- The City is the sordid cesspit at the heart of our
society, the place where the poisonous filth siphon off
our money to finance their disgustingly extravagant
lifestyles. We have to get these scum off our backs
before they ruin us all. Perhaps Osama Bin Laden can help
us. (Sorry, couldn't resist it.)
- Some sort of nasty fate needs to be devised for fund
managers who get seven figure bonuses although they
rarely manage to produce performance better than the main
stock market indices and who continue to buy shares with
their client's money when the most respected gurus are
warning that prices are ridiculous and a crash is
imminent.
- Nobody should be able to hold shares in individual
companies, everybody should have to invest in a single
fund which would be split between two or more investment
teams competing against each other. The members of the
team judged to have had the best performance in any year
would be awarded a bonus. Performance would be judged by
criteria designed to discourage the short-termism that
has been characteristic of The City. The teams would be
made up of commercial, academic, industrial and
scientific experts, ie. insiders who know what is going on in
the various sectors of industry and commerce, some full-time,
some part-time.
- Effectively The City is a huge
casino, most of the activity there is gambling on stocks,
shares, currencies, futures, commodities and the Devil
knows what else. About the only people who benefit are
those who "work" there.
- What do the people who work in The
City do that merits or justifies the enormous amounts of
money they are paid? Buy and sell with a mark-up, that's about all.
- Whenever Banks transfer money from
one place to another, a simple, routine operation one
would think in this electronic age, they seem to feel
justified in charging a percentage of the amount of money
transferred although it is difficult to see how the
amount of labour involved could be proportional to the
size of the transaction. In all their operations,
takeovers, flotations or whatever The City and financial
sector as a whole seem to use the 'percentage of the
value of the transaction' trick instead of the cost of
the work involved plus a profit margin to make large
amounts of money for doing very little. How do they get
away with it? It smells.
- How much churning goes on, ie the
pointless transfer of money from one place to another and
round and round in circles so that a charge can be levied
for each move?
- One of the principle reasons for
the unpopularity of Jews is their association with Usury,
Banking and vast wealth. When this unpopularity met it's
most horrific expression, the rich, who were the most
responsible for it, probably escaped; it was the poor and
innocent who paid the penalty. This country seems to rely
heavily on The City for it's wealth. Could history repeat
itself?
- Since we import so much and seem to
export so little, it appears that many people in this
country must be living off overseas investments. They are
probably enjoying the good life at the expense of slave
labour in mines, factories and on plantations in under-developed
countries. This is one of the reasons (the main reason?)
why there is such reluctance to cancel third world debt.
- The rich are investing money
abroad, ie. helping our competitors to destroy our
industry and commerce, they don't give a damn about the
inability of British workers to earn a living, all they
care about is maximising their own unearned income.
- If analysed properly, the City is
probably a halter around the neck of the rest of the
British population, a principal cause of the countries
decline into being a land of shopkeepers and small
subsidiaries of foreign owned multinationals.
- Few people in the City use maths at a higher level than
basic arithmetic. Those that do have esoteric skills that
might justify particularly high rewards, ie. IT workers, are probably the
least well paid.
- The City is absorbing talent that should be going into
productive organisations.
- Bankers are supposed to look after people's money not siphon it off into their own pockets but
this is what they have always done.
- The banking function is too easily abused and too
fundamental to be in the hands of private individuals or
commercial companies, it is too easy for them to make
vast amounts of money out of it for themselves, ie Baron
Rothschild in the 19th century. The present banks should
be merged to form two large organisations with close ties
to the Bank of England and the state. They should be
closely regulated but in competition with one another.
The staff of the one that is judged to have performed the
best at the end of each year should get a bonus.
- The Jewish conquest of Palestine has been financed
largely by the American and world wide Jewish banking
community (together with considerable help from the US
state). One of the main reasons why Jews are so prominent
in banking world-wide is that the Christian religion used
to forbid charging interest on loans, just as Islam still does, so loans were hard to come by. The Jews had no such
scruples and, due to prejudice, were barred from most
professions and trades; money-lending was therefore one of the few
ways they could make themselves useful, particularly to
the rich, and so make a living. They took the opportunity
to amass great wealth and hence power which they still seem to weald today.
- What do bankers do that is so remarkable or valuable that
they merit great wealth? Judge investment risks and
decide where to invest customers money? Most of the
businesses they invest in have a long history and are
similar to countless other businesses so this should be
routine rather than rocket science.
- They are not properly qualified for investing in new
businesses of a novel kind although they might have
access to people who are.
- Investment in industry should be controlled by people who
have expert knowledge of the industry concerned.
- This country needs an organisation like Japan's M.I.T.I
working in conjunction with business leaders, technology
experts and bankers.
- What is the proportion of insurance
premiums that is paid out to meet claims? I suspect it is
a small proportion, ie. the insurance industry is very
inefficient and we might well be better off without it. A
few years ago I read an item in a newspaper about the man
then reckoned to be the highest paid person in Britain,
his income was said to be some ridiculous figure, £80million
pa. I think. He ran a re-insurance business. I wonder if
he was cleaned out by the LLoyd's fiasco, I doubt it.
- Is insurance really just a
mechanism for funnelling large amounts of money into the
pockets of ex public school boys?
- The financial services industry is full of poisonous,
bloodsucking, parasitical fraudsters peddling lies and
deceptions to finance the Mercs, BMWs and fancy houses
they covet. The whole cesspit they inhabit needs to be
disposed of.