If you are new to this blog, you are invited to read first “The Largest Heist in History” which was accepted as evidence and published by the British Parliament, House of Commons, Treasury Committee.

"It is typically characterised by strong, compelling, logic. I loosely use the term 'pyramid selling' to describe the activities of the City but you explain in crystal clear terms why this is so." commented Dr Vincent Cable MP to the author.

This blog demonstrates that:

- the financial system was turned into a pyramid scheme in a technical, legal sense (not just proverbial);

- the current crisis was easily predictable (without any benefit of hindsight) by any competent financier, i.e. with rudimentary knowledge of mathematics, hence avoidable.

It is up to readers to draw their own conclusions. Whether this crisis is a result of a conspiracy to defraud taxpayers, or a massive negligence, or it is just a misfortune, or maybe a Swedish count, Axel Oxenstierna, was right when he said to his son in the 17th century: "Do you not know, my son, with how little wisdom the world is governed?".

Tuesday, 15 September 2009

Sir John Gieve on Newsnight, 14 September 2009

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.

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