Sunday, June 6, 2010

A brief history of the current financial crisis

A short tale about a Bailiff and a Good Man

This should be dedicated to all those folk who still not get it how they are being fleeced. To a bare skin. "The largest heist in history" continues

Posted by ant @ 10:00 AM (1604 views)
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8 thoughts on “A brief history of the current financial crisis

  • I like the cast list at the bottom for the extra double plus thick.

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  • ant can you ive us some background on Greg Pytel’s credentials / bio? There is a Greg Pytel at the LSE but he is a communications officer, his blog details show imperial college London, but he’s not on the list of staff there.

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  • @techiman: … and also a biker from the East London. I know as much as you do but do not care. Whatever they are they seem no worse than for example Martin Wolf’s of the FT. I simply like Pytel’s stuff and think (if you review it all) that he produced pretty good explanations how it all works and accurate predictions how things were going to unravel. So just enjoy.

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  • the number cruncher says:

    Great post – we have been played like suckers, and will continue to do so until we realise that we are in the hands of crony capitalists, fleecing the hard working majority for the benefit of the few . We need a Government able to stand up to them, Labour was useless and the CON/LIB will prove to be worse than unless. Our only hope is that public outrage can give strength to someone like Vince.

    But the puppet masters of the right will once again turn the sheeples anger towards the poor, single mums, immigrants, public sector etc.

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  • ant.. thats fair enough my curiousity though is tweaked for 2 reasons:

    1. one of his blogs appears on the Parliament web site.
    2. He keeps going on about Albanians!

    Essentially i dont have much interest in where we are and how we got here, it is what it is (and has been predicted by various people – so you can really take your pick who you want to believe), its where we are going that is the issue. As i have discussed with MG, on the G20 post above, it looks like, at last, the reflation has run its course.

    From a practical viewpoint overall thats important (to me), as it just confirms market action since the high. But then again the market action normally dictates and discounts real world events.

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  • @techieman: you are correct that Pytel’s first seminal paper of his blog “The largest heist in history” (http://gregpytel.blogspot.com/2009/04/largest-heist-in-history.html) was accepted as evidence by House of Commons Treasury Committee as published officially by the Parliament.

    I do not know why he keeps on going about Albanians but I suppose (as it is clear to me) that the current financial crisis is no different from Albanian pyramids scams of 1996 – 1997. The difference is that Albanian justice system treated the scammers appropriately whilst our justice system protects the scammers who engineered the current financial crisis (and helps them keep making massive money at our costs).

    Where are we going? I suggest you read: “Kill your saviour: currencies’ crisis is looming” (http://gregpytel.blogspot.com/2010/06/kill-your-saviour-currencies-crisis-is.html)

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  • ant – re where we are going, i wasnt being critical of him or even saying his view is wrong. In the long term he is more than likely right, its just obviously for me the long term consists of lots of short terms. My definition of long term is after lunch :-). “looming” is a good one but as you probably know since timing is everything academic articles arent that helpful, that was my point.

    Interesting reading? No doubt…. but a roadmap for maximising returns?

    Even then he stands on the sidelines, and gives 2 scenarios – each scenario demands being “played” differently.

    : “Whether the end of the current crisis will be as dramatic and “spectacular” time will tell. But there is very little to feel optimistic since politicians live in a state of denial and do not tackle the root cause of the current situation. Well, they are unlikely to have a clue about it.”

    The collapse was predicted by many in March of last year – for example when we were at 3500 ftse i remember end-of-the-world scenarios and look what happened after that. I will admit we are closer now…. but the real 600 trillion $ question (and its not really 600 trillion) is EXACTLY when. If you can show me where Greg says that then i will be all ears….

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  • techie,

    You’re quite right, it’s all about timing. The housepricecrash website has been around for years now (newsblog archives go back to Feb 2004). Clearly the timing was very very wrong – the bubble had barely started back then, especially in America.

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