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?".

Saturday, 9 June 2012

Spanish €120 billion bailout


The largest heist in history continues. This is what was written well over 3 years ago:

"If governments do not liquidate the global pyramid scheme, the money they injected will be, in time, converted into toxic instruments (e.g. securities) and cashed in by organisers and privileged customers of these schemes (or in the case of Albania, gangsters and their customer friends). As the amount injected is around 200 times less than the notional value of toxic instruments, the economy will not even see a difference. It will be a step back to September 2008, only now with trillions of dollars of taxpayers’ money spent to sustain the pyramid scheme. It will be merely throwing good money after bad. But can governments afford to come up again with the same amount money and do it 200 times over or more? This is based on a very optimistic assumption that the notional value of toxic instruments is not increasing. If governments take the route of continuing to inject money, they will make taxpayers dependent on the financial system in the same way that criminal loan sharks control their customers — their debt is ever increasing and customers keep on paying forever as much as it is possible to extract from them."

(from House of Commons Treasury Committee Report "Banking crisis")

Just relax and keep enjoying this pathetic spectacle. You are paying with your taxes for this burlesque choreographed by intellectually retarded politicians and directed by the thieving and smartassish financiers.
Posted by Greg Pytel at 23:15
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3 comments:

  1. ron10 June 2012 at 09:59

    Wonderful isn't it?

    Predictions come true and the man in the street would not have the slightest clue to what is going to happen!

    And why did the ministers have a heated discussion? It will not be any pain for them.. after all, they don't have to spend a single euro.

    They just need to use their mouths to say "OK"
    Do a book entry and voila!

    Is there anyway I can get off and sit out this part of the game?

    I don't understand my role in all this..

    ReplyDelete
  2. myname10 June 2012 at 12:17

    It is difficult to get a man (or polity) to understand something when his salary(its existence) depends upon his not understanding it.
    - Sinclair Upton

    ReplyDelete
  3. schweik10 June 2012 at 12:43

    Your role is to pay for the mistakes of others.

    ReplyDelete

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