On 14 September 2009 on BBC Newsnight, Sir John Gieve, an ex-Deputy Governor for Financial Stability of the Bank of England between 2006 and 2009, gave an interview. (To watch Newsnight click HERE.) During the interview, at around 31:55 of the programme, Sir John referred to the way the crisis happened comparing it to "rather like a network effect you get with a flu pandemics" which "if it reaches the tipping point it then accelerates and it is exactly the sort of thing we saw happening in the financial markets".
Readers of this blog are invited to read (again) a short article from April this year "Financial pandemic".
Sir John did not seem to realise that this sort of "network effect" he was talking about, had exponential growth and as such constituted a pyramid scheme. Not realising this, he did not seem to be concerned that we, as society, are victims of a massive crime perpetrated by the financial industry, although in fact he confirmed it.
Sir John, warm welcome to the club. I do hope you will become its conscious member and realise a true significance of your statement. I also hope that you will put a pressure on relevant authorities to pursue criminal prosecutions of pyramid purveyors (i.e. bankers, regulators and some politicians), which will also include sequestration of their assets, who are behind the current crisis.
Readers of this blog are invited to read (again) a short article from April this year "Financial pandemic".
Sir John did not seem to realise that this sort of "network effect" he was talking about, had exponential growth and as such constituted a pyramid scheme. Not realising this, he did not seem to be concerned that we, as society, are victims of a massive crime perpetrated by the financial industry, although in fact he confirmed it.
Sir John, warm welcome to the club. I do hope you will become its conscious member and realise a true significance of your statement. I also hope that you will put a pressure on relevant authorities to pursue criminal prosecutions of pyramid purveyors (i.e. bankers, regulators and some politicians), which will also include sequestration of their assets, who are behind the current crisis.
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