World Financial Armageddon. Part two.

World Financial Armageddon. Part two [condensed for blog version]

Pointers as to why hundreds of top personnel in financial institutions should have foreseen the impending Financial Armageddon.

Quote attributed to a President of the USA Thomas Jefferson [1743 - 1826] "I believe that banking institutions are more dangerous to our liberties than standing armies". This quotation certainly illustrates that the awesome power of banks is not a new thing.

The following three quotations are from a long report by Mr Warren Buffet in 2002 on DERIVATIVES.

1/ I view derivatives as time bombs, both for the parties that deal in them and the economic system.
2/ But the parties to derivatives also have enormous incentives to cheat in accounting for them.
3/ In my view, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.
Mr Buffet is an internationally known expert on finance and has, on several occasions, staved off potential world financial drama. Please kindly note that these quotations are from the year 2002.

A few months ago I read an article in a national paper, the headline approximated to "At least ten warnings of the impending problems were given" the article then named the persons concerned and stated when the warnings were given and how they were worded.

Part three of the World Financial Armageddon will be in my next blog.

Frederick W Gilling 28/07/2009