And I mean this in the most complimentary sense!
The Five Men have been the stuff of fiction for a long time. I seem to recall the fictional account of the Kennedy family, the tawdry and trashy novel Captains and the Kings, premising this theory (Joe Kennedy being one of The Men). The Michael Douglas movie The Star Chamber (which appears slated for a remake) also delves along these lines. It had all struck me as inordinately silly.
Until now. (Cue thriller music.)
Please o’erglance this article about Pimco, the world’s largest bond investor. Both Part 1 and 2 are fascinating. I can hardly pluck a quote out of context, because the whole content is so . . . instructional. Here’s a poor man’s sample:
SPIEGEL: One could also say, more bluntly, that you have the ability to direct markets in a fashion that is beneficial for you.
El-Erian: Our primary obligation is to protect and enhance the investment and retirement assets for people from around the world. And we have safeguarded our clients’ investments through a variety of economic and market cycles, including the global financial crisis.
What I deduce (and I look forward to hearing if you gleaned the same) is that no socialist oaf who may happen to be elected president of a certain country can destroy its economy too far because these dudes at Pimco will not let him. Money is money; investment is investment. The rules do not bend for charisma or pigmentary affirmative action. Financial returns must be guaranteed. I found the whole presentation quite cheerful.