‘We don’t care about euro’ – trader stuns BBC

Alessio Rastani claims ‘Goldman Sachs rules the world’ and says millions will lose their savings

LAST UPDATED AT 11:02 ON Tue 27 Sep 2011

JOURNALISTS in a BBC studio were left stunned after an independent stock market trader gave his frank assessment of the financial crisis, remarking that he dreams of recessions every night and that "Goldman Sachs rules the world".

Alessio Rastani gave his remarkably honest opinions yesterday during an item on BBC News about attempts by G20 leaders to manage a Greek default and rescue the eurozone from its debt problems. His appearance can be seen in the video above.

Rastani said that institutions don't buy the G20 rescue plan because they know the market and the euro are "toast".

Asked what would keep investors "happy", Rastani replied: "It doesn't matter. For most traders we don't really care about how they're going to fix the economy... Our job is to make money from it.

"Personally I've been dreaming of this moment for three years. I have a confession: I go to bed every night and I dream of a recession."

The BBC presenter replied: "Jaws have collectively dropped at what you've just said. We appreciate your candour but it doesn't really help the eurozone."

But like a doctor with no bedside manner, Rastani ploughed
on: "This economic crisis is like a cancer. If you just wait hoping it is going to go away, just like a cancer it is going to grow and it will be too late."

Anyone putting their faith in governments to sort out the financial mess apparently needs a reality check. In Rastani's view, "the governments don't rule the world, Goldman Sachs rules the world".

And if that wasn't enough, he has a dire warning for anyone with any money stashed away: invest it somewhere safe, like Treasury bonds. "In less than 12 months, my prediction is the savings of millions of people will vanish. And this is just the beginning."

Nouriel Roubini, the economist who was rewarded with the nickname 'Dr Doom' for predicting the 2008 financial crisis, had better watch his back: a new doctor is in town. · 

For further concise, balanced comment and analysis on the week's news, try The Week magazine. Subscribe today and get 6 issues completely free.