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, 23 February 2013

Greg Pytel: UK lost its top credit rating


"The UK has lost its top AAA credit rating for the first time since 1978 on expectations that growth will "remain sluggish over the next few years".

It is no news really. In fact it was commented upon already on this blog on the 2nd December 2011:

"George Osborne should also not be too smug because the UK keeps AAA credit rating and has a very cheap borrowing rate, cheaper than Germany. Currently the financial markets are preoccupied with taking as much money as possible, squeezing Germany to the maximum. Once they finish this process, and in the meantime the UK makes a lot of cuts thereby creating a lot of room for additional borrowing in the future, there is little doubt that the financial markets will turn their attention to the UK and squeeze it for more cash. Hence all the money that the Chancellor is saving now are really destined to the bankers coffers. This is how financial system works these days. It is all about extracting as much money as possible from the middle class taxpayers. Another obvious fact that seems to be completely missed."

PS. I am not writing frequently on my blog anymore as it is really a closed theme. Nothing new is happening. (Almost) whatever is happening in the economy now was commented on my blog in the past. So why repeat it?
Posted by Greg Pytel at 21:38
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11 comments:

  1. Bazil Manning23 February 2013 at 23:08

    Repeat it and repeat it until enough people understand it.

    ReplyDelete
    Replies
    1. Greg Pytel23 February 2013 at 23:14

      Hi Bazil

      maybe others will do it too? I do not mind repeating my analysis but, after all, it may look self-indulgent so the effect can be opposite to the intended.

      Best, Greg

      Delete
  2. Unknown24 February 2013 at 01:42

    The government needs to abolish the whole concept of tax, (income tax,capital gains,inheritance tax,vat etc)as it is a concept that belongs in the dark ages and instead commence generating goverment revenues by adopting a new money generation model which would be applicable globally. This new model would consist of the world's governments applying compound interest at say 10% on the balance of it's citizens cash balances/equity/assets etc on a daily basis, then generate it electronically thus forming the goverments funds, i.e if say the balance/assets of a country's citizens is say £500 billion, the application of compound interest @10% on a daily basis would equate to at least £50 billion a day,(that's more than £350 billion week to spend on health,education,infrastructure etc) and the original £500 billion belonging to the citizens
    remains untouched. No more taxes and infinite goverment rescources globally, the next step in our evolution, granted a new global currency would have to be used to abolish currency debasement,population control and vast agricultural farms would have to be erected to prevent hyperinflation, but 2 kids per family unit globally to realise an infinate era prosperity seems a small price.

    best wishes.

    ReplyDelete
  3. An Oasis24 February 2013 at 08:43

    Perhaps the odd comment on Twitter Greg? There are many people hounding the political idiots & your voice would be very welcome to add weight and help to educate the sheeple. Best to you and thanks for the time you took to educate people like myself. Rich.

    ReplyDelete
    Replies
    1. Greg Pytel24 February 2013 at 08:59

      Hi An

      Thanks for encouragement. But, believe it or not, I am a very reluctant user of new media (blogs, twitter, fora, etc). I only started running this blog as: 1) the causes of the current economic mess were glaringly clear to me, yet they were - and still are - ignored by the mainstream media; 2) I could offer a solution (which I did, but it was ignored, so not surprisingly, we are where we are); 3) my views were ignored by the mainstream media, but for the record I wanted to publish them (so if in 5, 10 or 20 years they become the mainstream it will be clear that they have been around for a long time); 4) there is no argument in 5, 10 or 20 years that no one knew the causes of the current economic when it was happening.

      Best wishes

      Greg

      Delete
    2. An Oasis2 March 2013 at 21:41

      Shame, Twitter is highly viral (unlike any other SMN) but either way I respect your view point you've done more than enough. Wishing you well and I look forward to reading more of what you write, should you decide to do so. Rich

      Delete
    3. Greg Pytel3 March 2013 at 11:40

      Rich, I agree. But why not if you put links to my blog articles o Twitter? I will appreciate it! Best, Greg

      Delete
  4. Pie MManuelos Gr Uffollogus28 February 2013 at 20:38

    Here here! We miss you Greg.

    ReplyDelete
    Replies
    1. Greg Pytel28 February 2013 at 20:42

      :-)) I am stil around but really all is on my blog already. We can wait and see when it goes belly up big time.

      Best, Greg

      Delete
  5. ketz12 April 2013 at 10:35

    A comment can be post again if it is helpful and necessary to the topic you had made. Hope I can see more of your post.

    too big to fail

    ReplyDelete
  6. Jack Reacher14 August 2017 at 08:35

    Thanks to give us such a very informative information about UK low credit rating.

    ReplyDelete

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