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, 3 November 2011

Lord Lawson: Greeks should vote "no" in the referendum

Today at lunchtime, Lord Lawson (a UK Chancellor of the Exchequer between 1983 and 1989) has given a lecture at the National Liberal Club in London. The title, put in form of a question was: "Is the Eurozone crisis a threat to global stability?" It was an excellent review of many aspects of the causes and mechanics of the ongoing financial crisis from macroeconomics perspective.

After the lecture, during a question session Lord Lawson was asked how he would have advised the Greeks to vote in the referendum (if there is one) on accepting the last week's financial bailout deal. His answer was unequivocal "no". Lord Lawson did not answer a question whether he expected colonels back in power in Athens by this Christmas.

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