The Hidden Hand, Indeed!

Libertarians and free market fans love to talk about the hidden hand of the marketplace as God’s way of ensuring fairness, making sure the most good comes to the most people.  What they never like to talk about are the actual hidden hands — those market makers, market manipulators who shred the idea of free markets, and trample on the idea of markets regulated for the public good.

Why have almost none of the accounts of the Greek crisis over the last several months whispered the name Goldman Sachs?

Here’s a guy who will: Robert Reich.

 

The Greek debt crisis offers another illustration of Wall Street’s powers of persuasion and predation, although the Street is missing from most accounts.

The crisis was exacerbated years ago by a deal with Goldman Sachs, engineered by Goldman’s current CEO, Lloyd Blankfein.

Blankfein and his Goldman team helped Greece hide the true extent of its debt, and in the process almost doubled it

On Reich’s Blog: How Goldman Sachs Profited from the Greek Debt Crisis.