… Central Banker Now Officially In Charge Of Greece

From EuropeanVoice.com:

Former central banker seen as best choice to lead Greek interim government.

Prime Minister George Papandreou of Greece is reported to be on the brink of resigning to make way for a government of national unity led by Lucas Papademos, a respected former central banker.

[It is beyond comprehension how anyone can use the words “respected” and “central banker” in the same sentence.  “Vampire,” maybe, as in “blood-sucking vampire central banker,” but not “respected.”]

The main task of the interim government will be to implement a €130 billion bail-out of the debt-stricken country, agreed by eurozone leaders at a summit in Brussels on 27 October.

Although not a party member, Papademos is seen as close to the reformist wing of Pasok, led by Papandreou. He is a world-class economist, educated in the US like Papandreou, and currently teaches at Harvard University.

From Harvard’s Faculty and Staff Directory:


Lucas Papademos, Visiting Professor of Public Policy [emphasis added; I guess central bankers DO set public policy after all], is professor of economics at the University of Athens and senior fellow at the Center for Financial Studies, Goethe University Frankfurt. Previously, he was the Vice-President of the European Central Bank from 2002 to 2010 and the Governor of the Bank of Greece from 1994 to 2002. He taught economics at Columbia University from 1975 to 1984 and at the University of Athens from 1988 to 1993. He served as a senior economist at the Federal Reserve Bank of Boston in 1980. He held the position of Economic Counsellor (Chief Economist) at the Bank of Greece from 1985 until 1993 when he was appointed Deputy Governor. He has been a member of various boards and committees including the Financial Stability Board and the EU Economic and Financial Committee. He is a member of the Academy of Athens. He has published numerous articles in the fields of macroeconomic theory, the structure and functioning of financial markets, monetary analysis and policy as well as on subjects concerning the economic performance, financial stability and economic policy in the European Union. Mr. Papademos earned a Bachelor of Science in physics, a Master of Science in electrical engineering, and a PhD in economics, all from the Massachusetts Institute of Technology.

Listen: I know it makes perfect sense that the central bankers would want another central banker formally in charge of a debtor nation. Who else could ensure that the big banks will get their money and everyone else will get screwed?

If the current and politically-popular economic theories (Keynesianism) were correct, then these guys would never had gotten us into this mess in the first place (unless they did it on purpose…). I mean, that’s obvious, right? So holding a doctorate in economic stupidity or having held a position of authority in central banking automatically disqualifies you from holding any post of governmental responsibility, doesn’t it (so sorry, Herman Cain)?

From wsj this morning: Papademos chosen to head Greek government:

Former ECB vice president Lucas Papademos has been named Greece’s new prime minister, senior officials from Greece’s main political parties said Thursday.

You can’t make this stuff up.