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Recession: the opportunity traders dream about, in their own words


Alessio Rastani, a trader, was interviewed by the BBC about the eurozone crisis. It is rare that one of what Ed Miliband this week called “predators” is quite so honest and open about what they think and do. Asked about what would work in response to the Eurozone crisis, he said

I’m a trader. I don’t really care about that kinda stuff. If I see an opportunity to make money, I go with that. For most traders, we don’t really care very much about how they’re going to fix the economy, how they’re gonna fix the whole situation, our job is to make money from it.

Personally, I’ve been dreaming of this one for three years. I have a confession which is I go to bed every night, I dream of another recession, I dream of another moment like this. People don’t seem to maybe remember but the thirties depression … wasn’t just a market crash, there were some people who were prepared to make money from that crash….

Governments don’t rule the world. Goldman Sachs rules the world. They don’t care about this rescue package.”

Perhaps someone will explain what useful function is played by these people? What better advertisement could you have for the regulation of the financial sector, for a significant extension of public intervention and ownership within the financial sector, for the prevention of much of the speculation that these people engage in and for an international financial transactions tax (Tobin/Robin Hood tax)?

3 Comments

  1. The question posed in the last paragraph is exactly why the political establishment has rapidly saught to discredit this interview and Alessio Rastani – indeed questioning whether he is really a bona fide trader. He was almost certainly “got at” too – as he later described himself as an “attention seeker”. I wonder how much they paid him for that?

    1. Jon Lansman says:

      Quite so: a number of right-wing sources have questioned his experience as a trader but the BBC stands by their decision and the interview remains on their site.

  2. Gary Elsby says:

    I can’t see what’s new here.
    During the Irish potato famines and mass starvations of the Irish people, the market in exporting vast food supplies out of Ireland was massive. Huge fortunes were made by speculators who delivered food to where the markets wanted it.

    The same common denominator happened during the Indian famines and again, vast food supplies was exported to a higher mark-up overseas.

    Don’t you just love the market-place?
    Historians still argue to this day that Government directives to halt certain exports for free distribution saved countles lives in these Countries.

    I wish I’d lived through that period so that I could be proud of my Country’s actions.

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