giovedì 14 aprile 2016

THE STRANGE CASE OF GOLDMAN SACHS



Every armed conflict and every commercial competition pass through the ability to know something that others aren’t able to know. But, this ability isn’t enough to achieve success. Besides knowing something that others aren’t able to know, it’s necessary also for you to be able to avoid spreading authentic news or, otherwise, in case of unforeseen disclosure, to be able to handle its social consequences. Analysts are useful in this goal: anticipating and foreseeing. Therefore, what is information? It isn’t, as we read into Treccani vocabulary, <<news, data or element that allows to have more and less exact knowledge about facts, situations and ways of being>>; not because philological and semantic contribution of Treccani is mistaken, but because, never as in this case, Emil Cioran’s words are exemplary: <<Having a name means claiming an exact way of collapsing.>>. Then, information becomes a vision of making capabilities of  a subject, public or private, who is too far from the civil community to be judged; it is something abstract and neutral: the more it can be verified as much it loses the information value to take on the characteristics of the fact. Mostly, we exchange the facts with information on the fact. 

Do People feel by television news somebody tell BCE has decided to reduce the cost of money? The announcement is made live even by same Draghi’s mouth, who says, for example, it deals with beginning of recovery and a method to help families and businesses. What is fact and what is the information? The fact is constituted by the discount of cost of money. The information, instead, is represented by the statement according to which families and business will benefit from that. The transfer of money at subsidized rates, in fact, is nothing more than an injection of liquidity in the banks coffers, not a new benefit of the final consumer credit line. Commercial banks, being linked to a series of 'obscure parameters', will not change at all the resale process of money and the related products. If us wanted to be sophisticated, we would have to add a lot of ‘our’ banks, among which Unicredit stands out, were considered evil from Financial Stability Board and, consequently, they are put in blacklist. Pratically, they, being undercapitalized, wouldn’t provide ‘loans’ disproportionately compared with Basilea’s 3 parameters, that would impose very precise capital requirements. At this point, the information appears fragmented, but – mind you! – it’s not all. The organization that proclaims itself sovereign about monetary policy, the Europe’s Central Bank, that is sovereign because declares itself guarantor of debt of Eurozone banks, belongs to a territory that have never had a sovereignty. A federal Europe’s government never existed and it will never exist.  England and France, that you think are the strengths of the EU, in reality, have always been even opponents of a constitution rag: England in open field; France in the rear and by a bureaucratic opposition shots. So, we're dealing with an oligarchic body in foreign territory. Who wants this or who wanted it?

Mario Draghi is the president of the ECB: this is another fact, one of the many, perhaps the most famous among the facts. In 2011, Mario Draghi, before becoming president of ECB, was president of the Financial Stability Board (2006-2009) and, before, president of the  Financial Stability Forum (substituted by FSB), two organizations that have the task of compiling the list of banks at risk. In these same years, to say from 2006 to 2011, he was also Governor of Italy’s bank. However, before receiving these public appointments, Draghi was the vice-president of Goldman Sachs. Facts. Only Facts. Too many facts.
On the other side of the Atlantic Ocean, Harry Paulson’s figure appears, Secretary of the Treasury during the Bush’s administration period. Paulson, practically, was the architect of the bailout of American banking giants, on whom I he imposed the purchase of shares by the Washington’ Government. Perhaps, at that point, there wouldn’t have been anything else to do. The entire world banking system was one step away from the precipice. Someone has surely memory of the closure of Wall Street in those these days. Even Goldman Sachs appeared among the banks at risk of collapse. Well? Hanry Paulson had been the Ceo of Goldman Sachs. It could deal with only a coincidence or a natural career evolution, if we weren’t compelled to remember the Security and Exchange Commission had already fined Goldman Sachs because of fraud and for an operation conducted by Paulson, operation after which investors had lost about 1 billion dollars. In short, Paulson was rewarded for defrauding clients and State, as if any one Minister of Defense put at the head of the armed force a former boss of Cosa Nostra who has repented or a serial killer.

Who is the current president of the Financial Stability Board? For the record the facts: Mark Carney, another former employee of Goldman Sachs, who, in the same time, is president of England’s Bank and G20. Pratically, Goldman Sachs is a fertile nursery or, reading and reading again, interpreting e reinterpreting information, Goldman Sachs is something else, of wich we know very little. Romano Prodi, Gianni Letta, Mario Monti are just some of those who, passing by Goldman Sachs, have also achieved prominent positions in Europe.

The president of notorious Financial Stability Board is elected by G7, to say by seven Ministers of Economy of the most developed countries in terms of net worth. It’s a case, then, up to few time ago, English Lloyds was in plain sight in the black list of the FSB and, soon after, it has gone out from there. In a tweet on 25 February of Italian 10:17 hours, the Financial Times, writes: <<Lloyds shares surge 9.8% after special divi announced.>>. Soaring 9% of Lloyds on the stock exchange? People tend to think that Mark Carney has done his part.

Now, we should try reworking the facts! The Italians are used  to feel the word spread like difference of value between Italian bonds and German bonds and they are by now convinced German is dominant and invasive in the European economic policy, but Deutsche Bank rest at the top of the black list drawn up from FSB; which could seem a contradiction exasperating. Maybe, it isn’t it, especially if we read what Luca Ciarrocca writes in his accurate research:

In January of 2013, a bipartisan parliamentary office, the Congressional Research Service, estimated the exposure of US banks to peripheral countries of southern Europe – PIIGS: Portugal, Ireland, Italy, Greece, Spain – amount to 641 billion of dollars¸ at the same time, it touches the 1.2 trillion only for German and French banks. According to the Bank for International Settlements, American banks have 757 billion dollars in derivative contracts and 650 billion in bonds of European banks.[1]

Essentially, the link between the couple French-German an American banks is so strong that it is unthinkable to a minor role in German and French, that, naturally, can’t help driving monetary policy towards the centralization of ECB. In Basel, they establish the capital requirements imposing on banks recapitalization and because of which banks are forced to seek liquidity. In the United States, this need for capital has been answered by the Treasury in famous circumstances; European banks, besides cashing money from the ECB, issue bonds acquired by Goldman Sachs, JP Morgan Chase, Bank of America, Citigroup, Wells Fargo & Co. Meanwhile, they redefine the role of the FSB, which decides which banks have to run for cover. And the game is ready!

In conclusion, by remaining in no man’s land, Europe, and by moving to England, the birthplace of democratic freedoms, it’s necessary for us to spend a few words about the Libor, that is the London Interbank Offered Rate, nothing more than the rate at which banks lend each other money, calculated by averaging the values by the participating banks and centered on the following currencies: euro, US dollar, yen, pound, Swiss franc, Canadian dollar, Australian dollar, Danish crown, New Zealand dollar and the Norwegian crown. It is clear that, following the positions that associated banks state, Libor is outside, as it is clear that the change in Libor determines the change in financial products on a global scale. The information is given every morning, at 11.00 am. Up to 2012, associated banks, HSBC ahead, had been providing totally false and altered values for the purpose of fraudulent speculation for almost twenty years, in spite of Basel 1, 2 and 3, ECB, FSB and all control systems. And Mario Draghi, Mark Carney, Henry Paulson ... Didn’t anyone notice?

Not to forget: what is the role of Goldman Sachs? Certainly, we see it in third place of the special ranking of banks that recycled money diverting it to tax havens. With $ 840 billion, it is forced to follow only Credit Suisse (933 billion), and UBS (1,700 billion). [2]

   





[1] CIARROCCA, L., 2013, op. cit., p. 38.
[2] Cfr. Ibid., p. 60.

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