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, 13 May 2012

Prof Mary Beard: "politicians do not have a clue"

Last Thursday, during BBC Question Time, Mary Beard, a professor of classics at Cambridge University told the politicians, Caroline Spelman (Conservative), Lord Oakeshott (Liberal Democrat) and Chris Bryant (Labour), and Peter Oborne, a prominent journalist and political commentator, as she commented on their discussion how to resolve the current financial and economic rather unacceptable situation:

"When you guys - the whole lot of you - start to talk like this I feel really, really worried. Because I know that I have not a foggiest clue what is going to get Europe or the world out of recession. I am not supposed to know, I am not a professor of economics, I am a professor of classics, it's not my job. When I listen to you guys argue what I see is that you do not have a foggiest clue actually."

Professor Beard, as an academic, is a very credible judge to tell when people have a clue what they talk about and when they do not. This is a good part of her general academic experience of assessing students and fellow academics. And she was precisely right: whenever most politicians and mainstream journalists start talking or writing about the ongoing financial and economic situation they are clearly out of their depth. It is only this part of human psychology that keeps us sane that does not allow them to comprehend how they are seen from the outside. Professor Beard told them just this: that the king was naked.

However behind the politicians and mainstream commentators who do not have a clue about the causes and mechanics of the current financial and economic situation, there are people who understand it well and, actually, engineered this "crisis". They take full advantage of it. They oil the wheels of the system giving politicians well-paid jobs in the City they are not professionally suited for and "The largest heist in history" continues.