "take" this "news"! Selling into "strength" is still the order of the day!

Thu, 06/16/2011 - 12:34 | 1374872 Cone of Uncertainty
Cone of Uncertainty's picture

Tte populace needs to root out these whores by attacking them at their homes--drive these fuckers out of the country.

Instead of 25,000 people marching on downtown Athens, how about finding out where these people live and simply engage in some mob rule justice.

Thu, 06/16/2011 - 12:34 | 1374873 dwdollar
dwdollar's picture

Eventually, one of these candidates will be able to fool the Greek populace.  That's what the banking cartel hopes anyway.

Thu, 06/16/2011 - 12:35 | 1374876 Seasmoke
Seasmoke's picture

the bastards sure are playing Russian Roulette with their lives taking these jobs

Thu, 06/16/2011 - 12:32 | 1374877 digalert
digalert's picture

Columbia U? Isn't that Barama's alma mater? fine school

Thu, 06/16/2011 - 13:39 | 1375109 Bastiat
Bastiat's picture

Although with all the "records" sealed, there's no way to know if he ever was enrolled there.

Thu, 06/16/2011 - 12:33 | 1374879 Problem Is
Problem Is's picture

Is this the Greek version of Timmay Jeethner??

Thu, 06/16/2011 - 12:33 | 1374882 mayhem_korner
mayhem_korner's picture

What's "lemming" look like in Greek?

Thu, 06/16/2011 - 13:33 | 1375100 jowenchrist
jowenchrist's picture

Αρουρα?ος των βορει?ν χωρ?ν

Thu, 06/16/2011 - 12:34 | 1374883 proLiberty
proLiberty's picture

It is obvious to anyone with half a brain that the central bankers are clubby and scratch each other's back when necessary.  They even appear to be happy to "co-inflate" at roughly the same rate so as to keep the FX cross undisturbed. 

Thu, 06/16/2011 - 12:58 | 1374959 Bob
Bob's picture

Almost makes you wonder about that "free market." 

Thu, 06/16/2011 - 12:37 | 1374885 buzzsaw99
buzzsaw99's picture

He was Vice President of the European Central Bank from 2002 to 2010...


The ECB did wonderful work during that time. Oh wait...

Thu, 06/16/2011 - 12:35 | 1374889 Iriestx
Iriestx's picture

Plant?  Are men like him usually called a 'fruit?'

Thu, 06/16/2011 - 12:36 | 1374892 buzzsaw99
buzzsaw99's picture

L-Pap, because Greece isn't enough of a ruin already.

Thu, 06/16/2011 - 12:38 | 1374899 Silver Dreamer
Silver Dreamer's picture

The man would be wise to never step foot in Greece.

Thu, 06/16/2011 - 12:43 | 1374910 AldoHux_IV
AldoHux_IV's picture

In these desperate times of the criminal banking syndicate, they become ever more sloppy in their attempts to hold onto their dominion over the current system.  This will only expose themselves for the treacherous regime that they are and will enact more aggressive repercussions for the overthrow of this current system.

The paradox of unsustainable rule: as they try to take more from the people, the people become more resistant and revolt.

Thu, 06/16/2011 - 12:44 | 1374914 dcb
dcb's picture

you could clone all these people, they pick from the same pool, with the same views, to make sure there is the same outcome. imagine an "outsider" appointment.

They are going to make a goldman guy head of the ECB. I mean if that doesn't tell you something nothing does.

Thu, 06/16/2011 - 12:49 | 1374917 PulauHantu29
PulauHantu29's picture

Wait, is this guy "a plant" or a "green shoot?"

I still get those confused.....

Thu, 06/16/2011 - 12:50 | 1374922 The Fonz
The Fonz's picture

Its becoming increasingly clear that violence is the last path left.  Some of these bankers are going to have to die. They have a crushing grip on every system that was supposed to allow the people to implement societial changes nonviolently.

Thu, 06/16/2011 - 13:28 | 1375057 Incubus
Incubus's picture


Violence is the only means to remove a parasite social upper class.  I doubt Americans will realize this, though; 'merikans have been trained from birth to view the rich as sort of saint-like.

I think it's funny that the supposed beacon of "freedom" and "democracy" has one of the most brainwashed & delusional populations on this planet.


Thu, 06/16/2011 - 14:06 | 1375207 Ponzi Unit
Ponzi Unit's picture


Thu, 06/16/2011 - 12:51 | 1374937 John McCloy
John McCloy's picture

The Greek people are going to love this. Moves like this are so overt not a soul can deny that the banking elites are firm in their belief that the financial coup continues globally unabated. And a member of the Tri-Lateral Commission to boot..just in case your sundae needed a few more sprinkles.

Thu, 06/16/2011 - 14:11 | 1375215 Ponzi Unit
Ponzi Unit's picture

Yes, the fucking audacity, or, if you will, chutzpah.

