English: EPP Congress Bonn: Podium discussion ...

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Mario Draghi. Who? According to Matthew Lynn, writing at MarketWatch.com, “measured by what [he] can actually do, the most powerful person will soon be the president of the European , the Italian banker Mario Draghi.” He explains:

In the last few weeks, we have seen an extraordinary expansion of the ’s powers. It can now set , control financial markets, and effectively dictate tax and policies across what remains — despite its current difficulties — the world’s largest single economic bloc.

To explain how this former Goldman Sachs executive  ascended to such a high perch in the world of international finance would take far more room than we have here. Suffice to say, the path to power has been under construction for decades, and deliberately planned, going all the way back to before the European Union was created: the days of the Common Market. And it’s what all the turmoil in the EU has been about over the past several years: out of chaos comes order. Specifically, a run by (and friends).

Here’s what Draghi will be able to do:

By intervening directly in the market to buy the bonds of any country that runs into trouble, the ECB will effectively have the power to turn on and off the financing of national governments across the euro zone. If they need help, countries will have to apply to the ECB for aid, and submit to strict conditions. Issues, such as labor laws, breaking up monopolies, privatizing industries, setting and welfare payments, and deciding on tax rates and state spending programs, will all have to be negotiated with officials from the ECB. (my emphasis)

It’s a virtual financial dictatorship. Bernanke is no match for Draghi:

Fed Chairman only gets to set rates for the United States. He doesn’t decide how much Alabama can spend on roads, or whether Boston needs to loosen up its trade union laws.

Likewise, the governors of the Bank of Japan or the Bank of England are mere clerks by comparison. Neither can do anything apart from decide interest rates and print money…

But Draghi can. And he will.

Even most political leaders often don’t have the kind of power the ECB president is being handed. They have parliaments and parties to answer to. They face regular elections. Read their memoirs, and the constant complaint is how little power they have, not how much.

But the ECB president will suddenly be able to control not just interest rates, but pretty much all the key economic variables for the world’s biggest economic area.

As puts it, the leaders of the (former) nations in the Euro zone have sold out, according to plan, in order to install this dictatorship:

To save a system that critics said would collapse, the leaders are surrendering national to the central bank.

Once again: out of chaos, order. According to plan.

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