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, 26 October 2010

The chickens are coming home to roost

Mr Robin Griffiths, technical strategist at Cazenove Capital, told CNBC: "If the (dollar index) takes out the low that was made roughly a year ago I really think that will not only encourage more sales, it will cause a little bit of minor panic. A year ago it was deemed too cheap, if it goes any lower than that it's actually become toxic waste."

The blog readers are invited to read (again) an article published on this blog a year and a half ago: "A US way out?" The pundits are slowly getting the message: the chickens are coming home to roost and the US are doing some form of Chapter 11 to the rest of the world. This is the way the US are trying to recover from "The largest heist in history". It does not look too promising to be successful since it appears that the financial pyramid is too large and its mechanisms too powerful. The relationship between the financial industry and the taxpayer was turned into one akin to loan sharks and their victims. Any new spare financial balance or economic capacity will be eaten by the financial industry.

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