Key blames ‘reckless’ money men for crisis

This is rich coming from John Key and what’s more he is lying through his teeth. John Key has worked with some of the most reckless and irresponsible traders and banks in functions that can only be described as predatory.

This crisis has been 20 years in the making and John Key has been fully aware of the build up and was one of the bankers instrumental in the set up a process that what will end in disaster.

I dare John Key and his lawyers to call me on this one. I’ll be waiting to make good on the following:

Either John Key was the most ignorant, incompetent man to have ever been involved in investment banking or,

John Key is a lying piece of shit.

He lied for starters about his career timeline in the late eighties. If he dealt in many hundreds of millions of dollars as is told in the NZ Herald in this interview he must have done so while dealing with Andrew Krieger in late 1987 while Andrew Krieger was attacking the New Zealand dollar in a purely speculative and predatorial attack. At no other time ever was there such a huge traffic in NZ dollars by one trader. Ever!

John Key states multiple times in the MSM that he worked with Andrew Krieger when he “started” with Bankers Trust in late August 1988. This link, this link and this link prove him a liar.

These links, to the New York Times online archive written in Februari 1988, June 7 1988 and September 1990 chronicle Andrew Krieger’s departure from the Bankers Trust in Februari 1988 and Andrew Krieger’s departure from the Forex trading floor in June 1988. He did not return until September 1990.
If as both John Key and his then boss state he worked with Andrew Krieger he could not have done so in September 1988. So either he lies about working with Andrew Krieger or he lies about the time he worked with Andrew Krieger. If John Key worked with Andrew Krieger he was working with Derivatives. More particularly with a speculative derivative called an Option.

Speculative trading in derivatives are what is causing the current crisis. In 1987 when Alan Greenspan came to power it was he who dusted these speculative instruments off and allowed bankers to start trading in the again. Why had they been banned? Because they were the very speculative instruments that caused the first “great depression”.

———————————————————————-

Prime Minister John Key has hit out at his former money trader colleagues, accusing some of helping trigger the global financial crisis with a “reckless” attitude to risk.

In his first formal address since being sworn in as Prime Minister on Wednesday, Key told a gathering of some 500 business leaders from 21 countries at the Apec meeting in Lima, Peru, that financial regulation was urgently needed to haul the world out of the credit crisis.

Key said the global economy had been fuelled by an unprecedented amount of credit obtained through “huge amounts of leveraging” by hedge funds and other financial institutions.

“These forces were in turn fuelled by excessive optimism in asset markets and a more relaxed, and in many case, recklessly complacent attitude to risk,” Key told the chief executives.

Read more

About these ads

3 thoughts on “Key blames ‘reckless’ money men for crisis

  1. Hi.
    You have done a really good job on Key’s background. RIchard C Cook also talked of the Japanese economy being crashed by the bankers in the 90’s i think it was, which might be part of what your next blog is about…

    For what it’s worth i like your blog, it actually has some good info on it.

    I have some sympathy for the devil i suppose, it’s not like better solutions are not there for goodness sakes but people only need one idea in their head and then are incapable of listening when “power” is at stake, although it’s not really power at all of course . I have some sympathy for the Georgian Guidestones crowd and while not being a eugenicist or thinking it is a neccesary solution, the private profiteering within on progressive mandates and directions in society is really the thing that has allowed game, set and match; not the John Keys of this world.

  2. dsc08,

    Thanks for the tumbs up.

    I don’t blame John Key for the entire mess created by the banking elite with aid from everybody else who made rich with easy credit.

    But I do object to him lying about what he was involved in and about the level of corruption in the international investment banking world.

    See my next blog coming about the LTCM hedgefund scandal which almost blew up the financial world when it caused the Asian Crisis and the Russian collapse in the late nineties with none other than our intrepid Smiling Assassin doing his masters bidding when working for Merrill Lynch.

    And thanks again for reading this blog. Spread the word about John Key.

  3. Good Job!
    Politics is a controlled racket, a side show smoke screen while the mathematical formula resulting from the overall privately owned credit function churns ever onwards.

    Shouldn’t blame Key personally mayby, we all collectively create our reality, people/politics easily swayed by power and money at diff. levels throughout entire structure; people choose to be herded even if they not consciously aware.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s