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?".

Thursday, 14 January 2010

"The Quiet Coup"


Simon Johnson, ex-Chief Economist of the IMF, wrote an excellent analysis, back in May 2009, "The Quiet Coup". It went by and large unreported. He stated: "(…) recovery will fail unless we break the financial oligarchy that is blocking essential reform". Readers of this blog are strongly recommended to read it.

Mr Johnson simply confirms what readers of this blog have known all along from its first article "The largest heist in history". "The financial oligarchy" controls the taxpayers in the same way as loan sharks control their "customers" (or rather victims).

Additionally, this blog, "Financial crisis? It’s a pyramid, stupid", presents technical workings of "the financial oligarchy" set-up and shows that it is a criminal enterprise even within the existing law frameworks in the civilised countries. Yet nothing is done about it. "The financial oligarchy" rules.

5 comments:

  1. Despite Mr. Johnson's eloquence, and the prominent placement of his article, it appears that no one listened. "He can't be talking about US now..."

    Even without the informational support of courageous bloggers like yourself, intuition insists that they have merely postponed the inevitable. On a larger scale, it seems that the upper 5% cannot continue to drain wealth from the rest of us without it coming back to bite them at some point. Their actions reduce the value of their plunder significantly.

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  2. What is the most shocking aspect of all these, that banks are engaged in criminal enterprise. Pyramid schemes are highly illegal. Yet nothing is done about it.

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  3. As I pointed out a few months ago: those responsible are not going to prison because the entire system is completely corrupt. What do we do in this case? Politely ask the vested interests to prosecute themselves? It is not going to happen.

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