The Finance Industry Has Captured Our Government

Greenwald: The Finance Industry Has Captured Our Government

In this video, Glenn Greenwald discusses an article written by Simon Johnson, ex-Chief Economist at the International Monetary Fund (IMF). Greenwald says that if everyone were to read one article this year, this would be the one he would recommend. The premise of the article The Quiet Coup is that, in response to the economic crisis of 2008, the United States government is enacting policies that serve a very small financial elite at the expense of ordinary Americans. 

Johnson cites his experience at the IMF, monitoring the policies of Russia and Argentina as they experienced similar financial crises and ultimately the crash of those economies. In both those countries and in the U.S., the financial elite (oligarchy), who was responsible for the economic downturn, captured the governments of those nations and drove policies designed only to benefit that very narrow class of financial interests. 

Greenwald points out that the financial interests and their unlimited wealth have done this systematically through campaign contributions and being appointed to government positions where they can influence policy. As one example, Greenwald highlights that under Clinton, ex-Goldman Sachs CEO Robert Rubin was appointed to the Secretary of the Treasury. Then, under Bush II, ex-Goldman Sachs executive, Hank Paulson was appointed to that same post. And then, under current President Barry Obama, ex-Goldman Sachs executive, Tim Geithner. 

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