Lateral idea. And it’s not ours.

While we love the clubbable doomster, we share this without endorsement…

Ziad Abdelnour, CEO of Blackhawk Partners and author of Economic Warfare offers the following observations:

Maybe Bob Zoellick’s resignation would liberate a bit Wall Street’s grip on the World Bank and other similar type institutions as you know he was Vice Chairman, International of the Goldman Sachs Group, Managing Director, and Chairman of Goldman Sachs’ Board of International Advisors from 2006-07….This I believe is good news.

Further good news? New blood at the helm of the World bank (if it’s the right person) would hopefully change the course set by both President Bush and current President Obama regarding our policies regarding eastern Europe and central Asia along with the European sovereign debt crisis

Bad news? President Obama is considering former economic adviser Lawrence Summers and Secretary of State Hillary Clinton for the position after Zoellick’s term ends and that I think is a serious mistake cause none of these individuals is really equipped in dealing with such issues and none of them has the track record.

In fact, there couldn’t be a poorer choice for the post than Larry Summers. He, Rubin and Greenspan together completely deregulated Wall Street and shut down solid citizens such as Elizabeth Warren and Brooksley Born when they blew the whistle on the shady derivatives that eventually brought down the market and as extensively mentioned in my book Economic Warfare: Secrets of Wealth Creation in the Age of Welfare Politics.

To make a long story short, We’re still in a danger zone and unless we have the right technical person on board really aware of the global situation (not a politically correct appointee) we are going to have an even bigger problem.

There are three issues that Europe is trying to struggle with at once: competitiveness, the banking system and sovereign debt and none of Obama’s potential appointees have a clue.

I would recommend someone who predicted the 2008 crisis and who provided real tangible solutions to deal with the situation… Not a Washington insider; puppet of the Administration or the Wall Street Establishment.

My recommended candidate? Nouriel Roubini

Related link:
Economic Warfare: Secrets of Wealth Creation in the Age of Welfare Politics — Ziad Abdelnour at Amazon.com

Copyright The Financial Times Limited 2024. All rights reserved.
Reuse this content (opens in new window) CommentsJump to comments section

Follow the topics in this article

Comments

Comments have not been enabled for this article.