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?".

Sunday, 18 July 2010

The world has gone bonkers

The Sunday Telegraph has reported today: "JP Morgan has raised serious concerns about its commitment to its new £1.5bn European headquarters at Canary Wharf because of anger within the bank at the lack of support for the financial sector in the UK."

Has £850 billion subsidy pumped by the UK taxpayers to the financial sector not been enough? The sooner these guys like JP Morgan go, the better. Compared to JP Morgan, Arthur Scargill is a true standard bearer of laissez faire capitalism.

Or, perhaps, it is worse: the bankers want to ensure that "The largest heist in history" continues. That the government supplies the financial sector with massive subsidies, to the tune of hundreds of billions of pounds a year, in perpetuity, fleecing the taxpayers in the same way as loan sharks do their victims.

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