October 31, 2011

Head of Italy's Central Bank takes over European Central Bank

Bloomberg: Draghi Takes ECB Helm
The Guardian: Europe Takes an Inspiring Leap

Italy has one of the worst economies in Europe. So when I read that the head of Italy's Central Bank has just taken over the European Central Bank I cannot help but wonder if the smartest people in the world might actually be guilty of plotting to destroy the global economy. The people who have the most to lose in a global economic collapse and the most to gain from a global recovery have spent the past three years consistently making choices that will hasten the end of our way of life. It is as if the top economic 1% of our world have all decided to commit a collective suicide, taking the rest of us down with them.

I don't understand why they keep shooting themselves in the foot. Stupidity? Ideology? Ignorance? Sheltered childhoods? Boredom? For the past five years I have been trumpeting the need to keep capitalism alive for the sake of our children and grandchildren and for five years men like Warren Buffett and George Soros have repeatedly made decisions and funded organizations dedicated to unraveling the world economy and impoverishing themselves.

Why? It doesn't make any sense at all! This latest move is just another nail in the coffin of global capitalism and free markets. Draghi failed to find a solution to Italy's debt crisis. Now in their wisdom and foresight the world's bankers have placed him in charge of the single most powerful central bank in the world.

It's enough to make me wonder if maybe Rush Limbaugh and Alex Jones have the right of it. Maybe the people who really ought to know better do know better and have decided to destroy the very civilization that made them who they are.