Thu, 06/16/2011 - 13:03 | 1374964 Corduroy
Corduroy's picture

How many pap smears do the people of greece need before they realise its terminal - stop looking for a second opinion

Thu, 06/16/2011 - 13:05 | 1374977 carbonmutant
carbonmutant's picture

 “The only sensible way forward is to push ahead with ambitious and large-scale reforms, including the privatization of state assets " - L-Pap

Hired to preside over the sale of assets... similar to a going out of business sale.


Thu, 06/16/2011 - 13:07 | 1374986 Bay of Pigs
Bay of Pigs's picture

First the IMF news and now L Pap. Change you can believe in.

Thu, 06/16/2011 - 13:14 | 1375014 DonnieD
DonnieD's picture

Ken Lewis?

Thu, 06/16/2011 - 13:16 | 1375021 Trillax
Trillax's picture

Now now guys, don't piss off the ECB...

06-16 13:11: ECB's Mersch says nonsense talk about Greece insolvency must stop now

*raises middle finger*

Thu, 06/16/2011 - 13:19 | 1375029 Buyemall
Buyemall's picture

I heard he is not a candidate.

New government after midnight local time.

Thu, 06/16/2011 - 13:25 | 1375042 JR
JR's picture

The incestuous relationship of big banks, university economists carrying passports of more than one country, heads of government, the IMF and the Federal Reserve is striking; frightening. 

The Greek “cross currency swap” engineered by Goldman Sachs just after Greece was admitted to Europe’s monetary union, for example, involved:

Greek Prime Minister Contantine Simitis, leader of the Panhellenic Socialist Movement,

Lucas Papademos (until recently vice president of the European Central Bank*) then governor of the Bank of Greece and Greece’s rep on the IMF,

and Christoforos Sardelis, head of Greece’s Public Debt Management Agency at the time, who held Swedish citizenship for a number of years and came to his public post from the Bank of America, and is now with Banca IMI, the investment banking unit of Italy’s Intesa Sanpaolo.

Papademos, educated at MIT, had been at Columbia University and in 1980 was senior economist with the Federal Reserve Bank of Boston. He formed his Fed connections when he was a top research assistant to the late Nobel Prize-winning economist Franco Modigliani, who was born in Italy but left Rome in 1938 when Mussolini announced new laws against the Italian Jews. Modigliani had close contacts with the Federal Reserve and his students, along with Papademos, have included Charlie Bean, Deputy Governor of the Bank of England, and Stanley Fischer, Governor of the Bank of Israel.

Papademos served through 2002 to 2010 as European vp with its president, Jean-Claude Trichet, former alternate governor of IMF, governor of the World Bank and member of the Washington-based financial Group of Thirty. He’s also former chairman of the Paris Club, a financial group of officials of 19 countries that can provide debt cancellations, for restructuring for indebted companies and creditors referred by the IMF.

Fischer, before becoming an Israeli citizen to head Israel’s central bank, had been vice president and chief economist at the World Bank, first deputy managing director of IMF, vice chairman of Citigroup,  president of Citigroup International, head of the Public Sector Client Group, a member of the Washington-based financial Group of Thirty, and Fed Chairman Ben Bernanke’s Ph.D. thesis advisor at MIT.

At MIT, Modigliani worked closely with Nobel laureate Paul Samuelson, uncle of National Economic Council Director Lawrence Summers (family name earlier had been changed from Samuelson to Summers).

The members of this closed membership insider mob…bought economists, politicians and the rest…are the foot soldiers for the financial tyrants who are strangling our beloved country.  And from one of the worst foot soldiers of all, the Nobel, stern, bookish professor from Princeton, Thomas Woodrow Wilson, we finally heard the truth when the damage began its relentless march…a kind of confession if you will:

“A great industrial nation is controlled by its system of credit.  Our system of credit is concentrated.  The growth of the nation, therefore, and all our activities are in the hands of a few men… We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world—no longer, a government by conviction and the free vote of the majority, but a government by the opinion and duress of small groups of dominant men.”

Thu, 06/16/2011 - 14:17 | 1375230 Ponzi Unit
Ponzi Unit's picture


This is unbelievable! As more information is revealed, the emrging picture of the global power structure outpaces my cynicism, pessimism, and worst fears. I need to catch up.

Thu, 06/16/2011 - 15:18 | 1375483 M.B. Drapier
M.B. Drapier's picture

Don't miss the Lorenzo Bini Smaghi saga!

If Italy sought to remove [Governing Board member] Bini Smaghi from the ECB against his will before his mandate ends in 2013, the ECB would mount a legal challenge against what would be seen as an attack on the bank's independence, one ECB source said.

The ECB has already received an internal legal opinion on the situation, he added.

According to this opinion if Bini Smaghi left for a position below the one he has now it would be clear he had been put under pressure and that would violate the independence of the governing council.

So: it is illegal to pressure to pressure an ECB board member to resign, as this would undermine the independence of the Central Bank. But it is legal to offer them goodies for resigning: this does not undermine the Bank's independence. Got that? Right.

Thu, 06/16/2011 - 15:49 | 1375630 JR
JR's picture

Unbelievable! This process carries an “unelected” status one step further; participants can be removed only from within the club.

