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?".

Friday, 21 June 2013

Greg Pytel: Mainstream catching up


I can only recommend "This week" on BBC 1. The beginning of the programme is about the banking industry behaviour. Nothing new, in fact a very old news, but it is nice to note that the mainstream is catching up with things that have been glaringly obvious for over four years and have been discussed in detail on this blog for years. Still the mainstream has a long way to go and a lot to understand.

Why so late? What is so difficult about this crisis that it takes so many years for the mainstream commentators to understand? This seems to be a more challenging subject to study (psychology, media studies, study of transparency and corruption, etc.) than studying the causes of the current financial mess, as the latter have been obvious and clear all along. The mainstream media handling of the financial mess since 2008 is a very interesting story and a research subject in itself.

PS. The founding article of this blog "The largest heist in history" is recommended in a recent book by Paul Knott "Ouch! What you don't know about money and why it matters (more than you think)" (page 26), published by Pearson (owner/co-owner of the Financial Times and The Economist).

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