The Very Visible Hand of Financial Markets Today
Thus goes the mythology, financial markets – like most markets – are said to be guided by an “invisible hand.” Like most mythology, it has little basis in fact. Today, financial markets are in actuality a “super-entity” cartel of global financial institutions, manifested as a “global supra-government” and institutionalized in organizations like the Institute of International Finance (IIF), the European Financial Round Table, the (American) Financial Round Table, the Institute International l’Etudes Bancaires, the International Monetary Conference (IMC), and others. These organizations have significant cross-over membership and leadership, granting relatively few banks and individuals enormous influence over guiding the very visible hand of financial markets.
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