Friday 12 November 2010
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Motto
"The greatest shortcoming of the human race is our inability to understand the exponential function."
Professor Albert Bartlett
Professor Albert Bartlett
Blog summary
For mathematically minded, the shortest (and the best) summary of the concept behind the analysis on this blog:
"How the global crisis was manufactured? From convergent to divergent series.
If r < 1, then the series converges. If r > 1, then the series diverges.
Simplicity of the idea executed on a thing of most complexity - boogles the mind (my mind anyway, but it is easily boogled:-)"
Diarmuid of iTulip blog
"How the global crisis was manufactured? From convergent to divergent series.
If r < 1, then the series converges. If r > 1, then the series diverges.
Simplicity of the idea executed on a thing of most complexity - boogles the mind (my mind anyway, but it is easily boogled:-)"
Diarmuid of iTulip blog
Comments
"I believe Mr Pytel has nailed it. His blogs are incisive and very well researched and informed." – Mr Jonathan Davis of Jonathan Davis Wealth Management
"Building the Great Pyramid: The Global Financial Crisis Explained is an excellent article – I really enjoyed reading it." – Mr Rajat Bhatia, author of “Financial Chernobyl or Manageable Risk?”, The Hedgefund Journal, September 2007
"I find your premise that banks, particularly those with a loan-to-deposit ratio over 100%, are operating pyramid schemes completely baseless." wrote Mr John Varley, the Group Chief Executive of Barclays plc, to the author.
"I agree with you 100% that it was a Ponzi scheme. The reasons it went on for so long and got so large were the complete corruption of all stop-gaps and regulating mechanisms we had counted on to keep money inflation and leverage in sustainable bands." - Mr Stephan Olajide-Huesler author of "The Eye of the Storm: How Modern Finance, Monetary Policy and Reaganomics created the largest Financial Crisis in history."
"A colleague of mine Greg Pytel an expert on the banking crisis who has greater insight than most is a lot more scathing and equates the mid and lower level [banking] staff akin to African Child Soldiers." - Mr Graham Manville, Assistant Dean and Senior Fellow, School of Management, Southampton University
"You have managed to pick a very simple theory out of a very complicated situation and explain it very simply (to me anyway). This is very diffcult thing to do and a worthy achievement." - [a reader's comment]
"Few studies have been done on the macroeconomic effect of pyramid schemes on the scale of those in Albania, which, fortunately, are extremely rare. The closest analogy to such schemes is the asset bubble, whose economic impact is due to changes in perceived wealth." - Dr Christopher Jarvis, "The Rise and Fall of Albania's Pyramid Schemes", International Monetary Fund, March 2000
"Building the Great Pyramid: The Global Financial Crisis Explained is an excellent article – I really enjoyed reading it." – Mr Rajat Bhatia, author of “Financial Chernobyl or Manageable Risk?”, The Hedgefund Journal, September 2007
"I find your premise that banks, particularly those with a loan-to-deposit ratio over 100%, are operating pyramid schemes completely baseless." wrote Mr John Varley, the Group Chief Executive of Barclays plc, to the author.
"I agree with you 100% that it was a Ponzi scheme. The reasons it went on for so long and got so large were the complete corruption of all stop-gaps and regulating mechanisms we had counted on to keep money inflation and leverage in sustainable bands." - Mr Stephan Olajide-Huesler author of "The Eye of the Storm: How Modern Finance, Monetary Policy and Reaganomics created the largest Financial Crisis in history."
"A colleague of mine Greg Pytel an expert on the banking crisis who has greater insight than most is a lot more scathing and equates the mid and lower level [banking] staff akin to African Child Soldiers." - Mr Graham Manville, Assistant Dean and Senior Fellow, School of Management, Southampton University
"You have managed to pick a very simple theory out of a very complicated situation and explain it very simply (to me anyway). This is very diffcult thing to do and a worthy achievement." - [a reader's comment]
"Few studies have been done on the macroeconomic effect of pyramid schemes on the scale of those in Albania, which, fortunately, are extremely rare. The closest analogy to such schemes is the asset bubble, whose economic impact is due to changes in perceived wealth." - Dr Christopher Jarvis, "The Rise and Fall of Albania's Pyramid Schemes", International Monetary Fund, March 2000
Rap can be embarrassing
ReplyDeleteAll that bling and nothing to back it up
The gods cry when a gloved hand flaps a limp man
Once we doubted our morals now we doubt ourselves
In our youth we struggled with right & wrong, now we just struggle
To seed the future we must impress the ladies with our double strength weakness
This has always been the fate of man
This will always be the fate of men