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?".

Wednesday, 31 October 2012

Greg Pytel: Modern kind of democracy

Today we could see a debate in the House of Commons about how much money the UK should pay to the EU budget. When the government decided to pay many hundreds of billions (if not trillions by now) of pounds in form of subsidies to private individuals, i.e. to the banks, to "rescue" them in form of bailouts, in form of quantitative easing or in form of massive implicit insurance policy from collapse (as the government still accepts that the banks exist in a form of being "too big to fail"), interestingly, there was no such debate in the parliament prior to the decision. Well this really epitomises what the modern democracy is all about.