Thu, 06/16/2011 - 13:31 | 1375077 curmudgery
curmudgery's picture

In San Francisco, when a tenant burns down an apartment building, the owner has to pay him or her nearly $10K for the pain and suffering of moving.  Hey, that's the same story as nations and banksters!  Frak-tal economics.

Thu, 06/16/2011 - 14:16 | 1375120 gwar5
gwar5's picture

The banker deceit is actually getting painful to watch.

The recent Bilderberg meeting apparently produced results. I sense re-invigoration from the Greek pols and less outward fear of civil unrest, unlike before. Must have been told it was bad for the all the other European stooges see them fold like lawn chairs.

As a previous poster said, it is amazing how the politicians stop at nothing to clearly advocate for the EU banks instead of the people in the streets they are supposed to represent. These politicians are nothing less than complete traitors. Maybe a few of them need to be strung up like El Duce' as an example to others.

Death Match on:

Bankers: "Who needs the CIA and a Black Ops team to engineer a coup when we got guys like this on the bench we can parachute in?  He isn't even Greek -- we just dropped him out of a Swiss deposit box, fully grown."  

Greeks: "We are millions and can fuk you up, so all those Odious notes is not belong to us."



Thu, 06/16/2011 - 13:41 | 1375123 Weimar Ben Bernanke
Weimar Ben Bernanke's picture

It seems Greece's political climate is perfect for a military coup or a violen revolution.The euro was a failure for the globalist. It will come down and breakup. I for one do not see the EU surviving into the end of this decade. There is only two ways it ends.

a. A breakup of the Eurozone
b. An agreement on debt restructuring, bank haircuts and fiscal consolidation. New rules will be drawn out and fiscal union will be the final outcome. EU states will realize that in order to be part of a currency union, fiscal sovereignty will have to be sacrificed. To some extent, Federalization may be the route that the EU takes in its evolution to become an economically and politically linked union.

The later seems to be what the Europhiles want but politically cannot happen. It requires nations to set aside their sovereignty and their cultural differences. Politically, I see an attempt by EU-philes to push for some sort of fiscal consolidation of the Eurozone with autonomy in Brussels. However, I can also see Euro-skeptics and nationalists push back citing sovereignty and democracy. This will be further hampered by historical animosity, and ethnic diversity. As such, I view the probability of this outcome as extremely LOW (some in Europe would say non-existent). So it seems that the likely outcome will be the demise of the Euro and the end of the currency union. I do not see a smooth finale to the Euro experiment.  

Thu, 06/16/2011 - 14:17 | 1375248 Ponzi Unit
Ponzi Unit's picture

Is this clusterfuck tradable?

Greek default = Euro down, dollar up, commodities down?

Then once euro and $ at par, buy commodities and overweight PMs?

Tricky business.

Thu, 06/16/2011 - 16:53 | 1375793 Pitchman
Pitchman's picture

The Banksters are so far ahead perhaps the citizens should forefit!

Ensolventzone shucks; it's the Enslavement Zone!

And it's comming to a town near you!


How Two Banksters Led Europe To Ruin -- AND REVOLUTION

Visit: Inflection Point



Thu, 06/16/2011 - 17:28 | 1375896 JR
JR's picture

+100. And kudos to author Jerome E. Roos.

I quote from his article:

“Meet Jean-Claude Trichet and Josef Ackermann. The former is the departing head of the European Central Bank and recently was ranked one of the five most powerful people in the world by Newsweek.  The latter is the head of the largest private bank in the eurozone, Deutsche Bank, and was just named the “most powerful banker in Europe” by the New York Times.  Neither was elected to run the economy.  Yet, together, they do.

“In fact, both men have been instrumental in shaping the EU policy response to the crippling debt crisis that continues to haunt the eurozone.  As the Times reported in a powerful feature today (June 15), Mr. Ackermann ‘is at the center of more concentric circles of power than any other banker on the continent.’”

Dr. Ackermann is Chairman of the Management Board and Group Executive Committee of Deutsche Bank AG and is a Steering Committee member of The Bilderberg Group, and like Trichet,  is Jewish.  The goal of this globalist elite group is to bring about a one-world government and global financial system with a one-world currency…

More and more the threat is rising in this modern world: Either self-government is to be salvaged or what remains is slavery.


Thu, 06/16/2011 - 17:36 | 1375915 JR
JR's picture

Btw, the NY Times' article on Ackermann is a must read.

As the Times' article states: “it is no secret where Mr. Ackermann’s financial allegiances lie: with the banks.”

“His visibility as an industry advocate stems in part from his chairmanship of the Institute of International Finance, an association of the world’s biggest banks, including American ones like Goldman Sachs, Morgan Stanley and Citigroup. The group has released studies contending, among other things, that compelling banks to reduce their use of leverage — a move that would almost certainly reduce banks’ profits — would cause a credit crunch.”


Sat, 06/18/2011 - 07:33 | 1379905 JohnsonSmith
JohnsonSmith's picture

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