The Vampire Squid attempts to strangle Europe

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It is not just Mr Monti [the new premier of Italy]. The European Central Bank, another crucial player in the sovereign debt drama, is under ex-Goldman management, and the investment bank’s alumni hold sway in the corridors of power in almost every European nation, as they have done in the US throughout the financial crisis.

Goldman Sachs and JP Morgan have sold more than $5 trillion of protection on debt, a substantial amount of which is assumed to be in Europe. If those countries default on their debt or their bonds and loans are renegotiated at say 50 cents on the dollar, then JPM and Goldman will cease to exist. So, rather than pay for their stupidity and greed themselves, they want residents of the countries to do it for them, even if it impoverishes them for years to come.

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